Successor to Brigham Resources secures private capital commitment from Warburg Pincus, Yorktown and Pine Brook
ATX Energy Partners is a new E&P company that will be the successor to Brigham Resources. The line of equity financing of up to $780 million will be led by Warburg Pincus, Yorktown Partners and Pine Brook.
The ATX headquarters will be in Austin, Texas and the company intends to pursue early-stage and emerging unconventional resource opportunities by applying operational experience gained in the Southern Delaware basin and Williston basin.
Source: BrighamResources.net
The company will be led by CEO Gene Shepherd, who was the CEO of Brigham Resources, which sold its Delaware Basin assets to Diamondback Energy in February 2017 for $2.6 billion. Previously, he served as the CFO of Brigham Exploration from June 2002 until its sale to Statoil ASA in December 2011 for $4.4 billion.
Brigham Resources, LLC was founded by Bud Brigham, Gene Shepherd, and former management team members from Brigham Exploration Company, following the company’s sale to Statoil.
The ATX senior executive team, all of whom worked together at Brigham Resources and/or Brigham Exploration, includes Erik Hoover, COO; J Silva, CFO; Ed Parma, executive VP of exploration; and Matt Weber, Executive VP of engineering.
“Since closing on the sale to Diamondback earlier this year, we have been actively evaluating new opportunities and are excited to formally begin a new chapter together as ATX Energy Partners,” said ATX CEO Shepherd. “The fact that ATX will benefit from the same leadership team and partnership with the same financial sponsors that facilitated our early entry into the Southern Delaware Basin in 2013 dramatically enhances our probability for success. We look forward to leveraging our combined experience to identify, delineate and develop unconventional resource opportunities in some new, as well as some familiar but overlooked, basins in the lower 48.”
