Outfitter Energy Capital recently closed on a new fund used to purchase an existing portfolio of U.S. shale assets from affiliated Outfitter-managed funds.
According to Outfitter, the well delineated and understood assets located in the Marcellus, Woodford and Cotton Valley gas plays provide an “excellent base from which to build value in the portfolio in the currently very favorable commodity price environment.”
“We identified this opportunity to drive value creation in the portfolio well over two years ago and, ultimately, we were able to find strong like-minded investors to support our thesis,” Outfitter Co-Founder and Managing Partner Curt Schaefer commented in a Sept. 20 release.
The closing of the new fund, Outfitter Energy Partners LP, was made with the backing of funds managed by special situations secondaries manager LSV Advisors LLC as lead investor.
The new fund was designed to provide both existing Outfitter and new limited partners the opportunity to invest in an established portfolio of upstream oil and gas companies with attractive development and value creation opportunities, according to the firm’s release.
“We frankly could not be more pleased with the outcome here. LSV and their partners really stepped up to support this raise, which allowed our historical investors the option to cash out or reinvest in what we think is a great growth opportunity for all partners,” Outfitter Co-Founder and Managing Partner George McCormick added.
Outfitter Energy Capital is a Houston-based energy private equity funds manager established in 2016 by McCormick and Schaefer, who were also the founding members and managers of TPH Partners, the legacy private equity business of energy investment bank Tudor, Pickering, Holt & Co. The firm’s current portfolio includes active investments in Antioch Energy, Laurel Mountain Energy and Principle Petroleum, according to its website.
The new Outfitter fund will be highly focused on ongoing development activities in four different basins, including the Western Pennsylvania wet-gas Marcellus, Woodford wet gas in Oklahoma, conventional oil in Wyoming and the East Texas Cotton Valley gas play. In addition to the purchase of an existing portfolio, proceeds from the new fund will provide unfunded commitments for necessary growth capital to enhance the portfolio going forward.
“LSV is excited to invest in this opportunity and partner with the Outfitter management team. We believe they are uniquely positioned with this portfolio of high-quality U.S. shale projects and look forward to their success,” David Tisch, CEO and founder of LSV, said in the Outfitter release.
Founded in 2005, LSV is a New York-based special situations secondaries manager with approximately $1.5 billion in assets and commitments under management on behalf of institutional and family office clients worldwide, according to the release.
Recommended Reading
DUG GAS+: Chesapeake in Drill-but-don’t-turn-on Mode
2024-03-28 - COO Josh Viets said Chesapeake is cutting costs and ready to take advantage once gas prices rebound.
Total CEO: US LNG Shaky, Global Projects Brought into Spotlight
2024-02-21 - U.S. President Joe Biden’s decision to pause approvals for new U.S. LNG projects benefits similar projects around the world and casts doubt around U.S. supply, TotalEnergies’ Pouyanné told analysts during the company’s quarterly webcast.
ConocoPhillips CEO Ryan Lance Calls LNG Pause ‘Shortsighted’
2024-02-14 - ConocoPhillips chairman and CEO Ryan Lance called U.S. President Joe Biden’s recent decision to pause new applications for the export of American LNG “shortsighted in the short-term.”
Exclusive: Andrew Dittmar Expects Increased Public M&A in 2024
2024-02-15 - In this Hart Energy LIVE Exclusive, Andrew Dittmar, Enverus Intelligence's senior vice president, compares 2023 consolidation to what he expects in 2024, including more public to public deals.
Exxon, Vitol Execs: Marrying Upstream Assets with Global Trading Prowess
2024-03-24 - Global commodities trading house Vitol likes exposure to the U.S. upstream space—while supermajor producer Exxon Mobil is digging deeper into its trading business, executives said at CERAWeek by S&P Global.