American Oil and Gas Reporter - February 2021 - 53

pages 45-58_Layout 1 2/16/2021 11:48 AM Page 53

SpecialReport: Operations America
Our next steps include highly accurate predictive well performance
tied to our automated well controllers and adjustments made
through algorithmic inputs.
In addition, we have a robust team of seasoned engineers,
geoscientists and operations experts who are applying innovative,
lower-cost recompletion, restimulation, artificial lift and remedial
well work techniques to the Barnett assets. We believe that
there are abundant opportunities to up the overall recovery

factor and generate very strong returns in this mature basin.
In terms of formations, 87% of our producing, operated
wells are completed in the Barnett. Other producing formations
include Bend Conglomerate, Caddo, Grant, Smithwick, and
Strawn. The wells are split roughly 50/50 between vertical and
horizontal. Of the 4,200 wells, a total of 3,095 wells are on
artificial lift. Of those, 2,645 are on plunger lift, 370 on gas lift,
and 80 are on rod pump.

CODY CAMPBELL

Co-chief executive officer
DoublePoint Energy
Cody Campbell is co-chief executive officer of Double Eagle Energy Holdings III LLC, a
partnership formed with Apollo Global Management, and co-founder of Double Eagle
Development. Double Eagle's management team joined with FourPoint Energy in 2018 to
form DoublePoint Energy in the core of the Midland Basin. Campbell holds a B.A. in
finance and economics and an M.S. in finance from Texas Tech University.

Catalysts For Capital
Editor's Note: Campbell's comments were adapted from a
panel discussion at the Independent Petroleum Association of
America's 2021 Private Capital Conference, held virtually in
late January. AOGR gratefully acknowledges IPAA for permitting
access to the conference presentations.

Q:

Private equity backing from Apollo Global
Management and Quantum Energy Partners
has played a pivotal role in Double Eagle's/DoublePoint's evolution, particularly for organic acreage acquisitions. The company also maintains a reservesbased lending facility. Looking at the financial markets
in general, what will it take for capital to return to
the oil and gas sector?

CAMPBELL: There are several high-quality deals to be
done and I think we are going to see some of them happen in
the near future. Once a few good deals happen and capital
providers start achieving strong returns by investing in the
industry, others will move into the space. It is sort of a selffulfilling positive feedback cycle. When people start to do good
deals and make money, a FOMO (fear of missing out) factor
will come into play. Once the run starts, it could be a really
good one because valuations are really low right now and the
fundamentals are actually really strong.

An additional potential catalyst is related to the astronomical
valuations in the clean energy space. Many firms that historically
invested heavily in the oil and gas world have shifted capital to
alternative energy. At some point these valuations have to rationalize and correct to some extent. Once we see momentum
abate in the energy transition space and some losses are taken,
which I think is almost inevitable based on current valuations,
we will likely see investors rotate back into our industry. This
dynamic could become another catalyst for capital flowing
back into upstream oil and gas.
The bottom line is, never underestimate the oil and gas
industry and our ability to find more and more efficiencies.
The high-quality upstream oil and gas companies are making
good well-level returns right now, even in this price regime.
The macro fundamentals are sound. Demand is there, and the
supply picture is looking better and better for a continued
upward run in crude. I am optimistic. I think the next 12-18
months could be a really fun time in the industry and I am
looking forward to it.

Q:

Let's drill down a little deeper to look at both
the debt and private equity markets. DoublePoint announced last spring an increase in its syndicated reserves-based credit facility using both private
equity and bank funds. How do you summarize the
FEBRUARY 2021 53



American Oil and Gas Reporter - February 2021

Table of Contents for the Digital Edition of American Oil and Gas Reporter - February 2021

