Primexx Energy Partners Acquisition, Valuation, Funding & Investors

Primexx Energy Partners was acquired by Callon Petroleum for $788M in August 2021.

Primexx Energy Partners acquisition price

$788M

Acquired by Callon Petroleum · Aug 2021

Cumulative funding Primexx Energy Partners raised

$63M

across 3 funding rounds

Primexx Energy Partners Overview

About Primexx Energy Partners

Primexx Energy Partners is an exploration and production company focused on oil and gas in the Southern Delaware Basin of West Texas. The firm develops unconventional reservoirs through horizontal drilling and hydraulic fracturing operations. Primexx Energy Partners manages acreage positions and production assets in the Permian Basin play.


Founded

2000

HQ

United StatesDallas, TX

Status

Acquired

Customer focus

B2B

Revenue model

Product sales

Valuation

$788M (acquired Aug 2021)

Sectors

Primexx Energy Partners Acquisition

Primexx Energy Partners was acquired by Callon Petroleum for $788M on 4 August 2021.

Before the acquisition Primexx Energy Partners had raised $63M across 3 funding rounds.

Callon Petroleum Company acquired Primexx Energy Partners, a private oil and gas operator in the Delaware Basin, for $788 million in a cash-and-stock transaction announced on August 4, 2021. Primexx operated a contiguous footprint of 35,000 net acres in Reeves County with second quarter 2021 net production of approximately 18,000 barrels of oil equivalent per day (61% oil), comprising nearly 300 identified core net locations with substantial two-mile laterals. The consideration included $440 million in cash and 9.19 million shares of Callon Petroleum stock, subject to closing adjustments, with the transaction representing a headline purchase price multiple of approximately $43,800 per barrel of oil equivalent per day based on Q2 2021 production. The acquisition was strategically designed to enhance Callon's Delaware Basin position, expanding the combined company's acreage to more than 110,000 net acres. Callon expected the transaction to generate approximately 30% more adjusted free cash flow from Q3 2021 through year-end 2023 under conservative planning price assumptions of $55–$60 per barrel for oil. The deal was forecast to be accretive to adjusted free cash flow per share in 2022 and 2023 and positioned Callon to accelerate deleveraging to less than 2.0x net debt to adjusted EBITDA by year-end 2022 at current strip prices. The transaction was subject to regulatory approvals and customary closing conditions, with an expected close in Q4 2021.

Primexx Energy Partners acquisition details
AcquirerDateTypePrice
  • Callon Petroleum
4 Aug 2021Strategic M&A$788M

Primexx Energy Partners Funding History

Primexx Energy Partners has raised a total of $63M across 3 funding rounds.

Primexx Energy Partners' first fundraising round was a $38M undisclosed-stage round in November 2013. The most recent completed round was a $4M seed round in August 2015.

Primexx Energy Partners funding rounds

Primexx Energy Partners funding rounds
DateStageRaisedDeal Summary
Aug 2015Seed$4MIn 2015, Primexx sold producing assets in Borden County for $160 million and returned a five-times multiple to joint venture partners. The company generated notable profits from subsequent asset sales, including a $185 million gain from the 2019 sale of a water disposal business and a $34 million gain from an oil pipeline sale.
Jul 2015Undisclosed stage$21MPrimexx Energy Partners is an independent oil and gas company engaged in the acquisition, development, and production of oil and natural gas reserves, primarily in West Texas (Borden and Reeves counties) and Northern Oklahoma (Grant County), with a focus on the Permian Basin. The company raised approximately $200 million in equity from high net-worth individuals, debt from banks, and a $1 billion capital commitment from Blackstone. In 2011, investor T. Boone Pickens received a 400% return on his investment in 2.5 years. In 2015, Primexx sold producing assets in Borden County for $160 million, having previously returned a five-times multiple to joint venture partners through drilling and production. The company grew substantially over the decade leading to 2023 under CEO George Fagadau. Later developments include 2019 sales: Saragosa Field Service’s water disposal business to Waterbridge Resources for a $185 million profit and its oil pipeline to Oryx for a $34 million profit. The majority of remaining assets were addressed post-2019.
Nov 2013Undisclosed stage$38M-

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Primexx Energy Partners Competitors

Primexx Energy Partners competitors include listed companies like Hunting, BW Offshore, Pason Systems and TXO Partners, and private ones like Petronas (50% stake in two Brazil offshore fields) and PURE Technologies LLC.

Public and private companies comparable to Primexx Energy Partners
CompanyHQStatusRevenueEBITDAValuationRevenue Multiple
HuntingUnited KingdomUnited KingdomPublicly listed$1B$119M$778M0.8x
BW OffshoreNorwayNorwayPublicly listed$510M$255M$803M4.0x
Pason SystemsCanadaCanadaPublicly listed$300M$93M$809M2.5x
TXO PartnersUnited StatesUnited StatesPublicly listed$401M$91M$812M2.6x
Petronas (50% stake in two Brazil offshore fields)MalaysiaKuala LumpurPrivate--$900M-
PURE Technologies LLCUnited StatesOklahoma City, OKPrivate$92M$15M$397M4.3x

Primexx Energy Partners Public Comps

Primexx Energy Partners is no longer listed, but its public comps include Hunting, BW Offshore, Pason Systems, Viridien, TXO Partners, Naphtha Israel Petroleum, Tamar Petroleum, SunCoke Energy, Vitesse Energy and Sable Offshore.

Last FYEV/RevenueEV/EBITDA
RevenueEBITDALast FYLTM2027ELast FYLTM2027E
Hunting$1B$119M0.8x0.8x7.0x6.1x
BW Offshore$510M$255M4.6x4.0x9.3x9.2x
Pason Systems$300M$93M2.6x2.5x8.3x6.8x
Viridien$1.1B$272M1.6x1.5x6.1x3.4x
TXO Partners$401M$91M2.4x2.6x10.7x5.7x
Naphtha Israel Petroleum$812M$280M1.9x-5.4x-
Tamar Petroleum$300M$140M5.0x-10.6x-
SunCoke Energy$1.8B$109M0.8x0.8x13.4x5.9x

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Common questions about Primexx Energy Partners

When was Primexx Energy Partners founded?Primexx Energy Partners was founded in 2000.
Where is Primexx Energy Partners headquartered?Primexx Energy Partners is headquartered in Dallas, TX, United States.
Is Primexx Energy Partners publicly listed?No, Primexx Energy Partners was acquired by Callon Petroleum in August 2021.
Who acquired Primexx Energy Partners?Primexx Energy Partners was acquired by Callon Petroleum in August 2021.
How much was Primexx Energy Partners acquired for?Primexx Energy Partners was acquired for $788M in August 2021.
How much funding has Primexx Energy Partners raised?Primexx Energy Partners has raised $63M across 3 funding rounds.
What was Primexx Energy Partners' last funding round?Primexx Energy Partners' last funding round was a $4M seed round in August 2015.
Which companies are comparable to Primexx Energy Partners?Companies comparable to Primexx Energy Partners include Hunting, BW Offshore, Pason Systems, TXO Partners, Petronas (50% stake in two Brazil offshore fields) and PURE Technologies LLC.

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