, . Operating Status Active. Chesapeake and the broader U.S. energy producing sector have benefited from soaring prices for crude oil and natural gas, as Russia's war in Ukraine disrupted supply just as the re-opening of economies and easing of pandemic restrictions around the world drove up demand. The Firm is differentiated by its direct investment approach, deep technical knowledge, active portfolio management and proprietary research and data gathering. Viviano said Chesapeake's oil producing assets drew focus and cash away from its more promising natural gas acreage. Founded in 2012, Kimmeridge is a private investment firm focused on unconventional oil and gas assets in the U.S. Kimmeridge is differentiated in its direct investment approach, deep technical . The industry leader for online information for tax, accounting and finance professionals. 2023 Hart Energy. By signing up you agree to receive content from us. Founded in 2012 by Ben Dell, Dr. Neil McMahon and Henry Makansi, Kimmeridge is an energy private equity firm focused on making direct investments in unconventional oil and gas assets in the U.S. Rather than partner with separate management teams, Kimmeridge identifies, owns and operates each of its assets directly, maintaining an in-house geology and operating team with experience across all major E&P functions. Our carbon solutions strategy was developed to accelerate the energy transition to net zero. Brookfield is putting up $500 million for the venture, with the potential for another $1 billion of capital. Mr. Dell continued, "Max has spent his career analyzing and advancing an industry at the heart of the energy transition. The CB Insights tech market intelligence platform analyzes millions of data points on vendors, products, partnerships, and patents to help your team find their next technology solution. The company's shares rallied following the Reuters report and closed up 7.2% at $94.98 on Wednesday, increasing its market value to $12.1 billion. While multiple technologies can achieve meaningful carbon abatement, we believe nature-based solutions sit near the low end of the carbon abatement cost curve, with the greatest potential for implementation at scale.". In its presentation, Kimmeridge, a top ten shareholder of Ovintiv Inc. ("Ovintiv" or the "Company") (NYSE: OVV), highlights the Company's failures of capital allocation, governance and environmental stewardship. In his statement, Viviano said: "California Resources' mature conventional fields have the potential to pare low-decline free cash flow generation with a high-growth carbon sequestration business.". Kimmeridge Energy Management Company, LLC initiated holding in Extraction Oil & Gas Inc. Access unmatched financial data, news and content in a highly-customised workflow experience on desktop, web and mobile. Weitere Informationen darber, wie wir Ihre personenbezogenen Daten nutzen, finden Sie in unserer Datenschutzerklrung und unserer Cookie-Richtlinie. Kimmeridge is an energy-focused alternative investment manager located in New York and Denver. San Francisco Bay Area, Silicon Valley), Operating Status of Organization e.g. Energy news, analysis, interviews, and exclusive coverage you need to keep your industry edge. Most recently, Kimmeridge played a key role in the leadership of Civitas Resources, the first carbon neutral O&G company in Colorado, of which Ben Dell is Chairman of the Board of Directors and interim CEO. Submit Your Analyst Briefing Latest Kimmeridge News California Resources rose as much as 2.8% just after midday Eastern time (1700 GMT) to give the company a market capitalization of $3.6 billion, on a day when most U.S. energy producers were trading down, tracking a fall in crude prices. Mr. Warburton has degrees from the University of Exeter and the University of Bath and spent two years conducting post-graduate research on automotive assembly plant efficiency as part of the MIT International Motor Vehicle Program (1998-2000). Mr. Dell has an undergraduate degree in Earth Sciences from St. Peter's College, Oxford. We believe their mistakes are compounded by allocating capital to the wrong areas. A copy of Kimmeridge's presentation and additional information can be found at www.FixOvintiv.com. To learn more about Chestnut, please visit chestnutcarbon.com. Founded in 2012, Kimmeridge is a private investment firm focused on unconventional oil and gas assets in the U.S. Kimmeridge is differentiated in its direct investment approach, deep technical knowledge, active portfolio management and proprietary research and data gathering. That would equate to a 1.6% stake and make it a top-15 shareholder in the company, according to Refinitiv data. read more. He continues to act as Advisor to the Board at Mercedes-Benz AG in a non-executive capacity, sits on the Board of YASA Motors in the UK, and remains closely involved in the development of Mercedes-Benz's high power charging network in North America. Ovintiv dramatically underperforms peers and the energy sector, Total Shareholder Return of (84.8%) since the current CEO joined in 2013; net debt increased 53% and $12.7B in impairment charges were recorded; CEO awarded over $75M in compensation over the same period, CEO and Ovintiv Board own less than 0.2% of shares outstanding(i), Kimmeridge proposes framework for restoring confidence in Ovintiv by addressing deficiencies in capital allocation, governance and environmental stewardship, NEW YORK, Jan. 14, 2021 /PRNewswire/ -- Kimmeridge Energy Management Company, LLC ("Kimmeridge"), a private investment firm focused on upstream energy, with an investment philosophy underpinned by fundamental research, today published an investor presentation titled,"Ovintiv: A Track Record of Value Destruction.". Browse an unrivalled portfolio of real-time and historical market data and insights from worldwide sources and experts. United States, Falcon Minerals Agrees to $1.9 Billion All-stock Merger with Desert Peak, Civitas CEO Eric Greager Steps Down Concurrent with $346 Million Deal, Marketed: Kimmeridge Energy Royalty Sale, Permian Basin, Eagle Ford, Callon Petroleum to Sell Noncore Eagle Ford Acreage for $100 Million, US Shale Producer Callon Petroleum Addresses Debt with $170 Million Asset Sales, Kimmeridge Deal To Create Largest Delaware Basin Minerals Company, PDC Energy Enters Delaware Basin For $1.5 Billion, This content is locked until you subscribe. All Ovintiv stockholders are advised to read the definitive proxy statement and other documents related to the solicitation of proxies by the Participants when they become available, as they will contain important information, including additional information related to the Participants. Their carbon solutions were developed to help accelerate the energy transition. Wenn Sie Ihre Auswahl anpassen mchten, klicken Sie auf Datenschutzeinstellungen verwalten. Rextag database of energy infrastructure assets. When typing in this field, a list of search results will appear and be automatically updated as you type. Columbia University School of International and Public Affairs. Get near real-time access to futures pricing, major energy stocks, and related articles and insights. They provide public engagement, private investments, and carbon solutions. The most comprehensive solution to manage all your complex and ever-expanding tax and compliance needs. Prior to joining Kimmeridge, Mr. Byrnes served as an Equity Research Associate at Citigroup covering exploration and production companies. Founded in 2012, Kimmeridge is a private investment firm focused on unconventional oil and gas assets in the U.S. Kimmeridge is differentiated in its direct investment approach, deep technical knowledge, active portfolio management and proprietary research and data gathering. Reuters provides business, financial, national and international news to professionals via desktop terminals, the world's media organizations, industry events and directly to consumers. For additional information on Kimmeridge and its proprietary research, please visit www.kimmeridge.com. About Kimmeridge Founded in 2012 by Ben Dell, Dr. Neil McMahon and Henry Makansi, Kimmeridge is an alternative asset manager focused on making direct investments in energy in the US. Company Type For Profit. In this capacity, he has been instrumental in implementing an innovative compensation structure focused on aligning pay with performance and shareholder returns. "Charting a Path to Net Zero Emissions for Oil & Gas Production" and "Why the Energy Industry Needs to Build its Own Carbon Offset Exchange to get to Net Zero"). Kirkland & Ellis LLP served as legal advisor to Kimmeridge. Submit your Analyst Briefing to get in front of investors, customers, and partners on CB Insights platform. May 4 (Reuters) - Kimmeridge, an activist investment firm that focuses on oil and gas exploration and production companies, told Reuters on Wednesday it has built a stake in Chesapeake Energy Corp (CHK.O) and started talks with the management team on changes to boost its value. Meritorious Awards for Engineering Innovation (MEA), URTeC: Devon, Hess Emphasize Teamwork to Tackle Emissions, A&D Minute (Oct. 5, 2022): Chevron Permian Asset Sale? Since its inception, FCW has gained the participation of over 2,000 individual landowners and land trusts in its platform, provided free boots-on-the-ground carbon inventories for more than 60k acres, and successfully developed the smallest forest carbon projects to date, with the lowest being 54 acres located in coastal Oregon that is owned by an individual family forest owner. Mit Ihrer Anmeldung erklren Sie sich damit einverstanden, Inhalte von uns zu erhalten. Legal Name Kimmeridge Energy Management Company, LLC. New capital from Chestnut will accelerate the growth of our existing business operations and partnerships, while supplying the market with removal credits that we have long desired to develop. Kimmeridge has argued that the E&P sector needs to embrace a new business model focused on: Mark Viviano, Managing Partner and Head of Public Equities at Kimmeridge, said: "As a long-standing investor in the E&P sector, I have witnessed the continued deterioration of investor sentiment towards Ovintiv. Aug 15 (Reuters) - Kimmeridge Energy Management Co LLC on Monday confirmed it has amassed a stake in California Resources Corp (CRC.N) and is engaging with the oil and gas producer to make changes that include selling some acreage to real estate developers. May 4 (Reuters) - Kimmeridge, an activist investment firm that focuses on oil and gas exploration and production companies, on Wednesday told Reuters it has built a stake in Chesapeake Energy. , , , , , , Environmental, Social and Governance (ESG), HVAC (Heating, Ventilation and Air-Conditioning), Machine Tools, Metalworking and Metallurgy, Aboriginal, First Nations & Native American, Charting a Path to Net Zero Emissions for Oil & Gas Production, Why the Energy Industry Needs to Build its Own Carbon Offset Exchange to get to Net Zero, Kimmeridge Publishes White Paper "I Still Haven't Found What I'm Looking For", MAX WARBURTON JOINS KIMMERIDGE TO ACCELERATE INVESTMENTS IN RENEWABLE ENERGY AND CARBON SOLUTIONS. For additional information on Kimmeridge and its proprietary research, please visitwww.kimmeridge.com. Sign up to get PRNs top stories and curated news delivered to your inbox weekly! Sources familiar with the matter had earlier told Reuters the energy-focused activist investment firm owns more than 3 million shares in California Resources, equivalent to about a 4% stake, and has been in talks with the company's management in recent weeks on measures to boost its valuation. He has demonstrated a unique ability to convert his knowledge into actionable strategy, as a key leader in the transformation of Daimler and Mercedes-Benz. Share this article Given the quality of its asset base, this company should not have been one of the worst performing E&Ps over the past seven years. The firm is investing out of its second fund, and disclosed in February it had amassed a 1.9% stake in Enerplus Corp (ERF.TO) in the fourth quarter of 2021. See here for a complete list of exchanges and delays. Mit Ihrer Anmeldung erklren Sie sich damit einverstanden, Inhalte von uns zu erhalten. While there, Mr. Warburton also served as Partner at parent company Alliance Bernstein. California Resources did not respond to a comment request. Mit Ihrer Anmeldung erklren Sie sich damit einverstanden, Inhalte von uns zu erhalten. For additional information on Kimmeridge, its strategies and proprietary research, please visit www.kimmeridge.com . Mr. Warburton previously served as Advisor to the Management Board and Head of Special Projects at Daimler AG and, following the spin-off of Daimler Truck in 2021, Mercedes-Benz AG. PR Newswire - Max Warburton Joins Kimmeridge to Accelerate Investments in Renewable Energy and Carbon Solutions July 20, 2023 Liked by Maxwell Landy FCW has developed a proprietary approach that efficiently and accurately assesses carbon inventories, in turn unlocking access to carbon markets for small forest owners who are typically excluded from project development due to high costs and complex processes. In addition to its New York headquarters, Kimmeridge maintains a fully-staffed, in-house operating and geology team in Denver. Use of these cookies, which may be stored on your device, permits us to improve and customize your experience. Before Bernstein, he was Head of Global Automotive Research at UBS (2005-2008) and covered European Autos at Goldman Sachs (2000-2005). Denver. Katherine L. Minyard, CFA:Ms. Minyard is an Investment Principal and Partner at Cambiar Investors, a long-only, relative value-focused global asset manager. Aug 15 (Reuters) - Kimmeridge Energy Management Co LLC on Monday confirmed it has amassed a stake in California Resources Corp (CRC.N) and is engaging with the oil and gas producer to make changes . The firm seeks to invest in companies operating in the energy sector. Cision Distribution 888-776-0942 Kimmeridge has also told California Resources it should focus more on its nascent carbon capture and sequestration business (CCS), the sources said. New York. Our Standards: The Thomson Reuters Trust Principles. The firm is differentiated by its deep technical knowledge, proprietary research and data gathering. All rights reserved. Much of