Luxe Minerals LLC, which acquires mineral and royalty interests in the Midland and Delaware basins, Stack and Scoop, Eagle Ford, Bakken, Powder River and the Merge area, raised about $254 million of equity commitments from NGP through NGP Natural Resources XI LP and Luxe’s management team, according to a March 13 press release.
Austin, Texas-based Luxe Minerals will be led by the team of Luxe Energy, which divested Delaware Basin assets to Diamondback Energy Inc. (NASDAQ: FANG) for $560 million in September 2016, and received $524 million in equity from NGP and Luxe Energy management in October 2016.
Currently, Luxe Energy and Luxe Minerals seek investments in the same oily basins, the press release said.
Luxe Minerals co-founders A. Lance Langford and Jeff Larson have worked together for more than 25 years at Burlington Resources, Brigham Exploration and Statoil ASA (NYSE: STO).
Recommended Reading
Ecopetrol Committed to Long-term $2.5 Billion Hydrogen Strategy
2022-08-09 - The decarbonization plan of Ecopetrol, Colombia’s largest oil and gas producer, includes a commitment to produce 1 million tonnes per annum of green, blue and white hydrogen by 2040.
Production Lending Closes $35 Million Loan to Private Permian Basin Operator
2022-08-09 - Proceeds from the Production Lending loan will be used by the private, Midland, Texas-based oil and gas company to drill and complete six horizontal wells in the northern Midland Basin.
US Sour Crude Cargo Sails to Germany as Russia Sanctions Bite
2022-08-09 - The Capricorn Sun tanker loaded Mars Sour crude off the Louisiana coast in the U.S. and discharged at Germany’s port of Rostock on Aug. 3. The tanker was chartered by Shell Plc, according to two sources and Refinitiv ship tracking data
IndustryVoice: Leading Power Section Technology
2022-08-09 - With the oil and gas industry going deeper, faster, and farther, the need for power sections that define the leading edge and deliver unmatched performance in corrosive, high temperature, high torque, or high wear situations is evident.
Grey Rock Forms Partnership with Conduit Power to Pursue Electrification Strategy
2022-08-09 - To help stabilize the fluctuating cost of electrifying industrial activities, Grey Rock is investing $100 million in Conduit Power and its electrification services.