Double Eagle, a team of prolific oil and gas developers focused on the Permian basin, have raised more than $1.7bn from a group of investors to fund their latest venture, according to a statement to Reuters on Sunday.
The sum is one of the largest pools of capital dedicated to oil and gas development raised since the pandemic, after many investors turned their backs on the U.S. oil patch in recent years due to a mix of poor past returns from the industry and increasing environmental consciousness.
The $1.7 billion will be split between Double Eagle Energy Holdings IV LLC, aiming to replicate the success of DoublePoint by developing a new oil and gas producer, with the rest going towards Tumbleweed Royalty IV LLC, which will acquire mineral and royalty rights, the statement added.
Read more: Reuters
