Apache Corp (APA.N) CEO Steve Farris, a senior executive at the company for two decades, said he does his best to remain calm and keep the gushing well in perspective. But the first thing he does when he wakes at 5 a.m. is seek out the latest news developments.
"It has a psychological effect not only on America, but our industry, and you try to overcome that," Farris told the Reuters Global Energy Summit in Houston this week.
On top of the environmental catastrophe, the loss of 11 lives in last month's Deepwater Horizon explosion has left a deep emotional impact on the close-knit drilling community.
Apart from the possibility that it could happen to one of their own rigs, executives worry about the pall BP Plc's (BP.L) blown-out well has cast over a deepwater drilling sector that once had a persistently sunny outlook.
Black & Veatch Chief Executive Len Rodman, whose company does engineering for energy projects, said huge tragedies have changed the trajectory of the energy business before, such as the partial core meltdown in a unit at Pennsylvania's Three Mile Island nuclear power plant in 1979.
No comments:
Post a Comment