Ascent Resources points new Chief Financial Officer
Tuesday, May 26, 2020
Ascent Resources, LLC recently announced Brooks M. Shughart has been named Executive Vice President — Chief Financial Officer, effective May 18, 2020, according to Yahoo Finance.
Shughart will replace Jennifer M. Grigsby, who is reportedly leaving Ascent to pursue other interests.
Shughart comes to Ascent from First Reserve, an energy-focused private equity fund. Shughart worked there for eight years, serving in various roles including his most recent position as Managing Director.
Learn more: Yahoo Finance > Ascent Resources Announces New Chief Financial Officer
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Marcellus & Utica Shale Well Map
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Shale FAQ
What is fracking?
Fracking is a slang term for hydraulic fracturing. Fracturing is a process by which highly pressurized fluid is pumped thousands of feet into the ground to fracture rock formations. The goal is to release the natural gas that’s locked inside the rock.
Is it safe?
What most concerns people about fracturing is ground water contamination. The worry is that fractures underground, caused by the process, will extending upwards and into aquifers, releasing gas and chemicals into the ground water supply. There’s been no confirmed reports of such a thing happening. Though surface spills and drill site blowouts can lead to localized environmental concerns.
Will my water catch on fire?
Flammable water is caused by the release of methane gas into a drinking water supply. Methane gas occurs naturally and can be released by any kind of drilling, including water wells. In Pennsylvania officials fined Chesapeake Energy $1 million for contaminating ground water with methane. It was determined that the company had not properly cemented it’s boreholes and gas migrated up the well, between rock and into aquifers.