Forth Worth’s Double Eagle Energy is coming back to life after selling its business earlier this year to Austin’s Parsley Energy for $2.8 billion.
The Permian Basin-focused oil and gas explorer is again working with the Apollo Global Management private equity firm to create the new Double Eagle Energy III Holdings.
Double Eagle will continue to focus on the Permian under its old leadership team of co-chief executives John Sellers and Cody Campbell.
Parsley bought the previous iteration of Double Eagle that included about 72,000 net acres in the Permian’s Midland Basin.
Campbell said the new Double Eagle plans to grow even larger than the previous business and with more financial backing from Apollo, although the details aren’t being released.
“The continued strong relationships with their (Apollo) team, paired with their funds’ financial strength and track record of success allow us to aggressively pursue larger and more numerous opportunities in the most prolific basin in North America,” Campbell said in the announcement.
This first appeared on the Houston Chronicle – an Energy Voice content partner. For more click here.