Luxe Energy LLC closed $500 million in private-equity commitments from NGP Natural Resources XI LP, the company said May 4. This is Natural Gas Partners’ most recent fund focused on natural resources and management, Luxe said.
The equity will support horizontal drilling and multistage fracking in Luxe’s West Texas operations.
Luxe’s founders, Lance Langford and Jeff Larson, have worked together for more than 24 years, beginning at Burlington Resources. Langford is Luxe’s CEO, and the company was recently formed. Most recently prior to Luxe, Langford and Larson were senior vice president and and vice president, respectively, at Statoil ASA (STO).
Prior to joining Statoil, they were both executive vice presidents at Brigham Exploration. They led Brigham’s entry into the Bakken, and managed Brigham’s operations there through the merger with Statoil before forming Luxe, the company added.
"I'm very excited about finding opportunities and using technology to drive operational excellence. The team we have put together has a proven record of driving technology and top-tier operations," said Langford.
Luxe Energy LLC is based in Austin, Texas.
Final phase of the NGL Pipeline remains on schedule and construction of the Crude Pipeline begins this month.
The private equity-backed company’s acquisition follows a series of deals in the southern Delaware, highlighting ‘continued interest from public and private investors alike in getting exposure,’ analysts say.
With a newly upsized capital commitment, Luxe CEO Lance Langford says the company is in a ‘unique position’ to act as a consolidator in the Delaware Basin.