Key Takeaways
- • Private equity owners of Enduring Resources IV are weighing a sale of the oil-focused producer in a deal that could value the company at more than $4 billion including debt, according to people familiar with the matter cited by Reuters.
- • Ownership led by EnCap Investments is working with Jefferies Financial Group on the potential sale, which is expected to launch in early 2027.
- • The company's size means it could ultimately be sold in pieces to multiple buyers rather than as a whole, sources said.
- • No deal is certain; EnCap declined comment, and Jefferies and Enduring Resources did not respond to requests for comment.
Summary
The private equity backers of Enduring Resources IV are exploring a sale of the Denver-based oil and gas producer, which operates in Colorado and New Mexico, in a transaction that could value the company at more than $4 billion including debt, according to people familiar with the matter cited by Reuters. The sources spoke on condition of anonymity and cautioned that no deal is certain.
Ownership led by EnCap Investments is working with investment bankers at Jefferies Financial Group on the potential sale, which is expected to launch in early 2027. The process is likely to attract interest from companies seeking to acquire the entire business, but its size could also lead to a sale in pieces to multiple buyers, the people said. EnCap declined to comment, and Jefferies and Enduring Resources did not respond to requests for comment.
Enduring Resources is led by Barth Whitham, who has built, operated, and sold several oil and gas businesses over the last two decades. EnCap backed the fourth iteration of Enduring Resources in 2017, according to the buyout firm's website. The company reported more than 557,000 net acres and proven reserves of 229 million barrels of oil equivalent at the end of 2025, per its website, though the website did not specify whether all of those assets are attributable to the fourth version.
Operating in the San Juan shale formation, Enduring Resources IV has grown through several acquisitions. It bought acreage from WPX Energy in 2018 and combined with DJR Energy, another private equity-backed operator focused on the basin, in 2023.
Ownership led by EnCap Investments is working with investment bankers at Jefferies Financial Group on the potential sale, which is expected to launch in early 2027. The process is likely to attract interest from companies seeking to acquire the entire business, but its size could also lead to a sale in pieces to multiple buyers, the people said. EnCap declined to comment, and Jefferies and Enduring Resources did not respond to requests for comment.
Enduring Resources is led by Barth Whitham, who has built, operated, and sold several oil and gas businesses over the last two decades. EnCap backed the fourth iteration of Enduring Resources in 2017, according to the buyout firm's website. The company reported more than 557,000 net acres and proven reserves of 229 million barrels of oil equivalent at the end of 2025, per its website, though the website did not specify whether all of those assets are attributable to the fourth version.
Operating in the San Juan shale formation, Enduring Resources IV has grown through several acquisitions. It bought acreage from WPX Energy in 2018 and combined with DJR Energy, another private equity-backed operator focused on the basin, in 2023.
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