“My engineers kept telling me, ‘You are wasting your money, Mitchell,’ ” he told Forbes magazine in 2009. “And I said, ‘Well damn it, let’s figure this thing out, because there is no question there is a tremendous source bed that’s about 250 feet thick.’ ”
As other companies adopted Mr. Mitchell’s techniques, U.S. gas production rose 25 percent in the past decade, pushing prices to a 10-year low in April 2012. The nation now has an estimated 890 trillion-
cubic-feet equivalent of recoverable natural gas, according to ITG Investment Research. That’s enough fuel for almost 40 years at current consumption rates.
As the same methods were applied to oil fields, crude production has more than quadrupled in places such as the Bakken formation in North Dakota and Montana in the past three years, according to data compiled by Bloomberg Industries.
Mr. Mitchell sold his company, Mitchell Energy & Development Corp., to Devon Energy Corp. in 2002 for about $3 billion, becoming one of the largest shareholders of the Oklahoma City-based gas and oil producer. Forbes ranked him the 239th-richest American in 2012.
The oilman focused on real estate earlier in his career, developing a suburb north of Houston out of 25,000 acres of pine forest. The Woodlands, which opened in 1974, now has a population of 100,000 and includes a mall, a 1.4-mile winding waterway and the 30-story headquarters of Anadarko Petroleum Corp. Exxon Mobil Corp., based in Irving, Tex., is building a 3 million-square-foot campus there.
Mr. Mitchell sold the development in 1997 to a partnership of Crescent Real Estate Equities and Morgan Stanley Real Estate Fund II.
George Phydias Mitchell was born in Galveston on May 21, 1919. His parents, who had come to the United States from Greece separately around 1900, ran a shoeshine parlor in Galveston. His father, soon after arriving in the United States, took the name Mike Mitchell from an employer handing out paychecks who couldn’t say his real name, Savvas Paraskevopoulos, according to an article in the Houston Chronicle.
Mr. Mitchell developed an interest in oil and gas while working in the oil fields for his older brother, Johnny, around age 17. He graduated in 1940 with a degree in petroleum engineering and an emphasis in geology from the Agricultural and Mechanical College of Texas, now known as Texas A&M University, in College Station.