Contents
American Oil and Gas Reporter - February 2021 - 1
American Oil and Gas Reporter - February 2021 - Cover1
American Oil and Gas Reporter - February 2021 - Cover2
American Oil and Gas Reporter - February 2021 - Contents
American Oil and Gas Reporter - February 2021 - 4
American Oil and Gas Reporter - February 2021 - 5
American Oil and Gas Reporter - February 2021 - 6
American Oil and Gas Reporter - February 2021 - 7
American Oil and Gas Reporter - February 2021 - 8
American Oil and Gas Reporter - February 2021 - 9
American Oil and Gas Reporter - February 2021 - 10
American Oil and Gas Reporter - February 2021 - 11
American Oil and Gas Reporter - February 2021 - 12
American Oil and Gas Reporter - February 2021 - 13
American Oil and Gas Reporter - February 2021 - 14
American Oil and Gas Reporter - February 2021 - 15
American Oil and Gas Reporter - February 2021 - 16
American Oil and Gas Reporter - February 2021 - 17
American Oil and Gas Reporter - February 2021 - 18
American Oil and Gas Reporter - February 2021 - 19
American Oil and Gas Reporter - February 2021 - 20
American Oil and Gas Reporter - February 2021 - 21
American Oil and Gas Reporter - February 2021 - 22
American Oil and Gas Reporter - February 2021 - 23
American Oil and Gas Reporter - February 2021 - 24
American Oil and Gas Reporter - February 2021 - 25
American Oil and Gas Reporter - February 2021 - 26
American Oil and Gas Reporter - February 2021 - 27
American Oil and Gas Reporter - February 2021 - 28
American Oil and Gas Reporter - February 2021 - 29
American Oil and Gas Reporter - February 2021 - 30
American Oil and Gas Reporter - February 2021 - 31
American Oil and Gas Reporter - February 2021 - 32
American Oil and Gas Reporter - February 2021 - 33
American Oil and Gas Reporter - February 2021 - 34
American Oil and Gas Reporter - February 2021 - 35
American Oil and Gas Reporter - February 2021 - 36
American Oil and Gas Reporter - February 2021 - 37
American Oil and Gas Reporter - February 2021 - 38
American Oil and Gas Reporter - February 2021 - 39
American Oil and Gas Reporter - February 2021 - 40
American Oil and Gas Reporter - February 2021 - 41
American Oil and Gas Reporter - February 2021 - 42
American Oil and Gas Reporter - February 2021 - 43
American Oil and Gas Reporter - February 2021 - 44
American Oil and Gas Reporter - February 2021 - 45
American Oil and Gas Reporter - February 2021 - 46
American Oil and Gas Reporter - February 2021 - 47
American Oil and Gas Reporter - February 2021 - 48
American Oil and Gas Reporter - February 2021 - 49
American Oil and Gas Reporter - February 2021 - 50
American Oil and Gas Reporter - February 2021 - 51
American Oil and Gas Reporter - February 2021 - 52
American Oil and Gas Reporter - February 2021 - 53
American Oil and Gas Reporter - February 2021 - 54
American Oil and Gas Reporter - February 2021 - 55
American Oil and Gas Reporter - February 2021 - 56
American Oil and Gas Reporter - February 2021 - 57
American Oil and Gas Reporter - February 2021 - 58
American Oil and Gas Reporter - February 2021 - 59
American Oil and Gas Reporter - February 2021 - 60
American Oil and Gas Reporter - February 2021 - 61
American Oil and Gas Reporter - February 2021 - 62
American Oil and Gas Reporter - February 2021 - 63
American Oil and Gas Reporter - February 2021 - 64
