Under the terms of the partnership, Henry and PEP will target to invest at least US$500 million in producing asset packages to be operated by the Henry team. The partnership’s strategy includes a significant current yield component, with a robust hedging programme to protect against volatility in crude oil markets.
“We see a unique opportunity today in the acquisition market for producing oil and gas assets. Partnering with Henry Resources and our investors allows us to opportunistically exploit the liquidity-driven mispricing in the market. The Henry team has been long time friends and partners of ours, and we are honoured to be working with a group with a respected reputation, a half century of experience in the Permian, and a distinguished track record of success,” stated Dan Pickering, Chief Investment Officer.
“Henry has had a front row seat to the Permian Basin through various cycles over the past few decades, and today looks like one of the most favourable PDP acquisition markets we have ever seen,” said David Bledsoe, President of Henry Resources. “Henry believes we are well positioned with the PEP joint venture to exploit the current correction and deliver predictable returns to the Henry family and our partners.”
Read the article online at: https://www.oilfieldtechnology.com/drilling-and-production/25092019/pickering-energy-partners-forms-joint-venture-with-henry-resources/
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