Oil is one of the leading investments made these days. Considered one of the oldest kinds of energy sources, it’s one that the world can’t get enough of. Oil production and oil demand continue to soar as techniques become less risky and less invasive.
The American oil legend Mark Papa has come out of retirement. While shocking to some, this return to the oil field has proven to be one of the most fruitful things to happen for the oil companies. Papa was responsible for starting EOG Resources – a company that he ran as CEO from 1999 to 2013. EOG Resources was responsible for fast growth, and when Papa retired as CEO, he had accrued about two hundred million. It would have been a comfortable retirement.
His success left a legacy for others to follow. Papa knew how to invest in oil – which can be a tricky business. There are many that would think that oil was on its way out. However, oil prices started to drop from $100 a barrel to almost $25 by 2015. Papa couldn’t ignore the itch to invest again with oil at its lowest point in years. He even noted that if oil had stayed so high, he wouldn’t have gotten back into the game.
His first move was to begin advising for Riverstone Holdings in 2014 – as oil dropped from $50 a barrel to $25 a barrel. It kept him satisfied for a time, but soon advising wasn’t enough for him. His colleagues in Riverstone Holdings, including Pierre Lapeyre and David Leuschen thought he could start another EOG – repeat his success – but he noted that that kind of success is once in a life time. Many would have to agree.
However, his gusto returned and he tried. This time, his efforts focused on the area known as the Permian Basin in New Mexico and Texas. Colleagues at Riverstone Holdings pooled together $500 million dollars for Papa to work his magic. He began Silver Run Acquisitions, and began looking for a way into the Permian Basin. Though late to the oil frenzy, that didn’t deter Papa. He bought Centennial Corp., his way into the Permian Basin.