By ,| Midland Reporter Telegram | John Sellers and Cody Campbell, co-chief executive officers and co-founders of Double Eagle Holdings, got their start in real estate development, shifting to oil and gas in 2008.
They leveraged their network of businesses, built during their real estate days, to establish a capital base and acquire Eagle Ford assets. In 2011, they began buying Permian Basin leases. Then the two received private equity backing, sold their Eagle Ford and Oklahoma assets and built Double Eagle. Earlier versions of the company have been sold to Parsley Energy, Pioneer Natural Resources and Diamondback Energy. They have now formed Double Eagle V.
Sellers told attendees at the Permian Basin Petroleum Association’s annual meeting that, yes, they have been quite successful. But they love the work and, more importantly, he said, “We have a staff of people with us from the beginning. If we see opportunity, we owe it not only to ourselves but to them.”
Now they look for opportunities for the latest version of Double Eagle.
Finding those opportunities has been harder than in the past, he acknowledged. Headwinds include lower prices — “What people don’t understand is that at $65 oil versus $75 oil, things don’t work at $65.”
Tariffs have also had an impact, Sellers said.
In the Midland Basin, water management is an issue and, like other operators, Sellers said getting the power needed to operate facilities is also an issue.
While the two have focused on the Permian Basin, Sellers said that at some point they will look at other basins. For now, Double Eagle is looking at new zones like the Barnett. Sellers said the company likes what it sees from the Barnett but it is expensive and costs need to come down before it can be developed further.
