Following $2.8B Permian sale, energy and investment teams join

By Luke Geiver | August 29, 2017

Double Eagle Energy Permian LLC’s sale of Midland Basin acreage and assets for more than $2.8 billion to Parsley Energy Inc. was all Apollo Global Management needed to see. The New York-based investment firm has formed a strategic relationship with the same team of Double Eagle Energy representatives responsible for the Parsley sale.

“The Double Eagle team has displayed an impressive ability to acquire and develop high quality assets by leveraging a unique strategy and an unparalleled understanding of the industry,” said Greg Beard, head of natural resources and senior partner at Apollo.

With its new strategic investment partner, the Double Eagle Energy team led by co-CEOS John Sellers and Cody Campbell said they will pursue a similar strategy previously used. The company will do so however, “on a significantly larger scale and with a more substantial upfront commitment from funds managed by Apollo,” the company said.

“With the integration of our world-class operating team and the collective resources of the Apollo team, Double Eagle III will look to continue the strategic and successful acquisition and development of high quality oil and gas assets in the Permian Basin,” said Campbell.