Mitchell, McClendon, Ward, Hamm, Souki and Papa all share one similar trait – persistence.
Millions and billions simply become units and commodities once you reach a threshold in business development. Greater the input, greater the risk and output.
Aubrey McClendon is an extrovert with savvy public relations, sales and relationship building skills. His partner Tom Ward is an operations/strategy, behind the scenes businessman. They both shared a same vision and moreover, their skills and talents complemented one another.
The Woodlands is reaping the fruits of George Mitchell’s vision. People regarded his project of developing The Woodlands as foolish and unachievable. Lesson: Once you have your goal and vision. Keep it close to you. Don’t be swayed by public sentiment. Be confident and bold, chart your own fucking course.
Would fracking be considered a disruptive technology? Or is it a slight variation from the previous technology/method of extraction, not impactful enough to disrupt the pre-established technology? I think fracking is a method-variation that enriches and perpetuates the vertical oil & gas extraction.
Souki’s initial investment was behind the strategy of importing LNG and converting it into natural gas; however, once the supply of natural gas bolstered by the new method of extraction, decreased the demands in the United States, Souki shifted his focus towards exporting the natural gas from the United States to the global market. He executed his new strategy in haste, risking everything he had, because he believed and was receptive to the changes in his industry (or perhaps he was sensitive to his revenue dropping due to market demands).
There is a quote in Chapter 6 – “Formula for success: Rise early, work hard, strike oil.” by J. Paul Getty.
J. Paul Getty is right, partially. His quote undermines the essential, core commodity behind the wealth generator. Here’s what I’ve learned from this book -
Formula for success: Rise early, work hard, buy real estate.