FireBird Uncaged in the Permian Midland
Back in Fall 2022, Fort Worth, Texas-based FireBird Energy—a Permian player that had built up a respectable position in the Midland over three years—hit the kind of jackpot with a story every portfolio company and their PE money-backers live to tell. This, at a time when naysayers believed FireBird’s position was situated too far west to be considered in the “core” of the play. But not so for one of the Permian’s largest operators, which had earlier in the year ruled out any possibility of a large-scale merger or acquisition. Sometimes, resistance is futile.
Reese Energy Consulting today is following the latest news from FireBird formed in 2019, which struck a $1.6 billion deal in 2022 with Midland, Texas-based Diamondback Energy. Assets included 68,000 net acres, 450+ wells, and 17 MBPD, most of which FireBird acquired from Chevron for an undisclosed price less than a year before. The deal marked FireBird’s second since its founding in 2019, but the E&P was far from done in the Midland. Its siren song was still calling.
After securing a $500 million private equity commitment in 2023 from Quantum Energy Partners, FireBird is now in its second iteration and rebuilding its Permian Midland position one deal at a time—and there’ve been many. Following its crackerjack sale to Diamondback, the company has closed on 15 acquisitions, accumulating 20,000 gross acres, a total 30 MBOED, while drilling 25 wells it expects to double by year end. This time around, FireBird is out to build serious scale in the area that rustles its tailfeathers, and evaluating opportunities—on the western side, of course—where a certain song continues to beckon.
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After securing a $500 million private equity commitment in 2023 from Quantum Energy Partners, FireBird is now in its second iteration and rebuilding its Permian Midland position one deal at a time—and there’ve been many. Following its crackerjack sale to Diamondback, the company has closed on 15 acquisitions, accumulating 20,000 gross acres, a total 30 MBOED, while drilling 25 wells it expects to double by year end. This time around, FireBird is out to build serious scale in the area that rustles its tailfeathers, and evaluating opportunities—on the western side, of course—where a certain song continues to beckon.
WPBakery Page BuilderSave draftPublish
FireBird Uncaged in the Permian Midland
Back in Fall 2022, Fort Worth, Texas-based FireBird Energy—a Permian player that had built up a respectable position in the Midland over three years—hit the kind of jackpot with a story every portfolio company and their PE money-backers live to tell. This, at a time when naysayers believed FireBird’s position was situated too far west to be considered in the “core” of the play. But not so for one of the Permian’s largest operators, which had earlier in the year ruled out any possibility of a large-scale merger or acquisition. Sometimes, resistance is futile.
Reese Energy Consulting today is following the latest news from FireBird formed in 2019, which struck a $1.6 billion deal in 2022 with Midland, Texas-based Diamondback Energy. Assets included 68,000 net acres, 450+ wells, and 17 MBPD, most of which FireBird acquired from Chevron for an undisclosed price less than a year before. The deal marked FireBird’s second since its founding in 2019, but the E&P was far from done in the Midland. Its siren song was still calling.
After securing a $500 million private equity commitment in 2023 from Quantum Energy Partners, FireBird is now in its second iteration and rebuilding its Permian Midland position one deal at a time—and there’ve been many. Following its crackerjack sale to Diamondback, the company has closed on 15 acquisitions, accumulating 20,000 gross acres, a total 30 MBOED, while drilling 25 wells it expects to double by year end. This time around, FireBird is out to build serious scale in the area that rustles its tailfeathers, and evaluating opportunities—on the western side, of course—where a certain song continues to beckon.
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SEARCH CATEGORIESAllLifestyleLifestyleNewsNewsTechTechEnergyAlaskaAmmoniaAnadarko BasinAppalachiaArkoma BasinBakkenBarnett ShaleBatteriesBig Horn BasinBiofuelsCarbon Capture – CCSCertified Natural GasCherokee BasinCoalCompany SpotlightCompressor StationsContract ManagementCrude OilCushing HubDecarbonizationDJ BasinDownstreamEagle FordElectrificationEnergy ServicesEnergy TechnologiesEnergy TransitionEngineeringEthyleneEVsExecutive SpotlightExport TerminalsFayetteville ShaleFrackingFractionatorsGas PlantsGathering SystemsGeothermal PowerGranite WashGreen River BasinGulf CoastHaynesvilleHeliumHorizontal DrillingHugotonHybridsHydrogenHydropowerImport TerminalsInternationalJoint VenturesLithiumLNGLPGMarcellus / UticaMergers & AcquisitionsMid-ContinentMidstreamNatural GasNatural Gas Liquids – NGLsNuclear PowerOffshoreOilfield SuppliersPermianPetrochemicalPiceancePipelinesPowder River BasinPower PlantsPrivate EquityRefined Crude ProductsRefineriesRenewable DieselRenewable EnergyRenewable FuelsRenewable Natural GasResponsibly Sourced Natural GasRevenue AccountingSan Juan BasinSCOOP / STACKSmackover FormationStorageTRANSMISSION / TAKEAWAYUpstreamUticaWater ManagementWilliston BasinFinanceHeliumInvestingInvestingNatural GasPipelineSan JuanSocialSocialSocialUncategorizedAdd New Category