Chris Wright, the CEO of Liberty Energy, is an accomplished engineer trained at MIT and UC Berkeley, leading a significant player in the fracking industry. With a forward-looking mindset, he invests in next-generation technologies, notably in geothermal energy through Fervo Energy, which uses fracking techniques to access geothermal resources. Wright emphasizes the necessity of abundant, reliable, and secure energy to improve global living standards, positing that increased energy consumption has fostered advancements in health, comfort, and communication since World War II. He believes in the potential of energy to drive social progress, advocating for fossil fuels, including natural gas, as essential in addressing energy needs while recognizing climate concerns.
Wright’s perspective on climate change has drawn criticism, branding him as a “climate denier.” However, he clarifies that he acknowledges carbon dioxide as a greenhouse gas contributing to global warming. Critically, he opposes the regulation of CO2 as a pollutant, viewing increased energy usage as necessary for societal wellbeing. He supports the Clean Air Act and proposed regulations targeting traditional pollutants while asserting that fossil fuels have empowered substantial advancements in human society. While acknowledging the negative consequences associated with climate change, Wright maintains that the benefits derived from fossil fuel utilization have significantly outweighed these effects, arguing for a balanced approach between energy generation and environmental stewardship.
Liberty Energy’s operations primarily focus on natural gas extraction, utilizing hydraulic fracturing to enable the flow of oil and gas from deep underground formations. Striving for a cleaner operational footprint, Wright has sought to transition his company’s power sources from traditional diesel engines to cleaner-burning natural gas, thereby reducing harmful emissions. Liberty Energy’s revenue stream has flourished, reporting over $4 billion annually, with experiences in acquisitions that propelled its growth, including the purchase of Schlumberger’s North American fracking business during the COVID-19 crisis. Nevertheless, Wright remains cautious about regulatory changes that may impact the energy sector, preparing Liberty Energy for any shifts in governmental policy.
Wright’s vision extends beyond fossil fuels, as he has spearheaded investments in innovative energy startups. His notable collaborations include supporting Fervo Energy’s geothermal initiatives and Oklo’s modular nuclear reactor technology. Wright’s hands-on approach to fostering emerging technologies places Liberty Energy at the forefront of transforming the energy landscape, demonstrating a commitment to sustainable alternatives while maintaining the current business in natural gas extraction. He remains optimistic about the viability of these solutions independent of government subsidies, despite the political landscape surrounding energy policy.
In addition to geothermal and nuclear, Liberty Energy has invested in sodium-ion battery technologies with start-ups like Natron. His strategic participation in these burgeoning sectors is poised to leverage potential federal support through legislation like the Inflation Reduction Act (IRA), which aims to stimulate low-carbon energy development. Although facing looming challenges from political factions that threaten subsidy allocations, Wright believes that viable solutions exist in entrepreneurial ventures and private investments, ensuring that innovations can thrive beyond temporary financial incentives from the government.
Wright has garnered support from investors and industry veterans who recognize his problem-solving approach and ability to bring diverse viewpoints together. Their confidence in his leadership skills underscores the potential for him to bridge gaps in the energy discourse, offering practical solutions amidst complex and often emotional societal issues surrounding energy use and climate change. His insistence on a clear objective—abundant, affordable energy—encapsulates the essence of Liberty Energy’s mission, as he seeks to reconcile the necessity for energy with a commitment to advancing cleaner technologies and sustainable practices, suggesting a promising path forward for the future of energy production in America.
