Two Permian basin-focused units of American Energy Partners LP (AELP) have changed their names as they transition to a standalone company.
Effective immediately, American Energy Permian Holdings LLC will be known as Permian Resources Holdings LLC, and its unit American Energy–Permian Basin LLC (AEPB) will be known as Permian Resources LLC.
As part of the formalization of the separation, Jeffrey L. Mobley has been appointed interim chief executive officer in addition to his role as chief financial officer. J. Jay Stratton Jr. has been appointed chief operating officer from his previous role as vice-president of operations.
Mobley noted the transition period, expected to conclude in the next 3 months, was part of “the stated vision” of founder Aubrey K. McClendon (OGJ Online, Mar. 2, 2016). The units were formed in 2014.
Permian Resources LLC is focused on the acquisition, development, and production of unconventional oil and natural gas reserves in the Wolfcamp shale play in the central Midland basin within the Permian.
AEPB in 2014 acquired 63,000 net acres in the southern Permian, mostly in Reagan and Irion counties in Texas, from affiliates of Enduring Resources LLC, Denver, for $2.5 billion (OGJ Online, June 9, 2014).
Later that year, the unit completed or entered into definitive agreements with multiple parties to acquire 27,000 net acres in the Wolfcamp, primarily in Reagan County, for $726 million (OGJ Online, Oct. 30, 2014).