Caerus Oil and Gas Acquisition, Valuation, Funding & Investors

Caerus Oil and Gas was acquired by Quantum Capital Group for $1.8B in June 2024.

Caerus Oil and Gas acquisition price

$1.8B

Acquired by Quantum Capital Group · Jun 2024

Key investors in Caerus Oil and Gas

  • Oaktree Capital Management
  • Anschutz Investment

Caerus Oil and Gas Overview

About Caerus Oil and Gas

Caerus Oil and Gas is a privately held natural gas producer headquartered in Denver, Colorado, that operated in the Piceance Basin of western Colorado and the Uinta Basin of Utah. Formed in 2009, it grew through acquisitions from Teton Energy, ConocoPhillips, Rosetta Resources, EOG Resources, PDC Energy, Noble Energy and Marathon, then bought Encana's Piceance Basin acreage and gathering infrastructure in 2017 and Occidental Petroleum's Uinta Basin gas assets in 2020. At the time of its sale it operated more than 7,400 producing wells, held over 5,300 undrilled locations and produced about 600 million cubic feet equivalent per day, selling natural gas into western US markets. The company pioneered sandless fracturing in the basin on more than 500 wells and built a facility using 100% recycled water for well stimulation. Caerus was owned by an investor group of Oaktree Capital Management, The Anschutz Corporation and Old Ironsides Energy. In August 2024 Quantum Capital Group closed the acquisition of its operations for about US$1.8 billion including assumed liabilities, placing the roughly 600,000 Piceance acres with new portfolio company QB Energy and the roughly 160,000 Uinta acres with KODA Resources.


Founded

2009

HQ

United StatesDenver, CO

Status

Acquired

Customer focus

B2B

Revenue model

Product sales

Valuation

$1.8B (acquired Jun 2024)

Sectors

Caerus Oil and Gas Acquisition

Caerus Oil and Gas was acquired by Quantum Capital Group for $1.8B on 26 June 2024.

Caerus Oil and Gas, a Denver-based operator founded in 2009, focuses on natural gas production in the Rocky Mountain region, operating over 7,400 producing wells with daily output of approximately 600 MMcfe/d across the Piceance and Uinta Basins. It expanded via Encana's Piceance acreage in 2017 and Occidental Petroleum's Uinta assets in 2020, holding over 5,300 untapped drilling locations. Owned by Oaktree Capital Management, The Anschutz Corporation, and Old Ironsides Energy, Caerus sold its operations in August 2024 to Houston-based private equity firm Quantum Capital Group for $1.8 billion, including assumption of asset-backed securities and liabilities. Quantum executed the acquisition through two portfolio companies: newly formed QB Energy, led by President and CEO Roger Biemans, acquired upstream production, gathering, compression midstream assets, and ~600,000 acres in Colorado's Piceance Basin, atop the second-largest gas resource in the continental US; existing KODA Resources, led by CEO Osman Apaydin and Executive Chairman Kurt Doerr, took upstream, midstream assets, ~160,000 acres, and related properties in Utah's Uinta Basin. The deal, first reported by Bloomberg in June 2024 and closed on August 19, marks a rare secondary buyout in US oil and gas, shifting assets from one private investor group to another. Quantum cited strategic rationale of investing in substantial natural gas output and contiguous acreage with high value-creation potential to supply western US demand centers reliably, supporting clean energy access and investor returns amid energy transition dynamics favoring natural gas for decarbonization.

Caerus Oil and Gas acquisition details
AcquirerDateTypePrice
  • Quantum Capital Group
26 Jun 2024PE buyout$1.8B

Caerus Oil and Gas Funding History

Caerus Oil and Gas has raised 1 funding round.

