On August 5th Spectra’s CEO and Chairman of the Board Greg Ebel made an appearance on CNBC to tout the supposed strength of his company.
But he was quickly confronted by CNBC host Michelle Caruso-Cabrera with tough questions about the resistance Spectra is facing and the struggles they are having to expand their fracked-gas pipelines in the Northeast.
These questions came after FANG sent a letter to Spectra’s top investors urging them to bring up our resistance movement on Spectra’s August earnings call. While these questions weren’t brought up on the earnings call – we’re happy to see that CNBC got the memo.
Check out the exchange below and keep an eye out for some of our favorite moments:
- Around the 20 second mark, Ebel boasts about how great Spectra is doing, while CNBC shows screen shots of Spectra’s stock price plummeting. (Spectra’s profits fell 88% in the second quarter of 2015 and their share price recently hit it’s lowest level in over three years)
- This interaction that begins around the 33 second mark:
- Ebel – “Demand is actually quite strong particularly in the case of natural gas and particularly in the Northeast”
- Caruso-Cabrera – “you’re trying to build a pipeline. I know tou’re trying to build a pipeline through New England….and yet you’re really struggling there, the environmentalist don’t want you to do it.”
- At the 3 minutes mark Caruso-Cabrera asks this great question: “Your opponents believe in global warming. So they have this argument that your existence posses an existential threat to the world…do you have a good counter to that?”
Watch the full interview here: