_{尽管美国最丰富的页岩气田已投入数十亿美元进行整合，但二叠纪盆地仍然是部署私募股权资本的关键地区。投资组合公司可以发展成为成熟的、值得收购的成功企业——但这并非任何人都能胜任。}

_{哈特能源 (Hart Energy) 向在二叠纪盆地投资的顶级私募股权公司询问了美国最丰富页岩气储量的下一步计划。对Pearl Energy Investments创始人兼董事总经理 William J. “illy” Quinn 的采访是三部分系列文章中的第一部分。}

_{为清晰起见和简洁起见，对本次采访进行了编辑。}

_{Deon Daugherty：过去几年，私募股权投资退出案例很多；私募股权投资重新将资本投入二叠纪盆地上游领域的情况如何？
Billy Quinn：私募股权公司在二叠纪盆地部署了很多团队——无论是过去几年获得支持的新团队，还是之前已经退出的现有投资组合公司。}

_{我们在二叠纪盆地进行了四项投资，分别是Permian Resources、Powderhorn（Energy Partners）、Swordfish（Energy）和Slant（Energy），但它们的资产类型和规模都大相径庭。我们的一些同行也在二叠纪盆地拥有重要的业务。例如，Encap刚刚与Double Eagle团队续约，而Post Oak（Energy Capital）则投资了几个新的团队。这些只是其中几个例子。}

_{DD：请跟我们谈谈二叠纪盆地的交易环境，那里的顶级油田似乎大部分都掌握在最大的公司手中。}

_{独立公司和大型公司。BQ
：竞争激烈，难度很大，而且根据你所在的位置，成本可能非常高。但市场活动丰富。如果你看看所有在能源私募股权领域取得成功的公司，你会发现我们都有几支团队专注于二叠纪盆地。他们有自己的利基市场，并且在那里努力寻找新的机会。}

_{DD：我们经常听到有人说一级资产的存量非常有限。难道不是这样吗？还是私募股权对此有不同的看法？
BQ：很难说没有一级资产库存可供购买。我认为一级资产还是有机会购买的。只是相对而言，这类资产的规模会更小，价格也会更高。}

_{如果您要成立一家拥有 5 亿美元股权账户的公司，去购买米德兰或特拉华盆地的一级油田，那么这将非常困难，因为您将面临非常大的交易和非常激烈的竞争。}

_{但我认为，当你开始关注微型交易领域时，我指的是低于 1 亿美元甚至可能小至 40 万或 50 万美元的交易，这个类别中有很多交易，而且可能存在一些更有价值的机会。}

_{DD：这是二叠纪投资的新轨迹吗？
BQ：简而言之，是的，就我们和我们公司的情况来看。一旦交易金额超过1亿美元，并且是一级油田，我们就不太可能有竞争力了。我们会进行明显的竞争格局分析，看看谁拥有相邻的油田。这些买家将拥有竞争优势，而且往往是潜在的买家。}

_{但如果交易规模较小，且通常开采权益也较小，那么在竞争不那么激烈的情况下，就有可能找到优质资产。而大型公司通常不会关注这类交易。}

_{DD：那么，在二叠纪盆地部署资本的最佳方式是什么？
BQ：我们进行投资时，会考虑管理团队及其在特定领域的独特竞争优势，而不是某些宏观理论。我认为这个问题没有统一的答案。}

_{当我们观察二叠纪盆地时，你会问：“那里有机会吗？”我的回答是：“是的，只要有合适的人才和正确的战略，就有很大的机会。”}

_{DD：就新的投资机会而言，二叠纪盆地与其他盆地相比如何？
BQ：我很难说有哪个盆地的活动水平能与二叠纪盆地如此接近。它是一个如此大的盆地。有很多选择，无论是在中央盆地平台进行常规开采，还是在米德兰盆地，又或是探索像巴奈特这样的新油气藏。}

_{视角如此多样，参与者如此众多，交易流程如此繁多。市场确实异常活跃，但这并不意味着交易很容易达成。}

_{投资二叠纪盆地的方法不止一种。我们有一些团队专注于特拉华州的某个特定区域，或者纯粹专注于老旧的常规资产。成功的关键在于拥有某种竞争视角，某种能够让你从所有其他竞争对手中脱颖而出的东西。鉴于二叠纪盆地的规模和众多不同类型的资产，很难做到广泛关注，而要成为专注于特定领域的专家。}

_{在Pearl，我们在包括加拿大在内的大多数北美盆地都非常活跃。总的来说，我们看到了很多活动。但是，由于多种原因，要单独选择一个特定的盆地并与二叠纪盆地进行比较非常困难。无论是空间范围、生产区数量、油藏的经济性、所有权的规模和多样性等等，任何其他盆地都很难与二叠纪盆地进行比较，这也是为什么所有能源私募股权公司都在那里活跃的原因。}

_{DD：鉴于二叠纪盆地的多样性以及各种不同的开采方式，新的机会在哪里？二叠纪盆地的下一步是什么？
BQ：我认为宏观经济人士会告诉你，人们开始更加重视二级和三级资产。有些人正在回顾过去的传统油气储量。此外，还有巴奈特（Barnett）油气储量，它的开发程度还不够高，人们仍在努力探索，不断突破其极限，探寻其潜在的储量潜力。}

_{DD：您预计该盆地未来会进一步整合吗？还是目前整合程度已经相当高了？
BQ：我认为，尤其是在更大范围内，我们将继续看到整合。关于谁将在何时收购谁，外界有很多猜测。真正的答案是，没有人知道确切的时间，但很难想象三到五年后的世界会像今天这样。我估计会有几家公司被收购，就像过去几年先锋公司（Pioneer）、皇冠岩公司（CrownRock）和奋进公司（Endeavor）被收购一样。}

_{DD：如果要您描述一下二叠纪盆地目前私募股权投资的状况与过去几年相比如何，您会如何描述？
BQ：二叠纪盆地正在走向成熟，但仍有大量的运营空间，仍然有很多机会，是一个开展业务的好地方。}

_{你将继续看到大量私募股权投资在那里，但成本高昂，你需要清楚自己在做什么。我们需要与合适的团队合作，他们拥有差异化的商业计划，能够产生我们预期的回报率。私募股权投资绝不会离开二叠纪盆地。它在那里仍然非常活跃，而且我认为这种情况短期内不会改变。}

_{DD：所以我们仍然可以预期会有大量的交易，但根据盆地在周期中的位置，以及整合后的情况，交易规模会有所缩小。这样公平吗？
BQ：总的来说，是的。我认为对于私募股权支持的公司来说，他们应该考虑更小的规模。如果你在大型交易中竞争，并且与大型战略买家竞争，那么你注定会失败。从成本结构的角度来看，他们拥有如此大的竞争优势，以至于他们可以支付更高的价格，同时仍然获得更好的回报。}

_{那么，对于一家初创公司或处于中期、接受私募股权投资的公司来说，你必须换个角度思考。你必须思考：“我该如何打造一家那些人想收购的公司？我该如何在寻找交易方面胜过他们？”}

_{如果你有这样的商业计划和战略，你就能非常成功。如果你没有这样的商业计划或战略，你就不会成功。}

_{DD：您描述的方式，用“小处着眼”来取得成功，这恰恰阐明了这一点。BQ
：没错。有很多人成功完成了交易，但这需要毅力和大量的努力。这真的是一项艰苦的工作。你需要筛选大量的交易，大量的小交易，这需要时间。能够做到这一点并拥有独特策略的团队会非常成功。但并非每个人都能做到这一点。}

_{Despite billions of dollars’ worth of consolidation in the U.S.’ most prolific shale play, the Permian Basin remains a key place to deploy private equity capital. Portfolio companies can build into successful enterprises ripe for acquisition—but it’s not a job for just anybody.}

_{Hart Energy queried top private equity firms invested in the Permian about what’s next for the most prolific shale play in the U.S. This interview with William J. “Billy” Quinn, founder and managing director at Pearl Energy Investments, is the first in a three-part series.}

_{This interview was edited for clarity and length.}

_{Deon Daugherty: There have been a lot of private equity exits during the last couple of years; what’s going on with private equity deploying capital back into the upstream space in the Permian Basin?
Billy Quinn: There are a lot of teams that private equity firms have put into place in the Permian—whether they are new teams backed over the last few years or pre-existing portfolio companies that have had prior exits.}

_{We have four investments in the Permian through Permian Resources, Powderhorn [Energy Partners], Swordfish [Energy], and Slant [Energy], but they all tend to look at very different types of assets and sizes. Several of our peers also have a meaningful presence in the Permian.  For example, Encap just re-upped with the Double Eagle team and Post Oak [Energy Capital] has backed a few new teams. And those are just to name a few.}

_{DD: Tell us about the environment for deal-making in the Permian where so much of the top tier acreage appears to be in the hands of the largest}

_{independents and majors.
BQ: It's competitive, it's hard, and it can be, depending on where you are, very expensive. But there's plenty of activity. If you look at everybody who's made their business in energy private equity, we've all got a few teams focused on the Permian. They have their niche and they're out there, grinding away looking for new opportunities.}

_{DD: We’re hearing a lot about runway of Tier I assets being very limited. Is that not the case, or does private equity look at it differently?
BQ: It's hard to say there's no Tier I inventory left to buy. I think there are opportunities to buy Tier I acreage. It's just going to tend to be smaller and/or much more expensive on a relative basis.}

_{If you're setting up a company with a $500 million equity account to go buy Tier I acreage either in the Midland or the Delaware Basin, that's going to be really hard to do because you're going to be looking at really big deals with lots of competition.}

