Kohlberg Kravis Roberts (KKR) and Fleur de Lis Energy have formed a partnership to pursue investments in producing oil and gas properties in North America.
The partnership will be part of KKR’s Natural Resources (KNR) platform.
Founded by Porter Trimble, former vice chairman of Merit Energy Corporation, Fleur de Lis Energy specialises in the acquisition and exploitation of producing conventional and unconventional oil and gas assets in North America.
Trimble has 25 years of oil and gas experience and over the course of his career has successfully led the acquisition of over USD6bn of upstream oil and gas assets both domestically and internationally.
George R Roberts, co-CEO and co-chairman of KKR, says: “We have a long history of backing proven management teams. Porter and the team he has assembled at FDL have a long and successful track record of owning and operating oil and gas assets, making them the perfect partner for our platform. We look forward to working with them to continue building our natural resources effort.”
The commercialisation of unconventional oil and gas reservoirs has created new opportunities to grow and develop domestic energy resources. KNR was formed in 2010 to capitalise on this shift by developing a business to acquire and operate producing oil and gas properties that are considered non-core by companies looking to focus their portfolio on high-growth unconventional development opportunities. To date, KNR has completed six separate transactions, acquiring nearly USD1.2bn of assets in Texas, Louisiana, and Mississippi.
“Porter Trimble and FDL bring the deep industry experience, technical insights and operating capabilities we are looking for in a partner. Together we think we are a differentiated buyer of non-core assets from companies looking to raise capital and free up the management time and attention that those assets currently consume,” says Jonathan Smidt, a member of KKR and head of KKR Natural Resources.
Trimble says: “We are excited to partner with KKR, the finest global investment firm in business today. KKR is a strong partner, sharing the same strategy, values and vision as FDL. Together we will acquire high quality oil and gas assets that will provide consistent long term returns to our investors.”
KNR’s current portfolio of assets in Texas, Louisiana and Mississippi will continue to be operated by Premier Natural Resources. In aggregate, current production from those assets is approximately 130 million cubic feet equivalent per day.
