Current APO Stock Info

Double Eagle Energy Holdings III announced that inclusive of a recent capital raise, the company has secured equity commitments of more than $1 billion. The equity commitments are anchored through funds managed by affiliates of Apollo Global Management, LLC (ticker: APO).

Double Eagle III’s Wingspan Covers $1 Billion

Double Eagle III – Areas of Interest

Double Eagle’s equity commitments will support the company’s ongoing acquisition and development initiatives in the Permian Basin and will allow Double Eagle to expand its asset base.

Double Eagle Co-CEO Cody Campbell said, “We are excited by the opportunity for Double Eagle to continue to pursue assets in the Permian Basin. With this additional support and capital, we have the clear opportunity to create a tremendous amount of value and look forward to working with our sponsor team in executing our operating plans.”

Double Eagle III’s Wingspan Covers $1 Billion

Double Eagle III Team

Double Eagle Co-CEO John Sellers said, “In addition to leveraging our land acquisition capabilities, we are focused on working with Permian operators to execute trades to drill extended lateral horizontal wells. We plan to have our first operated rig running in April of this year.”

Three feathers deep

The first Double Eagle Energy was formed with Apollo Global Management in 2013, when the partnership focused on the Anadarko and Ardmore Basin. This company sold most of its assets to American Energy at the end of 2014. Immediately after this, Double Eagle Energy II was formed. Double Eagle II focused on the Midland Basin, particularly after the company merged with Post Oak’s Veritas Energy in late 2016.

Double Eagle II was bought by Parsley Energy (ticker: PE) in early 2017 in a move that, at the time, made Parsley the second-largest publicly traded E&P in the Midland Basin. Parsley purchased 71,000 net acres for $1.4 billion in cash and an additional $1.4 billion in stock, making it one of the largest in a long series of Permian deals.

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