California Resources' oil and gas comes from older wells which have low but steady production. "Allowing their differentiated low-cost gas inventory to be diluted by disparate oil assets sends mixed signals around the company's capital priorities," Viviano said in an e-mail. All quotes delayed a minimum of 15 minutes. Sign up to get PRNs top stories and curated news delivered to your inbox weekly! After more than a decade trying to rehabilitate their image since an era of bailouts and mis-selling scandals, Britain's banks are once again a target for public - and political - ire. Warburton previously served as Advisor to the Management Board and Head of Special Projects at Mercedes-Benz AG. Kimmeridge is a private equity firm based in New York and Denver and focuses on the development of low-cost unconventional oil and gas assets in the US upstream energy sector. previously served as Advisor to the Management Board and Head of Special Projects at Daimler AG and, following the spin-off of Daimler Truck in 2021, Mercedes-Benz AG. Back To Home. The fund is located in New York, New York invests in North America. Before Bernstein, he was Head of Global Automotive Research at UBS (2005-2008) and covered European Autos at Goldman Sachs (2000-2005). Failure of Governance Ovintiv management has not been held accountable. Ms. Blanton is widely regarded as one of the leading voices on ESG in the sector and has authored several influential articles including, "Five Key Climate Metrics for the Oil & Gas Sector's Next Five Years," on which she collaborated with Ben Ratner of the Environmental Defense Fund. We focus on business model reform, aligning executive and shareholder interests and environmental stewardship to unlock shareholder value. Erin Blanton:Ms. Blanton is a Senior Research Scholar at the Center on Global Energy Policy at Columbia University's SIPA, where she is focused on the role of natural gas and renewables in the energy transition. from 8 AM - 9 PM ET. Exclusive news, data and analytics for financial market professionals, Reporting by David French in New York Mr. Warburton joins Kimmeridge from Mercedes-Benz AG, where he served as Advisor to the Management Board and Head of Special Projects. Sign up to get PRNs top stories and curated news delivered to your inbox weekly! , . from 8 AM - 9 PM ET. Founded in 2012, Kimmeridge is an alternative asset manager focused exclusively on the energy sector. Mr. Warburton also led the acquisition of YASA, an innovative startup that is developing cutting edge axial flux electric motors for future Mercedes-Benz models. In this role, he led corporate strategy and was responsible for both conceiving of and guiding multiple initiatives across corporate structure, partnerships, technology and electrification. We believe shareholders deserve better and will be supportive of change.". Its previous investments include Ovintiv Inc (OVV.N), Callon Petroleum Co (CPE.N), and PDC Energy Inc (PDCE.O). The Company has entered into an overriding royalty interest ("ORRI") transaction with a private investment vehicle managed by Kimmeridge Energy ("Kimmeridge"), an energy-focused private equity firm, that generated gross cash proceeds of $140 million dollars. The definitive proxy statement and an accompanying proxy card will be furnished to Ovintiv stockholders and will be, along with other relevant documents, available at no charge on the SEC website athttp://www.sec.gov/. Kyle Holland, Founder and CEO of Forest Carbon Works, said, "Our team is excited to partner with Kimmeridge to help companies reach their emissions reduction goals through our trusted nature-based offsets, while ensuring that the small forest community thrives. Prior to founding Kimmeridge in 2012, Mr. Dell was a Senior Equity Research Analyst for Oil and Gas Exploration and Production (E&P) at Sanford C. Bernstein. Prices for top E&P stocks and commodities. You can read more about your. Reuters, the news and media division of Thomson Reuters, is the worlds largest multimedia news provider, reaching billions of people worldwide every day. Mark Viviano is a Managing Partner and lead Portfolio Manager on the public investment team, Kimmeridge Energy Engagement Partners (KEEP). Mr. , an innovative startup that is developing cutting edge axial flux electric motors for future Mercedes-Benz models. Media: Kimmeridge has made 4 investments. These emissions will need to be offset. In addition to its New York headquarters, Kimmeridge maintains a fully-staffed, in-house operating and geology team in Denver. New York, NY 10011 SOURCE Kimmeridge Energy Management Company, LLC. Reuters, the news and media division of Thomson Reuters, is the worlds largest multimedia news provider, reaching billions of people worldwide every day. Request a free trial. In this