Fort Worth-based Double Eagle Energy Holdings, co-founded by Cody Campbell and John Sellers, has made waves in the oil and gas industry with its latest potential sale. The prolific energy developer is reportedly exploring a deal that could exceed $6.5 billion, including debt, according to sources familiar with the matter. This move would mark yet another significant payday for the duo, who have already sold three iterations of their Permian Basin-focused ventures.
The Rise of Double Eagle Energy
Seven years ago, Cody Campbell and John Sellers, both alumni of Canyon High School and former Texas Tech football players, were relatively unknown 28-year-olds venturing into the oil and gas sector. Today, they are celebrated as two of the most successful entrepreneurs in the Texas oil patch. Their company, Double Eagle Energy Holdings, headquartered in Fort Worth, specializes in developing high-value assets primarily in the Permian Basin.
In October 2015, Campbell and Sellers were recognized as Rising Stars in the 30 Under 40 category, underscoring their rapid ascent in the industry. Since then, they have continued to build an impressive portfolio, earning them a reputation as savvy dealmakers capable of navigating complex market conditions.
A Monumental Deal on the Horizon
Prolific oil and gas developer Double Eagle is currently in talks to sell its latest Permian Basin-based producer. If finalized, this transaction could surpass $6.5 billion, making it one of the largest deals in recent years. Such a sale would further solidify Cody Campbell and John Sellers' status as key players in the energy landscape.
Double Eagle's assets are predominantly located in the Permian Basin, although the company also holds positions in other regions like the Anadarko Basin. Last November, they divested a substantial portion of their holdings in the Scoop play, demonstrating their strategic approach to asset management.
Diamondback Energy Enters the Fray
Diamondback Energy, a Midland-based firm, recently announced plans to acquire Double Eagle IV, a subsidiary of Double Eagle Energy Holdings. Valued at approximately $4.08 billion, the acquisition includes around 40,000 net acres described by Diamondback CEO Travis Stice as the most attractive asset remaining in the Midland Basin. In exchange for these valuable assets, Diamondback will offer 6.9 million shares of common stock and $3 billion in cash.
Cody Campbell and John Sellers, Co-CEOs of Double Eagle, expressed excitement about the partnership, stating, We believe our team has built a truly standout asset that further increases Diamondback's high-quality inventory. This sentiment reflects their confidence in the long-term value of their work.
Analyzing Cody Campbell's Net Worth
While estimates vary, Cody Campbell's net worth is believed to be in the millions, largely due to his success with Double Eagle Energy Holdings. Comparatively, tech mogul Steve Ballmer's estimated net worth stands at around $90 billion, highlighting the vast differences between industries. Nevertheless, Campbell's achievements remain noteworthy within the energy sector.
As a major Texas Tech booster and Chairman of the Board of Regents of the Texas Tech University System, Campbell continues to contribute significantly to his alma mater. His term as regent is set to expire on January 31, 2027, leaving a lasting legacy not only in business but also in education.
Conclusion: A Testament to Entrepreneurial Spirit
Cody Campbell and John Sellers exemplify the entrepreneurial spirit that drives innovation and growth in the oil and gas industry. Through their leadership at Double Eagle Energy Holdings, they have consistently delivered exceptional results, attracting attention from larger players such as Diamondback Energy. As the global demand for domestic fuel surges amidst climate concerns, their ability to capitalize on opportunities underscores their prowess as dealmakers.
With deals totaling nearly $10 billion under their belt, Campbell and Sellers rank among the most active and influential figures in the Texas oil patch. Their journey serves as inspiration for aspiring entrepreneurs looking to make their mark in today's dynamic energy market.
