The new partnership will use its flexible capital mandate to directly invest in the development and acquisition of upstream oil and gas assets across the US.
Glendale will work closely with TPG Sixth Street’s Houston-based energy team to provide capital solutions to operators by structuring investments in non-operated interests and operated-by-others (OBO) acquisitions.
“We are pleased to be partnering with Glendale’s experienced team of oil and gas industry veterans in order to provide operators with the expertise, certainty and stable capital required to meet their short and long-term strategic needs,” said Matt Dillard, Partner at TPG Sixth Street.
Glendale is led by co-Founders Brent Grundberg and Vignesh Proddaturi.
Grundberg commented: “We believe there is more demand than ever for partnership capital to allow operators to achieve their full-scale development plans.”
Proddaturi added: “We look forward to building upon our existing relationships, forming new collaborations with top-tier producers and being the partner of choice for non-operated capital budgets and OBO divestitures.”
The partnership has already deployed funds with the completion of US$55 million in acquisitions of non-operated interests in drilling pads located in Oklahoma’s premier STACK play.
Read the article online at: https://www.oilfieldtechnology.com/drilling-and-production/14062019/tpg-sixth-street-partners-and-glendale-energy-ventures-form-partnership-to-fund-acquisitions-of-non-operated-oil-and-gas-properties/