FORT WORTH, Texas & NEW YORK–(BUSINESS WIRE)–Blackstone (NYSE:BX) today announced the formation of Jetta Permian, LP (“Jetta Permian”), a partnership between an affiliate of Jetta Operating Company, Inc. (“Jetta”) headquartered in Fort Worth, Texas and funds managed by Blackstone Energy Partners L.P. (“Blackstone”). Jetta Permian will target assets and leasehold in the Delaware Basin located in West Texas and southern New Mexico with $1.0 billion of capital committed from Blackstone and Jetta’s partners.
A commitment of this scale, and flexibility combined with Jetta’s deep technical expertise and a long-term focus on best-in-class operations and results enables and differentiates Jetta Permian to pursue creative and unique opportunities of scale within the Delaware basin. Jetta’s strategy includes pursuing asset and leasehold acquisition opportunities, farm-in transactions and partnerships or joint ventures with existing operators and landowners.
Angelo Acconcia, a Senior Managing Director with Blackstone who oversees their investments in the oil and gas sector, said, “We are excited to partner with Greg and the Jetta team to launch this new platform in the Delaware Basin. It is a great example of our focus on aligning ourselves with best-in-class teams, and providing them with significant long-term, patient and flexible capital to effectuate a focused and unique business plan. We have known the Jetta team for a number of years, and have come to respect them as top-tier operators with a unique local presence in the Delaware Basin. We believe that Jetta Permian is well positioned to become one of the leading Delaware Basin pure-play companies and a partner of choice for those that are looking for someone to provide additional capital and operational resources to optimally develop their assets and / or leasehold.”
Greg Bird, CEO and President of the general partner of Jetta Permian and the President and owner of Jetta, said, “With a $1.0 billion equity commitment and with the collective resources of the Blackstone team to support the partnership, coupled with the Jetta team’s operating capabilities and track record, this will allow for and enable the strategic and successful acquisition and development of high quality oil and gas assets in the Delaware Basin. Jetta is excited to have the confidence of an institution like Blackstone with its broad financial resources, reputation of excellence and oil and gas track record. The teams assembled to work on this partnership are exceptional. We look forward to the challenges ahead and to applying our technical passion, experience, and diligence into creating a pure play Delaware Basin platform.”
About Blackstone Energy Partners
Blackstone Energy Partners is Blackstone’s energy-focused private equity business, with a successful record built on our industry expertise and partnerships with exceptional management teams. Blackstone has invested over $9 billion of equity globally across a broad range of sectors within the energy industry.
Blackstone is one of the world’s leading investment firms. We seek to create positive economic impact and long-term value for our investors, the companies in which we invest, and the communities in which we work. We do this by using extraordinary people and flexible capital to help companies solve problems. Our asset management businesses, with over $350 billion in assets under management, include investment vehicles focused on private equity, real estate, public debt and equity, non-investment grade credit, real assets and secondary funds, all on a global basis. Further information is available at www.blackstone.com. Follow Blackstone on Twitter @Blackstone.
About Jetta Operating Company, Inc.
Jetta Operating Company, Inc. is a privately held oil and gas company founded in 1991 and headquartered in Fort Worth, Texas. Since its founding, Jetta has been involved in over 30 acquisitions and built a quality management and technical team focused on maintaining and growing reserves by exploiting opportunities determined from detailed reservoir analysis and through the drill bit. Jetta has been an active participant in the recent growth of the Delaware Basin, developing the Delaware interval, Bone Spring and Wolfcamp reservoirs. Since acquiring its first leasehold in the Basin in 2003, Jetta has drilled approximately 150 wells, both horizontal and vertical, in the Delaware along with the build out of the associated midstream gathering systems.