Some oil and gas people enjoy risk, CEO Steve Chazen says, and others fool themselves.
Chazen, CEO of blank-check company TPG Pace Energy Holdings Corp. (NYSE: TPGE), isn’t eager to embrace either possibility.
A few days after going public with a $2.66 billion deal to combine Chazen’s blank-check company with EnerVest Ltd.’s South Texas assets, Chazen explained in an interview with Hart Energy his reasoning behind the assets he chose after nearly a year spent searching for an acquisition.
He considered the Southern Midland Basin, the Stack play in Oklahoma and the Haynesville Shale, despite his grim view of natural gas prices. “It doesn’t strike me as a way to get rich,” he said.
EnerVest’s assets in the Eagle Ford, Austin Chalk and Giddings Field gave him the validation to go ahead with a deal.