_{But I think when you start looking at the micro deal world, and I'm talking about deals sub-$100 million and maybe as small as $400,000 or $500,000, there are lots of deals in that category and possibly some better value opportunities.}

_{DD: Is that the new trajectory of Permian investment?
BQ: In a word, yes, from what we and our companies are looking at. Once a deal gets north of $100 million and it's Tier 1 acreage, it is unlikely that we will be competitive. We look at and do the obvious competitive landscape analysis and see who owns adjacent acreage. Those parties are going to have a competitive advantage and will often be the likely buyers.}

_{But with smaller deals and often smaller working interests, there can be unique opportunities to find high quality assets on a less competitive basis. Those are the deals that the larger companies in general aren't focused on.}

_{DD: What then is the best way to deploy capital in the Permian?
BQ: When we make investments, we're driven by the management team and their specific competitive advantage in what they do. We're not driven by some macro thesis. I don't think there are blanket answers to this question.}

_{When we look at the Permian and you ask, ‘Is there an opportunity out there?’ My answer would be, ‘Yes, with the right people and the right strategy, there is a great opportunity.’}

_{DD: How does the Permian stack up against other basins in terms of new investment opportunity?
BQ: I'm hard pressed to say that any basin is as close to the activity levels of the Permian. It is such a big basin. There are a lot of options, whether you're conventional in the Central Basin Platform or you're in the Midland Basin or you're pursuing newer plays like the Barnett.}

_{There are so many different angles and there's so many different players and there's tons of deal flow. It really is incredibly active, but that's not to say it's easy to get deals done.}

_{There's not just one way to look at playing the Permian. We have teams that focus on nothing but a specific area of the Delaware or purely older, conventional assets. The key to making it work is having some type of competitive angle. Something that differentiates you from all of the other competitors. With the size of the Permian Basin and the many different types of assets, it’s very difficult to be broadly focused versus being an expert with a niche focus.}

_{At Pearl, we are very active in most North American basins, including Canada. Combined, we see a lot of activity. But to isolate on another specific basin and compare to the Permian, that’s just very difficult to do for a multitude of reasons. Whether it’s aerial extent, number of producing zones, economic quality of the reservoirs, large and diverse ownership, etcetera, it’s really hard to compare any other basin to the Permian and it’s why you see all energy PE firms active there.}

_{DD: Given the diversity of the Permian and all of the different ways you can kind of go at it, where are the new opportunities? What's next for the Permian?
BQ: I think macro people will tell you that people are starting to look harder at the Tier II and Tier III assets. There are people who are looking back at old conventional plays. Then, there’s the Barnett, which is not as well-developed and people are trying to still figure it out and pushing the edges of that play and figuring out how prolific it might be.}

_{DD: Do you expect to see more consolidation in the basin or is it pretty well consolidated now?
BQ: I think, especially at the larger level, we’ll continue to see consolidation. There is a lot of speculation out there of who will buy who and when. The real answer is that nobody knows exactly when, but it’s hard to envision a world three to five years out that simply looks like today. I imagine that there will be several companies that get acquired much like how Pioneer, CrownRock and Endeavor were all bought out over the past few years.}

_{DD: If you were going to characterize the state of private equity in the Permian today relative to past years, how would you do that?
BQ: The Permian Basin is maturing, but there's still a ton of running room left there, and there's still a lot of opportunity there, and it is a great place to do business.}

_{You will continue to see lots of private equity deployed there, but it is expensive, and you need to know what you're doing. We need to be in business with the right teams who have differentiated business plans that allow them to generate the rates of return we expect. Private equity is by no means leaving the Permian Basin. It's still incredibly active there and I don't see that changing anytime soon.}

_{DD: So we can still expect to see a significant number of deals, but they’re going to be smaller based on where the basin is in the cycle, post-consolidation. Is that fair?
BQ: In general, yes. I think for the private equity-backed companies, it behooves them to think smaller. If you're competing on large deals and you're competing with the large strategic buyers, you’re setting yourself up for failure. They have such a competitive advantage from a cost structure perspective that they can pay a higher price and still make a much better return.}

_{Then for a start-up or mid-stage private equity-banked company, you have to think differently. You have to think, ‘How am I going to build a company that those guys want to buy, and how do I beat them in looking for deals?’}

_{If you have that business plan, if you have that strategy, you can be very successful. If you don't have that business plan or strategy, you won't.}

_{DD: The way you've described this, the idea of thinking smaller to succeed crystallizes the point.
BQ: Exactly. There have been plenty who have been successful in getting deals done, but it requires perseverance and a lot of hard work. It really is a grind. You're screening a lot of deals, a lot of smaller deals and it just takes time. The teams that do that and have unique strategies, they’ll be very successful. But not everybody can do that.}