NGP backs Texas’ Luxe Energy with $500m

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oilfield-pump-jack-2-72236-mPrivate equity firm and Carlyle Group affiliate Natural Gas Partners has invested $500m into Texan drilling and fracking company Luxe Energy.

The firm has tapped its Natural Resources XI fund for the deal which comes a few months after the vehicle closed on a sizable $5.3bn hard cap.

Austin-based Luxe will initially focus on West Texas and apply technologies such as long-reach horizontal drilling and multi-stage fracking.

NGP managing director Scott Gieselman said, “We have a great opportunity to partner with an amazingly successful team of proven oil and gas finders and operators at Luxe.

“The founders have an outstanding track record of success, and we look forward to working with them and are grateful that they have selected NGP to be their partner in this venture.”

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