The Data-Layer Land Grab: What Blackstone Buying Enverus Tells You About Where Energy Capital Is Going
In The Missing Middle, we flagged a single deal as the quiet tell underneath the 2023–24 wave of oil and gas mega-mergers: in August
#Private Equity
Non-Op and the DrillCo Model: How Capital Partners Deploy Into Wells Without Operating Them
There's a structural problem every capital partner in oil and gas eventually runs into: the best drilling inventory is controlled by operators, and
The Hidden Liabilities That Wreck Oil & Gas Returns: P&A, Orphan Wells, and the ESG Overhang
Every oil and gas acquisition model leads with the same thing: the cash flow. The decline curves, the PV-10, the type curves, the upside. What
Reserves-Based Lending Explained: How the Borrowing Base Actually Works
If you put capital into oil and gas — as a sponsor, a credit fund, or a mezz lender — you cannot understand a producer's
The Reserves Trap in Diligence: Why "AI" Type Curves Inflate the EUR You're Buying
When a private-equity fund or a capital partner buys an oil and gas asset, what they're really buying is a number: the estimated
Minerals & Royalties as an Asset Class: Why Private Equity Keeps Rolling Up Royalty Interests
Most of what we've written about minerals and royalties on this blog is from the owner's chair — how royalties pay, how
The Missing Middle: What's Left in Oil & Gas When Private Equity Walks Away
There used to be a middle in American oil and gas. A working operator could raise twenty or fifty million dollars, lease up a few