Rock Hill Capital Group, a Houston-based private equity firm, announced that it has closed on a majority recapitalization of Big Lake Services, a Texas oilfield services provider operating throughout the Permian Basin.
Big Lake, founded in 2006 by CEO Casey Davidson, boasts a management team with over 150 years of Permian Basin experience. The company provides critical maintenance, completion and workover services to some of the most prolific exploration and production companies in West Texas, many of which have been customers since Big Lake’s inception. Since the company’s founding, management and key personnel have grown the business from three workover rigs to 22 currently.
Big Lake represents the second investment by Rock Hill’s second fund – Rock Hill Capital II LP.
Recommended Reading
What's Affecting Oil Prices This Week? (May 6, 2024)
2024-05-06 - Stratas Advisors forecast that oil demand for 2024 will increase by 1.41 MMbbl/d in comparison to 2023 and that oil demand will increase by 810,000 bbl/d in comparison to 2Q23.
It’s Complicated: E&Ps Find Some Financial Tailwinds, But It’s Not All Smooth Sailing
2024-05-03 - Relatively stable WTI prices in the $80s/bbl provide some breathing room as companies allocate cash for operations, and pragmatism is seeping into the energy transition movement.
Pitts: US, Qatar Face off in LNG ‘Olympics’
2024-05-03 - In the LNG exporting space, the U.S. is squaring off with its fiercest competitor, Qatar, with both countries expected to outpace Australia
Chesapeake Stockpiles DUCs as Doubts Creep in Over Southwestern Deal
2024-05-02 - Chesapeake Energy is stockpiling DUCs until demand returns through growth from LNG exports, power generation and industrial activity.
Majors Aim to Cycle-proof Oil by Chasing $30 Breakevens
2024-02-14 - Majors are shifting oilfields with favorable break-even points following deeper and more frequent boom cycles in the past decade and also reflects executives' belief that current high prices may not last.