American Oil and Gas Reporter - February 2021 - 65
American Oil and Gas Reporter - February 2021 - 66
American Oil and Gas Reporter - February 2021 - 67
American Oil and Gas Reporter - February 2021 - 68
American Oil and Gas Reporter - February 2021 - 69
American Oil and Gas Reporter - February 2021 - 70
American Oil and Gas Reporter - February 2021 - 71
American Oil and Gas Reporter - February 2021 - 72
American Oil and Gas Reporter - February 2021 - 73
American Oil and Gas Reporter - February 2021 - 74
American Oil and Gas Reporter - February 2021 - 75
American Oil and Gas Reporter - February 2021 - 76
American Oil and Gas Reporter - February 2021 - 77
American Oil and Gas Reporter - February 2021 - 78
American Oil and Gas Reporter - February 2021 - 79
American Oil and Gas Reporter - February 2021 - 80
American Oil and Gas Reporter - February 2021 - 81
American Oil and Gas Reporter - February 2021 - 82
American Oil and Gas Reporter - February 2021 - 83
American Oil and Gas Reporter - February 2021 - 84
American Oil and Gas Reporter - February 2021 - 85
American Oil and Gas Reporter - February 2021 - 86
American Oil and Gas Reporter - February 2021 - 87
American Oil and Gas Reporter - February 2021 - 88
American Oil and Gas Reporter - February 2021 - 89
American Oil and Gas Reporter - February 2021 - 90
American Oil and Gas Reporter - February 2021 - Cover3
American Oil and Gas Reporter - February 2021 - Cover4
https://www.nxtbook.com/nxtbooks/aogr/202102
https://www.nxtbook.com/nxtbooks/aogr/202101
https://www.nxtbook.com/nxtbooks/aogr/202012
https://www.nxtbook.com/nxtbooks/aogr/202011
https://www.nxtbook.com/nxtbooks/aogr/202010
https://www.nxtbook.com/nxtbooks/aogr/202009
https://www.nxtbook.com/nxtbooks/aogr/202008
https://www.nxtbook.com/nxtbooks/aogr/202007
https://www.nxtbook.com/nxtbooks/aogr/202006
https://www.nxtbook.com/nxtbooks/aogr/202005
https://www.nxtbook.com/nxtbooks/aogr/202004
https://www.nxtbook.com/nxtbooks/aogr/202003
https://www.nxtbook.com/nxtbooks/aogr/202002
https://www.nxtbook.com/nxtbooks/aogr/202001
https://www.nxtbook.com/nxtbooks/aogr/201912
https://www.nxtbook.com/nxtbooks/aogr/201911
https://www.nxtbook.com/nxtbooks/aogr/201910
https://www.nxtbook.com/nxtbooks/aogr/201909
https://www.nxtbook.com/nxtbooks/aogr/201908
https://www.nxtbook.com/nxtbooks/aogr/201907
https://www.nxtbook.com/nxtbooks/aogr/201906
https://www.nxtbook.com/nxtbooks/aogr/201905
https://www.nxtbook.com/nxtbooks/aogr/201904
https://www.nxtbook.com/nxtbooks/aogr/201903
https://www.nxtbook.com/nxtbooks/aogr/201902
https://www.nxtbook.com/nxtbooks/aogr/201901
https://www.nxtbook.com/nxtbooks/aogr/201812
https://www.nxtbook.com/nxtbooks/aogr/201811
https://www.nxtbook.com/nxtbooks/aogr/201810
https://www.nxtbook.com/nxtbooks/aogr/pbios_201810
https://www.nxtbook.com/nxtbooks/aogr/201809
https://www.nxtbook.com/nxtbooks/aogr/201808
https://www.nxtbook.com/nxtbooks/aogr/201807
https://www.nxtbook.com/nxtbooks/aogr/201806
https://www.nxtbook.com/nxtbooks/aogr/201805
https://www.nxtbook.com/nxtbooks/aogr/201804
https://www.nxtbook.com/nxtbooks/aogr/201803
https://www.nxtbook.com/nxtbooks/aogr/201802
https://www.nxtbook.com/nxtbooks/aogr/201801
https://www.nxtbook.com/nxtbooks/aogr/201712
https://www.nxtbook.com/nxtbooks/aogr/201711
https://www.nxtbook.com/nxtbooks/aogr/201710
https://www.nxtbook.com/nxtbooks/aogr/201709
