Hi Sam: They are more polite, but I take the bolded sentence below to be "he's going nuts". FWIW.
From: Herbert, Bill
To: Herbert, Bill
Sent: Wed May 12 15:37:30 2010
Subject: Simmons & Company Views and Clarification
Recent tragic events in the Gulf of Mexico have led to a period of collective introspection for the industry as well as a surplus of opinions. And sadly, the forensic evidence associated with this tragedy is far from complete and will likely take several months to assemble in order to formulate a more complete and informed narrative.
This is a highly-charged environment, as well as an exceedingly fluid one, as the prospects for abating the blowout and mitigating the spill are opaque. All of us are trying to better understand the cause and effect of the tragic blowout in the GOM and the implications for the upstream industry, especially as they relate to energy policy and the regulatory framework in the GOM.
Accordingly, we wish to remind industry participants, as well as our clients and friends, that the views of Simmons & Company International are separate and distinct from many of those being currently expressed by our good friend, founder and former Chairman, Matthew R. Simmons.
Several of the recent statements on the part of Mr. Simmons relating to the Macondo blowout and the implications for the industry and the individual companies involved in this incident are discordant with the views of Simmons & Company International. This accident has tragic consequences for the families of the deceased and injured, and potentially exceedingly serious ramifications for the principal companies involved in the MC252 well in addition to the natural habitat of the broader Gulf of Mexico and Gulf Coast areas. We view this tragedy as an unfortunate and isolated accident for an industry otherwise known for its steadfast devotion to safety. We believe constructive changes will be made in order to further enhance safety and that the future for offshore drilling will remain vital.
Separate and apart from the Macondo blowout, Mr. Simmons’ views and opinions regarding the productivity of the North American unconventional natural gas and oil resource plays are in direct contradiction to the conclusions Simmons & Company International has reached from the in-depth and lengthy research we have conducted on the subject. Our view is that were it not for unconventional gas, the North American natural gas resource base, which is presently witnessing compelling productivity, may otherwise have entered into a period of sustained decline.
While our respective views, historically, have often been in harmony, over the past year they have significantly diverged on some important fronts.
Thank you for your consideration and support.
Respectfully,
Michael E. Frazier
Chairman, President, and Chief Executive Officer
Simmons & Company International |
