As Double Eagle IV brings online new wells and ramps up production in Permian Basin, Hart Energy recently asked: Is the Fort Worth-based company the most coveted private equity-backed exploration and production company in the Permian Basin? Double Eagle IV is led by co-CEOs Cody Campbell and John Sellers, who in 2021 guided Double Eagle III through a $6.4 billion sale to Pioneer Natural Resources.
Hart Energy said Double Eagle IV is drilling in core areas of the Midland Basin with operations on leases in Andrews, Ector, Glasscock, Howard, Martin, Midland, Reagan and Upton counties (most production from Martin and Reagan). The company’s oil production in January 2024 was 1.12 million barrels or 38,700 b/d compared to January 2023 volumes of 96,000 barrels or 3,100 b/d.
Hart Energy added, “But Double Eagle IV’s value isn’t based on just existing oil production. It’s also based on the company’s high-quality portfolio of undrilled land.” Enverus Intelligence Research estimates that Double Eagle IV holds an inventory of more than 300 gross operated drilling locations in the core of the Midland Basin. Andrew Dittmar of Enverus said, “That puts Double Eagle IV in a nearly unique scale among the private equity backed privates that are left in the Permian.”