https://www.nxtbook.com/nxtbooks/aogr/201708
https://www.nxtbook.com/nxtbooks/aogr/201707
https://www.nxtbook.com/nxtbooks/aogr/201706
https://www.nxtbook.com/nxtbooks/aogr/201705
https://www.nxtbook.com/nxtbooks/aogr/201704
https://www.nxtbook.com/nxtbooks/aogr/201703
https://www.nxtbook.com/nxtbooks/aogr/201702
https://www.nxtbook.com/nxtbooks/aogr/201701
https://www.nxtbook.com/nxtbooks/aogr/201612
https://www.nxtbook.com/nxtbooks/aogr/201611
https://www.nxtbook.com/nxtbooks/aogr/201610
https://www.nxtbook.com/nxtbooks/aogr/pbios2016_programguide
https://www.nxtbook.com/nxtbooks/aogr/201609
https://www.nxtbook.com/nxtbooks/aogr/201608
https://www.nxtbook.com/nxtbooks/aogr/201607
https://www.nxtbook.com/nxtbooks/aogr/201606
https://www.nxtbook.com/nxtbooks/aogr/201605
https://www.nxtbook.com/nxtbooks/aogr/201604
https://www.nxtbook.com/nxtbooks/aogr/201603
https://www.nxtbook.com/nxtbooks/aogr/201602
https://www.nxtbook.com/nxtbooks/aogr/201601
https://www.nxtbook.com/nxtbooks/aogr/201512
https://www.nxtbook.com/nxtbooks/aogr/201511
https://www.nxtbook.com/nxtbooks/aogr/201510
https://www.nxtbook.com/nxtbooks/aogr/201509
https://www.nxtbook.com/nxtbooks/aogr/201508
https://www.nxtbook.com/nxtbooks/aogr/201507
https://www.nxtbook.com/nxtbooks/aogr/201506
https://www.nxtbook.com/nxtbooks/aogr/201505
https://www.nxtbook.com/nxtbooks/aogr/201504
https://www.nxtbook.com/nxtbooks/aogr/201503
https://www.nxtbook.com/nxtbooks/aogr/201502
https://www.nxtbook.com/nxtbooks/aogr/201501
https://www.nxtbook.com/nxtbooks/aogr/201412
https://www.nxtbook.com/nxtbooks/aogr/201411
https://www.nxtbook.com/nxtbooks/aogr/201410
https://www.nxtbook.com/nxtbooks/aogr/201409
https://www.nxtbook.com/nxtbooks/aogr/pbios2014_programguide
https://www.nxtbook.com/nxtbooks/aogr/201408
https://www.nxtbook.com/nxtbooks/aogr/201407
https://www.nxtbook.com/nxtbooks/aogr/201406
https://www.nxtbook.com/nxtbooks/aogr/201405
https://www.nxtbook.com/nxtbooks/aogr/201404
https://www.nxtbook.com/nxtbooks/aogr/201403
https://www.nxtbook.com/nxtbooks/aogr/201402
https://www.nxtbook.com/nxtbooks/aogr/201401
https://www.nxtbook.com/nxtbooks/aogr/201312
https://www.nxtbook.com/nxtbooks/aogr/201311
https://www.nxtbook.com/nxtbooks/aogr/201310
https://www.nxtbook.com/nxtbooks/aogr/201309
https://www.nxtbook.com/nxtbooks/aogr/201308
https://www.nxtbook.com/nxtbooks/aogr/201307
https://www.nxtbook.com/nxtbooks/aogr/201306
https://www.nxtbook.com/nxtbooks/aogr/201305
https://www.nxtbook.com/nxtbooks/aogr/201304
https://www.nxtbook.com/nxtbooks/aogr/201303
https://www.nxtbook.com/nxtbooks/aogr/201302
https://www.nxtbook.com/nxtbooks/aogr/201301
https://www.nxtbook.com/nxtbooks/aogr/201212
https://www.nxtbook.com/nxtbooks/aogr/201211
https://www.nxtbook.com/nxtbooks/aogr/201210
https://www.nxtbook.com/nxtbooks/aogr/201209
https://www.nxtbook.com/nxtbooks/aogr/2012_pbios
https://www.nxtbook.com/nxtbooks/aogr/201208
https://www.nxtbook.com/nxtbooks/aogr/201207
https://www.nxtbook.com/nxtbooks/aogr/201206
https://www.nxtbook.com/nxtbooks/aogr/201205
https://www.nxtbook.com/nxtbooks/aogr/201204
https://www.nxtbook.com/nxtbooks/aogr/201203
https://www.nxtbook.com/nxtbooks/aogr/201202
https://www.nxtbook.com/nxtbooks/aogr/201201
https://www.nxtbook.com/nxtbooks/demo/aogr_clone
https://www.nxtbook.com/nxtbooks/aogr/201112
https://www.nxtbookmedia.com