Joined NGP in 2004 and is managing partner of the NGP funds. As chief investment coordinator, chairs the investment process committee and monitoring committee and oversees sourcing, structuring, executing and monitoring of investments. Also member of NGP’s executive committee. Began career as analyst with Deutsche Bank Energy Investment Banking group in Houston. On the boards of Parsley Energy and PennTex Midstream Partners.
Career path: Was always intrigued by entrepreneurship. “I got good advice from my parents that studying accounting would provide a solid foundation.” At Deutsche Bank, covered oilfield-service and E&P clients. “As I got to learn more about the industry, I became more and more passionate about it.”
In 2003, visited with Ken Hersh [NGP’s co-founder and CEO] over a boxed lunch at NAPE.
“I got to hear about the history of the firm and where it was headed. It was a pivotal point in my career. I’ve gotten to work alongside investors and learn about the value drivers in the business and the model of backing great entrepreneurs. I can learn firsthand from their experience with acquisitions, lowering operating costs, enhancing production and developing fields.”
On startup through exit: “We work on identifying great teams, the right acquisition, putting the right capital structure in place, hedging and partnering with that company through a three- to eight-year life, helping with the exit and, in many cases, restarting with that team and forming another company. We’ve been in business with a lot of our CEOs for 15 or more years.”
An industry member he knew was onto something: Bryan Sheffield. “He was a young entrepreneur when I first met him in 2011; he had formed Parsley Energy in 2008. He and I would talk about growing his business. We partnered with him in June of 2013.” Less than a year later, Parsley completed a more than $1 billion IPO.
“I think that’s an example of treating people well, trying to be helpful and establishing relationships, regardless of where they are in their path. Whether we go into business with them or not, maintaining those relationships is an important part of the reputation we want in the industry.”
On the industry in 2045: “The evolution in how the industry uses data is still in full swing. By 2045, we can expect to see technology continuing to drive down the cost curve in the best basins. The industry will continue to move toward a manufacturing business, where the lowest-cost producers in core basins are the winners.”
When looking back on career: Wants to be able to say he did the best job he could, had a positive impact on others, and maintained his commitment to his family and values.