Matt Loreman, COO of Development Capital Resources LLC (DCR), is today’s featured Forty Under 40 honoree.
Loreman co-founded DCR, an oil and gas platform partnered with funds managed by Ares Management Corp., in 2017 with his current business partner, Ronnie Scott. He had previously served as a managing director in Evercore’s oil and gas advisory group where he executed M&A, divestiture, capital raising and restructuring transactions in the upstream space.
Known as a deal maker, Loreman takes pride in executing complex transactions. One of his most challenging projects to date was an infrastructure deal with California Resources Corp. (CRC) in February 2018.
“CRC has been a fantastic partner to date, but they were a skilled and tough negotiator up until documents were signed,” he said.
Loreman leads a seven-person team in Houston that sources, negotiates and manages joint ventures with DCR’s operating partners. Since its formation, DCR has signed four joint ventures to deploy $1.3 billion out of DCR-managed entities.
Occidental Petroleum did not provide a reason for the leadership change but the CFO transition marks the second major management change at the oil and gas company in recent weeks.
Oilfield services firm Halliburton on April 6 was cutting about 350 employees in Oklahoma, according to a filing with the state, amid a deepening oil bust.
Fugro has enacted restrictions and additional appropriate measures to reduce the impact of the COVID-19 pandemic and the low oil price environment, the company said on April 6.