Spur Energy Partners CEO Jay Graham expects to spend as much as $1 billion more as it pursues a consolidation strategy following its recent acquisitions in the Permian Basin.

Spur, led by Graham and other expats from WildHorse Resource Development Corp., has already spent about $1.3 billion in Permian acquisitions. WildHorse sold its assets to Chesapeake Energy Corp. in February for about $4 billion.

However, Graham said Spur—backed by KKR and the Energy & Minerals Group— isn’t reliant on an A&D exit to make money, adding that the prove-up and sell model that typified the early days of the shale revolution has largely passed.

“We’re getting out of the build and flip. It’s been a good 12-year run of doing that,” he said.

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Onshore