“HOW DOES HE 11 PLAN TO DIVERSIFY OUR ENERGY 12 OPERATIONS TO PREVENT FUTURE 13 CRASHES?” 14 CHAD: AS COMMODITY PRICES 15 DECLINE, THERE HAS BEEN 16 CONTRACTION IN THE INDUSTRY, BUT 17 EFFICIENCY HAS BEEN GAINED. 18 ONE OF THE ONLY BENEFITS OF THE 19 DECLINE, WE GET BETTER AT DOING 20 WHAT WE ARE DOING. 21 SO YOU GET MORE EFFICIENT AT 22 WHAT YOU ARE DOING.
23 THE ECONOMY HAS DIVERSIFIED AND 24 THE INDUSTRY HAS GOTTEN BETTER 25 AT DOING WHAT WE DO. 26 THAT IS HOW YOU ARE ABLE TO MAKE 27 MONEY IN A $45 TO $50 RANGE. 28 MARKIE: TIME MAGAZINE JUST WROTE 29 AN ARTICLE, THE TITLE, THE NEW 30 EARTHQUAKE CAPITAL, OKLAHOMA. 31 AND IT IS SAID TO BE DIRECTLY 32 RELATED TO FRACKING. 33 WHAT IS YOUR RESPONSE THERE, AND 34 HOW DO YOU ALLAY THE FEARS OF 35 VIEWERS AT HOME? 36 WHAT DOES THAT MEAN FOR ALL THE 37 SHAKING? 38 CHAD: TO THE SAINTS DEFENSIVE 39 QUAKES IN OKLAHOMA. 40 THE MISSISSIPPI LINE, A 41 FORMATION THAT HAS A LOT OF 42 WATER ALONG THE OIL AND NATURAL 43 GAS, WHICH IS NOT FROM IT, BUT 44 COMES UP THROUGH IT. 45 SO YOU HAVE TO DISPOSE OF THAT 46 WATER, AND THAT IS WHAT IT IS 47 GOING TO COME AT THE DISPOSAL OF 48 THAT WATER HAS TRIGGERED THE 49 EARTHQUAKES. 50 TH MEDIA — 51 IT IS SOMETIMES ONE TO ONE, BUT 52 THE WATER CAN BE REUSED IN THE 53 OPERATION. 54 YOU DON’T HAVE THE STACKING YOU 55 HAVE IN THE OTHER PART OF THE 56 STATE, AND HUGE CHANGE, IN COST 57 REDUCTION AND THERE IS NO WATER, 58 NO SIGNIFICANT WAT INJECTION, 59 SO YOU SHOULD NOT HAVE TH 60 ASSOCIATED INJECTION RELATED 61 EARTHQUAKES. 62 REAL DISTINCT DIFFERENCE IN 63 THE TWO.
64 MARKIE SO YOU’RE NOT SEEING AN 65 UPTICK IN THE FUTURE? 66 CHAD ONE OF THE KEY ELEMENTS IS 67 THE DISPOSAL OF THE WATER. 68 WE DO NOT EVE NEED THOSE WELLS 69 IN THAT PART OF THE STATE. 70 MARKIE: AND YOU KNOW THE FEDERAL 71 GOVERNMENT AS DENIED FEDERAL AID 72 FOR THE EARTHQUAKE IN CUSHING. 73 HAROLD MORRIS ASKS, “WILL YOUR 74 INDUSTRY ACCEPT RESPONSIBILITY, 75 AND PAY RESTITUTION TO 76 OKLAHOMANS, FOR FRACKING INDUCED 77 EARTHQUAKES? 78 AND, WHAT STEPS ARE YOU TAKING 79 TO ENSURE MORE QUAKES DON’T 80 OCCUR DUE TO FRACKING?” 81 PIGGYBACKING ON WHAT WE WERE 82 TALKING ABOUT. 83 CHAD: YET VAST OCEANS OF WATER 84 UNDERNEATH THIS FORMATION. 85 IT WILL BE REALLY DIFFICULT TO 86 PINPOINT WHICH WELLS, IF ANY ARE 87 SPECIFICALLY RELATED TO ITS 88 COMPANIES AND WHICH EARTHQUAKES. 89 SO I THINK IT WILL BE AN 90 INDUSTRYWIDE CONVERSATION. 91 WE WILL HAVE THAT THE NEXT 92 COUPLE OF YEARS. 93 WHAT WE WILL DO TO PREVENT IT, 94 ALREADY DOING A BETTER JOB WITH 95 THE SURVEY OF REDUCING THE 96 NUMBER OF EARTHQUAKES IN 97 OKLAHOMA. 98 PRETTY SIGNIFICANTLY. 99 WE WILL HAVE SPIKES, 100 UNFORTUNATE, LIKE IN CUSHING AND 101 PAWNEE. 102 BUT THE OVERALL TREND IS GOOD. 103 AND WHAT WE TALKED TO EARLIER, 104 THESE AREAS DO NOT HAVE THOSE 105 WATER ISSUES, ASSOCIATED WITH 106 INJECTION RELATED QUAKES.
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