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The ‘Father Of Fracking’ Dies

His breakthrough changed oil & gas industry

July 27, 2013

HOUSTON — Billionaire Texas oilman, developer and philanthropist George P. Mitchell, considered the father of fracking, died Friday at his home in Galveston, his family said. He was 9....

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(24)

walksabout

Jul-29-13 10:44 PM

what is the big surprise in this new age that everybody outside a family or boardroom don't care one iota if strangers depart ?

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Wondering

Jul-29-13 7:52 AM

I bet he didn't live near any fracking sites.

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walksabout

Jul-28-13 11:38 PM

Wealth is not the composition of hero. I didn't get one cent from the guy, did you ? one less monkey doesn't stop the circus. We share one thing in common. we don't wanna go there.

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WVEXPAT

Jul-28-13 12:57 PM

What is sad is that a man who donated millions of $ to charity is denigrated by sad, little people. Because of his innovative thinking, hard work and dedication he will be leaving the majority of his wealth (over $2 billion) to charity. Maybe it's because of his success and charitable nature that those who possess neither are so disturbed!

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whgfeeling

Jul-28-13 11:59 AM

rag..a hero? lol. that is what a hero is to you? your a sad little person. wish he died before fracking. did he ever drink fracking water? his family should only be allowed to drink fracking water.

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TrollSlayer

Jul-28-13 9:42 AM

[sniff] Don't buwwy me, Mawcy. It hurts my widdle feewings. Waaaaa!

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Marcellus

Jul-28-13 8:39 AM

Wonder is this was one of CYBER BULLY BOY trollslayer's ancestors?

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TrollSlayer

Jul-28-13 7:49 AM

...some more audibly and aromatically than others.

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walksabout

Jul-28-13 1:06 AM

karma. we all return to methane.

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atoddh

Jul-27-13 11:59 PM

rag: I get your point. The Mitchells have all sorts of Foundations which the kids run @ high salaries. At his scale it was much about ego also. He was an expert at using Federal loans and guarantees. The Woodlands was a subsidized Federal Housing Project.His projects in Galveston were UDAG financed. He sold his oil company with huge gains which facilitated huge gifts. Believe me Mitchell did not miss one single penny of tax breaks or Federal subsidy or depletions. He was a very shrewd-gifted- operator.

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Ragnar

Jul-27-13 10:59 PM

atoddh

Charitable giving (as well as corporate expenditures) are rarely understood by the layman. I always hear "it's a writeoff!" or "so what if he donated money? It's a writeoff?"

As was previously mentioned, let's say you have an AGI of $1 million. You are in the 35% tax bracket. You donate $500,000, reducing your taxable income to $500,000.

So, if you had donated nothing, your after tax take home would have been $650,000.

With the donation, however, your net income will be $325,000. Yes, you saved the $175,000 in taxes you would have paid on the $500,000 you donated but the excess, $325,000, did not benefit you, and reduced your net income by that amount.

Donations only work to your benefit if the amount you give reduces your taxable income to the point where the lower tax bracket leaves you a higher net income.

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atoddh

Jul-27-13 9:25 PM

wheel yes amazing indeed! Shale gas is the only future now for the OV.BTW the Ohio County wells are producing quite a bit of oil along with other liquids and methane. Mitchell was right about the shale's oil content.

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atoddh

Jul-27-13 9:20 PM

Not true for mega estates. Mitchell's gifts were mainly corporate and gains related. I knew him casually in Galveston. He was a simple- but shrewd- man. Very energetic. Mitchell is an anglo short name for a long Greek one. He was very encouraging to others in business.

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TrollSlayer

Jul-27-13 9:15 PM

Fair and balanced, Wheeldog. Even you loony warmers get a voice. I'm not surprised you're surprised, since I'm sure your regular propaganda sources feed you nothing but liberal tripe.

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Wheeldog

Jul-27-13 8:34 PM

"It has led to a dramatic reduction in carbon dioxide emissions and emissions of toxic chemicals such as mercury by replacing coal in electricity generation."

This article acknowledges the significance adverse environmental impacts of coal use. Wonder how that slipped by the editors.

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TrollSlayer

Jul-27-13 5:41 PM

atoddh, when you donate money to charity you can only write it off from your income. At the highest marginal rate of 35% for the last tax year, you’re STILL giving away 65% of that money with no financial benefit to you. So giving money to charity is MOSTLY about giving, not about deductions.

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atoddh

Jul-27-13 2:59 PM

The historic street in Galveston is the now restored "Strand." As a teen Mr. Mitchell shined shoes for extra money there. He died owning the majority of the wonderfully restored 19th Century buildings on the "Strand." Galveston is now a major cruise port because of Mitchell's financial seed support. The Strand is adjacent to the Port.

Wheeling had JUSA as a draw. It was chased away by the non-profits and City. Now there is nothing for tourism Downtown.

This is a tale of two very similar cities. One is flourishing ; one has died.

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atoddh

Jul-27-13 1:50 PM

rag: true the OV will now benefit from Mitchell's concepts of mining: going to the source of the oil and liquids vs the pools.

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atoddh

Jul-27-13 1:48 PM

(1.)There are huge tax advantages to "giving back" for the super wealthy(Mitchell). It is not really about giving so much as tax deductions.

(2.) Victorian Galveston worked because they encouraged private investors. Wheeling rejects private interest in favor of non-profit control. The Wheeling project has failed. Galveston is flourishing. JUSA was the key to Downtown redevelopment. It was rejected.

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WVEXPAT

Jul-27-13 1:29 PM

@WBR, Yes those right leaners really hate charity! From the NY Times, "Liberals show tremendous compassion in pushing for generous government spending to help the neediest people at home and abroad. Yet when it comes to individual contributions to charitable causes, liberals are cheapskates.

Arthur Brooks, the author of a book on donors to charity, “Who Really Cares,” cites data that households headed by conservatives give 30 percent more to charity than households headed by liberals. A study by Google found an even greater disproportion: average annual contributions reported by conservatives were almost double those of liberals."

Try again!! LOL

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WaterBuffaloRider

Jul-27-13 10:53 AM

"..... who, throughout his life, believed in giving back to the community....." Tea Party Parrots of the Powerful 'will be dancing on his grave. How very sad!'

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WVEXPAT

Jul-27-13 10:07 AM

This is the type of man liberals think of as evil. They will be dancing on his grave. How very sad!

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Ragnar

Jul-27-13 7:39 AM

This man was a hero and should be admired by all real Americans.

He started with next to nothing, the son of immigrants.

He pioneered a new concept and pushed it until it was a standard industry practice.

He made a huge personal fortune, while his ideas also helped to develop TRILLIONS in untapped mineral wealth, as well as tens of thousands of high paying American jobs and hundreds of billions in tax revenue.

Good job, sir. You earned it because you deserved it. RIP.

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atoddh

Jul-27-13 6:20 AM

Mitchell's real wealth came from real estate development in rapidly expanding Houston. The major one being a massive planned community called "The Woodlands" North of the City. He also financed Historical "Victorian Galveston" which was often used by planners as a model for the failed Historical Wheeling Downtown Project(WNHAC.)Galveston was a major 19th Century seaport at the time Wheeling was a major River Port.

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