Riverstone Holdings LLC to Invest Up to $300M in Carrier Energy Partners LLC
October 10, 2013
HOUSTON and NEW YORK, October 10, 2013 – Riverstone Holdings LLC (“Riverstone”) announced that it has committed to invest up to $300 million in Carrier Energy Partners, LLC (“Carrier”). With offices in Sugar Land, Texas, Carrier is focused on the acquisition and exploitation of upstream oil and gas assets. Its primary objective is to partner with select operators that are developing both unconventional and conventional reservoirs in North America.
Carrier is led by its President and CEO, Mark Clemans, a professional engineer with over 25 years of experience in technical and financial evaluations through previous roles in operations, consulting, and investment banking at top tier oil and gas and financial services firms. In 2009, Mr. Clemans founded Carrier Petroleum, a company that assembled and managed a large portfolio of non-operated assets across several U.S. basins and plays to serve as a strategic investment for a Fortune 200 company.
Mr. Clemans commented, “It is a privilege for us to continue our previous platform in oil and gas with Riverstone, a successful and knowledgeable investor in the energy industry. Carrier’s expertise lies in sound technical and financial evaluations of investment opportunities. We can be a reliable partner for operators focused on asset development and value creation in resource plays and other capital intensive basins.”
Carrier’s management team also includes Christina Chen as Vice President and CFO. Ms. Chen has significant financial experience in corporate finance and principal investing, with a focus on upstream and midstream assets. Ms. Chen previously held the position of Vice President of Finance for Carrier Petroleum, where she played key roles in acquisition evaluations and diligence, along with portfolio management, financial reporting, and risk management. Ms. Chen added, “We are excited to partner with Riverstone as we seek a largely non-operated investment strategy. Further encouraged by Riverstone’s confidence and support, we believe this niche segment of the market is highly scalable and presents unique investment opportunities.”
Pierre Lapeyre and David Leuschen, Co‐Founders and Partners of Riverstone, said, "Aligning with talented and highly-experienced management teams is a core aspect of Riverstone’s investment strategy. We are excited to partner with Mark and Christina to deploy a non-operated oil and gas acquisition approach in today’s environment, in which Carrier and we observe a growing need for non-operating working interest partners created by the vast and growing capital requirements inherent to full-scale development of unconventional resources.”
About Carrier Energy Partners, LLC
Carrier Energy Partners is a private oil and gas company focused on the acquisition and exploitation of upstream assets. Backed with an equity commitment from Riverstone Holdings LLC, its primary objective is to partner with select operators that are developing both unconventional and conventional reservoirs in North America. For more information, visit www.carrierenergy.com.
About Riverstone Holdings LLC
Riverstone is an energy and power-focused private investment firm founded in 2000 with approximately $26 billion of equity capital raised across seven investment funds. Riverstone conducts buyout and growth capital investments in the exploration & production, midstream, oilfield services, power and renewable sectors of the energy industry. With offices in New York, London and Houston, the firm has committed approximately $24.0 billion to 103 investments in North America, Latin America, Europe, Africa and Asia. For more information, visit www.riverstonellc.com
For Carrier Energy Partners LLC
Mark Clemans or Christina Chen
For Riverstone Holdings LLC
James David or Jeffery Taufield
Kekst and Company