role, he led corporate strategy and was responsible for both conceiving of and guiding multiple initiatives across corporate structure, partnerships, technology and electrification. Chesapeake did not respond to a request for comment. Sie knnen Ihre Einstellungen jederzeit ndern, indem Sie auf unseren Websites und Apps auf den Link Datenschutz- und Cookie-Einstellungen oder Datenschutz-Dashboard klicken. Kimmeridges investment philosophy is underpinned by fundamental research and a continuous drive to be a thought leader in the industry. Phone Number +1 646 517 7252. In this role, he led key electrification projects including Mercedes-Benz's investment in European battery cell champion ACC, the creation of the Mercedes-Benz global high-power charging network, and the development of EQXX, the world's longest range electric car. In addition to FCW's continued work of conserving intact forests, the newly combined company plans to embark on a large-scale reforestation/afforestation program in the U.S., with the goal of planting forests on 500,000 acres by 2030. Kimmeridge is an equity asset management company specializing in the . , , , , , , Environmental, Social and Governance (ESG), HVAC (Heating, Ventilation and Air-Conditioning), Machine Tools, Metalworking and Metallurgy, Aboriginal, First Nations & Native American, Kimmeridge Publishes White Paper "I Still Haven't Found What I'm Looking For". Information about the Participants and a description of their direct or indirect interests by security holdings is contained in the Schedule 14A filed by the Participants with the SEC on January 14, 2021. The industry leader for online information for tax, accounting and finance professionals. Contact Information Website www.kimmeridge.com Year Founded 2012 Investor Status Actively Seeking New Investments Since the turn of the year, Antero Resources Corp (AR.N), EQT Corp (EQT.N) and Southwestern Energy (SWN.N) are among the companies whose shares have significantly outpaced Chesapeake's. , . At the opening of the 2023 Unconventional Resources Technology Conference, executives from Devon, Hess and other companies said net, Also in this weeks A&D Minute: SilverBow Resources agreed to an Eagle Ford Shale bolt-on following its adoption of a poison pill, Kimmeridge Energy, which spent more than $100 million to acquire SilverBow Resources stock, recently acquired another Eagle Ford E, KimmeridgeEnergy Management intends to help California Resources Corp. further develop its carbon capture and sequestration projects, Kimmeridge Managing Director Megan Hays discusses the urgency for the oil and gas industry to rapidly decarbonize and the E&P, While recent events have proven that energy security matters, the oil and gas industry needs to make net-zero a standard to ensure its, Desert Peakthe largest independent Permian Basin pure-play mineral and royalty companycompleted its all-stock merger with Falcon, Commercial land data provider LandGate Corp. raised $10 million in Series B funding in a round led by a subsidiary of NextEra Energy, The New York-based firm declined to comment on what recommendations it has made to Chesapeake, but confirmed it has amassed around 2. NEW YORK and DENVER, March 18, 2022 /PRNewswire/ -- Kimmeridge, a private investment firm focused on energy solutions, today announced the launch of Chestnut Carbon, LLC ("Chestnut"), a leading nature-based carbon offset platform. Reuters provides business, financial, national and international news to professionals via desktop terminals, the world's media organizations, industry events and directly to consumers. En vous inscrivant la newsletter, vous consentez la rception de contenus de notre part. We believe the Company's compensation structure displays a troubling lack of alignment between pay and performance, compounded by the lowest insider ownership amongst U.S. peersii. For additional information on Kimmeridge, its strategies and proprietary research, please visit www.kimmeridge.com. Kimmeridge Energy is an alternative asset investment manager focused exclusively on the energy sector. What does it take to woo private equity to theindependent E&P sector in the age of ESG? The New York-based firm declined to comment on what recommendations it has made to Chesapeake, but confirmed it has amassed around 2 million shares. The Kimmeridge Carbon Solutions strategy is focused on accelerating carbon neutrality through the development of responsible low-cost energy assets and investments at the front end of the carbon cost curve. Mr. Viviano continued, "The combination of poor capital allocation, misaligned incentives and an inferior environmental strategy leaves the Company unprepared for the growing risks associated with the energy transition.

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