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Trilantic launches TRP Energy, as oil deals start to warm up

  • Backs petroleum engineer deal-makers from J.P. Morgan Chase
  • Trilantic taps capital from two funds, plus co-investment
  • TRP Energy to invest in onshore oil plays in the U.S.

The New York-based firm is backing Trent Foltz and Randy Dolan to lead TRP Energy as chief executive officer and president, respectively, Trilantic said in a press release. Foltz and Dolan previously led J.P. Morgan Chase & Co’s technical upstream acquisitions and divestitures practice.

Trilantic had been in talks with Foltz and Dolan prior to last fall’s drop in oil prices, and the deal crystallized recently, the source said. 

TRP Energy will acquire and finance the development of direct, non-operated (non-op) working interests in “premier” onshore plays in the United States, according to the press release.

In a move often used by private equity firms to amass more capital for a deal, Trilantic tapped both its $2.2 billion vintage 2013 flagship Trilantic Capital Partners V (North America) fund and Trilantic Energy Partners (North America) fund. It’s at least the second joint investment by the two funds after Trilantic formed Ward Energy Partners in 2014.

A spokesman for Trilantic declined to comment.

“The combination of TRP’s non-op strategy, management’s unique skill set and the current macro environment creates a compelling opportunity to partner with top-tier operators in the development of their oil and gas projects,” Glenn Jacobson, partner at Trilantic North America, said in the press release.

Overall, deal-making in the energy sector has been slower-than-expected this year, given the drop in asset values. However, more deals have been getting done in recent weeks.

Just last week, two top executives left Statoil form their own U.S. exploration and production company, Luxe Energy LLC, backed by $500 million from NGP Energy Capital Management, Reuters reported.