FourPass Energy LLC, an oil and gas operating company, along with funds managed by Oaktree Capital Management LP, have partnered on Nov. 19 to acquire and operate large-scale, oil-weighted, producing oil and gas assets. Oaktree’s $900 million pledge includes $600 million in initial equity, with an option to upsize the commitment by $300 million.
FourPass is led by former Felix Energy executives Ben Jackson and Andrew Dunleavy, alongside a team of operations and subsurface leaders with extensive experience across the sector. In a challenging market cycle from 2013 to 2020, Felix Energy assembled, operated, and sold over $6 billion in assets, including upstream, midstream, and mineral assets. FourPass intends to build from these experiences by applying its team’s collective expertise to the current market opportunity.
The company launches with a rigorous and responsible underwriting process, prioritizing certainty of close, efficient asset integration and a low-cost operating model. As it acquires and begins operating assets, FourPass will apply this model safely and responsibly in the communities and environments where it operates.
“We are excited to partner with the FourPass management team. Amidst an evolving energy landscape, the FourPass team has unparalleled experience in pursuing its strategy of acquiring producing, cash-flowing assets and delivering investor returns through excellent execution. Oaktree's equity commitment will allow FourPass to apply its proven framework to larger acquisition opportunities, which we believe will generate attractive returns to our investors over the long-term,” Brook Hinchman, co-head of North America for the Oaktree Opportunities Funds, said.
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