Investors Handed an Oilman a ‘Blank Check’ Company. Here’s How It Turned Out.

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A cautionary tale for investors chasing wealth in the U.S. energy boom

Two years ago, investors handed veteran oilman Jim Hackett a $1 billion check and sent him to seek riches in shale drilling.

Today, the company he founded with their money, Alta Mesa Resources Inc., has a market value of about $43 million and is teetering on financial ruin—one of the more spectacular failures met chasing the next big thing in the American shale boom. Mr. Hackett bet big on an up-and-coming Oklahoma oil field, after early wells there rivaled those of the best oil fields in Texas, but subsequent output has been...

 

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maggieNYT The blue collar worker, however, is doing much better. J

What kind of energy companies...

maggieNYT Why retweet something you have to be a subscriber to to read?

maggieNYT

The Murdoch’s The DeVos’ The Walton’s How much did they give away to Enron’s teenage daughter?😂 They could never earn my alpha. Its easy to see why the social mobility of capitalism is a fearful thing to them🙄💸 They sqaunder their wealth. They don’t build it.

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