Caerus Oil and Gas funding rounds
DateStageInvestorsDeal Summary
Jan 2009Undisclosed stageOaktree Capital Management; Anschutz InvestmentCaerus Oil and Gas was formed in 2009 with Oaktree Capital Management and Anschutz Investment Company as its founding equity sponsors. The size of the initial equity commitments was not disclosed. The Denver-based company was set up to acquire and develop natural gas and oil assets in the Rocky Mountain region, and in its first years it bought Teton Energy's shallow oil assets in the Central Kansas Uplift, ConocoPhillips' Wyoming position in the Powder River and Green River basins and Rosetta Resources' natural gas assets in Pinedale, Wyoming and the San Juan Basin, later adding assets from EOG Resources. Oaktree lists Caerus among the past holdings of its special situations strategy, describing it as a producer of natural gas in the Piceance and Uinta basins of western Colorado and eastern Utah. Old Ironsides Energy joined the sponsors in 2017, when Caerus paid $735 million for Encana's Piceance assets, and in 2020 it acquired Occidental Petroleum's Uinta basin gas assets. By 2024 Caerus operated more than 7,400 producing wells in the two basins with more than 5,300 future drilling locations, and its owners were Anschutz Investment, Oaktree Capital Management and Old Ironsides Energy.

Who has invested in Caerus Oil and Gas?

2 investors have backed Caerus Oil and Gas across its funding rounds, including Oaktree Capital Management and Anschutz Investment.


Caerus Oil and Gas Investors

Investors in Caerus Oil and Gas by funding rounds participated
InvestorHQRoundsRoleFirst check

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Benchmark 350K+ Funding Rounds and Disclosed VC Valuation Multiples

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Caerus Oil and Gas Competitors

Caerus Oil and Gas competitors include listed companies like Oil Refineries, World Kinect, Innovex International and Genesis Energy New Zealand, and private ones like Peace River Oil Partnership and Yantai Wanhua Petrochemical.

Public and private companies comparable to Caerus Oil and Gas
CompanyHQStatusRevenueEBITDAValuationRevenue Multiple
Oil RefineriesIsraelIsraelPublicly listed$5.8B$356M$1.8B-
Peace River Oil PartnershipCanadaCalgaryPrivate--$1.8B-
World KinectUnited StatesUnited StatesPublicly listed$37B($541M)$1.8B0.0x
Innovex InternationalUnited StatesUnited StatesPublicly listed$978M$204M$1.8B1.6x
Genesis Energy New ZealandNew ZealandNew ZealandPublicly listed$1.6B$204M$1.8B1.3x
Yantai Wanhua PetrochemicalChinaChinaPrivate--$2.6B-

Caerus Oil and Gas Public Comps

Caerus Oil and Gas is no longer listed, but its public comps include Oil Refineries, World Kinect, Innovex International, Genesis Energy New Zealand, Isramco Negev 2, NGL Energy Partners, Alpha Metallurgical, Aker Solutions, Energean and Bangchak Corporation.

Last FYEV/RevenueEV/EBITDA
RevenueEBITDALast FYLTM2027ELast FYLTM2027E
Oil Refineries$5.8B$356M0.4x-6.8x-
World Kinect$37B($541M)0.1x0.0x(4.3x)5.3x
Innovex International$978M$204M1.7x1.6x8.1x8.2x
Genesis Energy New Zealand$1.6B$204M1.5x1.3x11.3x7.7x
Isramco Negev 2$514M$226M4.1x-9.3x-
NGL Energy Partners$3.2B$336M1.9x1.6x17.8x8.4x
Alpha Metallurgical$2.1B$80M0.7x0.7x19.4x11.2x
Aker Solutions$6.7B$507M0.3x0.3x3.3x3.3x

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Common questions about Caerus Oil and Gas

When was Caerus Oil and Gas founded?Caerus Oil and Gas was founded in 2009.
Where is Caerus Oil and Gas headquartered?Caerus Oil and Gas is headquartered in Denver, CO, United States.
Is Caerus Oil and Gas publicly listed?No, Caerus Oil and Gas was acquired by Quantum Capital Group in June 2024.
Who acquired Caerus Oil and Gas?Caerus Oil and Gas was acquired by Quantum Capital Group in June 2024.
How much was Caerus Oil and Gas acquired for?Caerus Oil and Gas was acquired for $1.8B in June 2024.
What was Caerus Oil and Gas' last funding round?Caerus Oil and Gas' last funding round was a undisclosed-stage round in January 2009.
Who are Caerus Oil and Gas' investors?Caerus Oil and Gas' investors include Oaktree Capital Management and Anschutz Investment.
Which companies are comparable to Caerus Oil and Gas?Companies comparable to Caerus Oil and Gas include Oil Refineries, Peace River Oil Partnership, World Kinect, Innovex International, Genesis Energy New Zealand and Yantai Wanhua Petrochemical.

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