Fort Worth Texas – CPX Energy launched.
After many successful iterations of CP Exploration, Tom Powell launches CPX Energy (CPX). CPX will focus on conventional and unconventional upstream assets. The primary focus area will continue to be Texas, where CPX will drill and operate. The company will also seek conventional deals that make sense. The goal being sustainability as well as acquiring assets that will eventually be sold. CPX is currently evaluating many deals, as it has become obvious that public and larger private oil and gas companies are beginning to monetize quality assets. “CPX will continue its patient, methodical approach to acquiring assets. Because services and supplies have become so expensive for smaller E&P companies, as well as the current product price differentials in certain basins, smaller companies must be very strategic when deploying capital,” said Tom Powell, CEO. “Timing is an important component to success in our business. CPX Energy is fortunate to have the necessary resources and capital for acquisitions, as well as the patience and proven experience needed to compete against dozens of smart PE backed teams who are also evaluating the same deals, negotiating with the same public companies, and are focused in the same basins.”