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Breaking Barriers FireBird II, Empowered by Quantum Technology, Surpasses $500MM Funding Milestone for Permian Ventures
05/01/2023
Following the success of FireBird Energy's $1.75 billion sale to Diamondback last year, the emergence of FireBird II signals a new chapter in the Permian Basin.
Get ready for some exciting news from the energy industry. FireBird Energy II, the new player in the Permian Basin, has just secured $500 million in equity funding to fuel their acquisitions. With backing from the esteemed private equity firm Quantum Energy Partners, FireBird Energy II is poised to make waves in the industry.
This Fort Worth-based company is the successor to FireBird Energy LLC, which made a name for itself in the Permian Basin. They're focused on acquiring and growing oil and gas assets in the Permian Basin, with a particular interest in the Midland Basin.
According to Travis Thompson, the co-founder, and CEO of this hot new company, they're ready to partner with Quantum Energy Partners and build on the success of FireBird I's recent sale. This partnership puts FireBird Energy II in a prime position to seize a host of exciting acquisition and development opportunities in the booming Permian Basin.
The deal included 75,000 gross (68,000 net) acres in the Midland Basin, over 450 vertical and horizontal wells
The company, which Thompson founded in 2019, quickly established itself as a major player in the Midland Basin.
Last year, FireBird made headlines again, this time for being acquired by E&P Diamondback Energy Inc. in a cash-and-stock deal worth an impressive $1.75 billion. As part of the transaction, Diamondback gained control of approximately 75,000 acres in the Midland Basin - a highly coveted asset in the industry - as well as over 450 vertical and horizontal wells.
After selling FireBird I to Diamondback, the company wasted no time in launching FireBird II, according to reports. And it seems that Quantum Partner Blake Webster is optimistic about the new venture's prospects, especially given the strategic importance of the Permian region. Webster believes that FireBird II has what it takes to create a platform of significant scale in the basin, setting the stage for even greater success in the future.
Quantum's investment is already bearing fruit
At the start of this year, Quantum made a bold move by pledging over $500 million in equity capital to Bison Oil & Gas IV LLC. Bison's sights were set on acquiring and developing a presence in the Denver-Julesburg Basin, spanning both Colorado and Wyoming.
The company has already closed several high-value acquisitions, snapping up over 75,000 net acres with an impressive current production rate of over 25,000 boe/d. Quantum's investment is already bearing fruit, and it looks like there's plenty of potential for even greater success in the future.
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Multi-Billion Dollar Deal: Ovintiv to Expand Midland Basin Portfolio with EnCap Acquisition and Exit Bakken
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Ovintiv Strikes Billion-Dollar Oil Deal, Doubling Production in Permian Basin with EnCap's Black Swan, PetroLegacy, and Piedra Resources. The deal, which was approved unanimously by Ovintiv's board, is slated to close on June 30. With over $5 billion in transactions announced on April 3, Ovintiv is set to expand its oil production by snatching up 65,000 net acres in the core of the Midland Basin. The deal with EnCap will give them a strategic edge in Martin and Andrews counties, Texas, with approximately 1,050 net, 10,000-ft well locations added to their inventory.
Riley Permian Secures $330 Million Acquisition in Thriving New Mexico: A Strategic Move with Promising Returns
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In a big move for Riley Permian, the company has just closed a deal to acquire top-of-the-line oil and gas assets in the heart of New Mexico. The acquisition, which was made in February, saw Riley Permian snapping up these highly sought-after resources from none other than Pecos Oil & Gas LLC for $330 million.
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Global oil supply and demand saw notable changes in April 2023. Liquids demand declined by 0.7 MMb/d to 99.9 MMb/d, with gains in China and Europe offset by reduced demand in Japan and the Middle East. OPEC 10 production remained stable at 29.5 MMb/d, while Saudi Arabia increased output by 0.3 MMb/d. Non-OPEC production declined slightly, Russian production dropped further, and US shale production remained steady. Combined production in Iran, Venezuela, and Libya remained unchanged. Commercial inventories increased, and OPEC+ implemented production cuts. Economic sentiment remains uncertain amid rising global inflation.
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ONEOK Inc. and Magellan Midstream Partners LP have announced a merger agreement that will result in the formation of a formidable midstream company headquartered in Tulsa, Oklahoma. The deal will bring together their respective assets and expertise, resulting in a powerful entity boasting an extensive network of approximately 25,000 miles of pipelines primarily focused on transporting liquids.
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Callon is set to purchase Percussion Petroleum's Delaware assets for $475 million while selling its Eagle Ford assets to Ridgemar for $655 million. In a strategic step to optimize its operations, Callon Petroleum recently made headlines by sealing two deals on May 3, totaling a staggering $1.13 billion. The company is taking confident steps to bolster its presence in the Delaware Basin while bidding farewell to its stake in the Eagle Ford Shale.