Ray Walker, COO Encino Energy LLC, sat down with Jessica Morales at the recent DUG East Conference and Exhibition in Pittsburgh to talk about the evolution of Encino Energy.
Last summer, Encino Energy unveiled the $2 billion-cash acquisition of all of Chesapeake Energy Corp.’s position in the Utica Shale of Ohio. Encino’s purchase, supported with funding from Canada Pension Plan Investment Board, included more than 900,000 net acres and roughly 900 producing wells in the Buckeye State.
The Chesapeake transaction closed late October 2018 and set Encino up to be more than twice the size of the next two to three acreage holders in Ohio, according to Walker. He estimates Encino has over 2,000 economic drilling locations and the company plans to focus on building a sustainable business over the next couple of years that generates free cash flow.
“It’s just so unique in today’s world that you have a private equity, almost an unlimited source of capital, that is not interested in flipping the deal,” he said. “They are more interested in just generating bigger and bigger business with better and better cash flow.”
Walker noted that Chesapeake Energy did a great job building a huge position in the Utica Shale that is allowing Encino Energy to take that asset and move forward. He also touched on his career with Range Resources and how his involvement with Encino first looked like it would be a consulting role.
__________________________________________________________________________________________________
RELATED:
DUG East: Key Players Eye Increased Production In Utica
__________________________________________________________________________________________________
Recommended Reading
Kinetik Chief Strategy Officer to Retire in June
2025-05-01 - Kinetik Holdings Chief Strategy Officer Anne Psencik will continue as in a consulting role after her retirement at the end of June.
Crescent Energy Appoints Former Pioneer Exec Joey Hall as COO
2025-05-19 - Crescent Energy has chosen Joey Hall, who most recently served as executive vice president of operations at Pioneer Natural Resources and oversaw the Permian Basin and Eagle Ford Shale, as its new COO.
Dividends Declared in the Months of May, June 2025
2025-06-27 - As companies gear up to report on second-quarter earnings, here is a compilation of dividends declared in the months of May and June from select upstream, midstream and service and supply companies.
E&P Pricing Models Factor in Volatility, Says BOK Expert
2025-07-10 - Integrating global volatility into pricing models means cleaner balance sheets with improved leverage and room to deploy capital creatively, says BOK Financial’s Mari Salazar.
Pontem Energy Capital Aims to Raise $250MM for New Upstream Fund
2025-07-15 - Pontem Energy Capital held an initial close for its second fund, which is targeting $250 million in commitments for non-operated investments in U.S. basins.
Comments
Add new comment
This conversation is moderated according to Hart Energy community rules. Please read the rules before joining the discussion. If you’re experiencing any technical problems, please contact our customer care team.