Pickering Energy Partners Forms $500 Million Strategic Joint Venture with Henry Resources

September 26, 2019

Willkie represented Pickering in the transaction.

On September 24, Pickering Energy Partners (PEP), a Houston-based energy investment management firm, announced a strategic joint venture with Henry Resources (Henry), one of the premier family-owned oil and gas operators in the Permian Basin. The joint venture will pursue acquisitions of producing oil and gas assets across the Permian Basin where Henry has operated for over 50 years.

Under the terms of the partnership, Henry and PEP will target to invest at least $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 program to protect against volatility in crude oil markets. The joint venture believes it will be the “buyer of choice” due to its knowledge of the Basin, strong local relationships and dedicated acquisition capital.

The original Pickering Energy Partners was founded in early 2004 by Dan Pickering as an institutional energy research firm before subsequently partnering with Bobby Tudor and Maynard Holt in 2007 to become Tudor, Pickering, Holt & Company. Headquartered in Houston, Texas, PEP combines the leadership of Dan Pickering with an experienced, opportunistic team that aims to provide guidance and long-term value for clients while having a positive impact on the companies and communities in which PEP invests. Jim Henry founded the original Henry company 50 years ago in 1969 and since that time, Henry Resources has drilled and completed over 1600 vertical wells, and over 80 horizontal wells with the vast majority of those wells being drilled in the Midland and Delaware Basins.

The Willkie team was led by partners Michael De Voe Piazza and Mark Proctor and included associates David Aaronson, Lynn Abell and Audra White.