Just weeks after closing a $4.08 billion sale of its Midland Basin assets to Diamondback Energy, Fort Worth-based Double Eagle is already back with its next big bet.
Co-CEOs Cody Campbell and John Sellers have launched Double Eagle Energy Holdings V and Tumbleweed Royalty V with $2.5 billion in equity commitments—reaffirming their strategy of building, scaling, and selling high-performance energy platforms in the Permian.
The new ventures mark an expanded strategic partnership between the Double Eagle team and Houston-based EnCap Investments. The new entities also retain their commitment from Double Eagle management, Elda River Capital Management, affiliates of Apollo Global Management Inc., and other strategic institutional partners.
Double Eagle co-CEOs Cody Campbell and John Sellers said they’re building on a strong track record with EnCap, calling the expanded partnership a vote of confidence in both their team and strategy.
“We’re proud of the assets we’ve assembled and the incredible operational efficiency we’ve achieved,” the co-CEOs said in a joint statement, adding that with the financial strength of their backers and “tremendous commercial and operational momentum,” they’re positioned to pursue even greater ambitions in the Permian.
Double Eagle V primarily will focus on investing in oil and gas properties across the Permian Basin, and Tumbleweed V will focus on royalty and mineral investments across multiple U.S. basins, with its primary focus on the Permian, the company said.
Jason DeLorenzo and Doug Swanson, managing partners of EnCap, cited “the tremendous success of Double Eagle IV to date” in addressing the partnership expansion.
“Cody, John, and the entire Double Eagle team have unique relationships in the industry and continue to impress with their operational excellence and an outstanding track record,” the partners added.
EnCap Investments said that since 1988, it has been a leading provider of growth capital to the independent sector of the U.S. energy industry. It has raised 25 institutional funds totaling approximately $47 billion and currently manages capital on behalf of more than 350 U.S. and international investors.
Quincy Preston contributed to this report.
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