Double Eagle Development

What Double Eagle Development does

Double Eagle Development is a private, land-centered oil and natural gas exploration and production company headquartered in Fort Worth, Texas, focused on acquiring and developing leasehold and royalty interests in the Permian Basin, particularly the Midland Basin. Its current operating entity, Double Eagle Energy Holdings IV, LLC, was formed in June 2022 with over $1.7 billion in equity commitments from EnCap Investments, Apollo Natural Resources, Elda River Capital, and Double Eagle Management; in April 2025, the platform extended this model with the formation of Double Eagle Energy Holdings V and Tumbleweed Royalty V, backed by $2.5 billion of additional equity. The company is led by Co-CEOs and co-founders Cody C. Campbell and John A. Sellers, alongside CFO Joshua A. Gregg (formerly a Principal at Apollo Global Management), COO Garrett Martin, and CCO Blake Carpenter — the same management team that has run four successive Double Eagle vehicles since 2008 and delivered cumulative exits exceeding $9.2 billion (Parsley Energy, 2017, $2.8 billion; Pioneer Natural Resources, 2021, $6.4 billion).

The business model combines land acquisition, mineral-rights aggregation, working-interest development, and parallel royalty investment through affiliated Tumbleweed Royalty vehicles. Revenue is generated from oil and gas production sold into commodity markets, supplemented by royalty payments distributed to a long tail of mineral-interest owners on a monthly cadence (with a $50 minimum payment threshold and annual batching for sub-$50 balances). Go-to-market is enterprise field sales to landowners and institutional capital providers; the company maintains Fort Worth and Midland offices plus a DE4 Operating field office to support drilling and production operations.

Strategically, the platform operates as a roll-up-and-exit vehicle, raising dedicated equity funds, acquiring and developing acreage, and exiting through strategic sales to larger public E&P operators. The February 2025 definitive agreement to divest Midland Basin assets to Diamondback Energy, followed by the April 2025 launch of DE V, exemplifies this recycle-and-redeploy model. Backed by a syndicate of top-tier energy and alternatives sponsors (Apollo, EnCap, Elda River, Magnetar, Quantum Energy Partners, GSO Capital, Post Oak Energy Capital), Double Eagle has completed tens of thousands of mineral-rights transactions across Texas, the Rockies, and the Mid-Continent since 2008.

Name

Double Eagle Development

Legal name

Double Eagle Energy Holdings IV, LLC

Website

https://doubleeagledevelopment.com

Company type

Private

Founded year

2022

Operating status

Operating

Headcount range

1–10 employees

Short description

Double Eagle Development is a private, PE-backed oil and gas exploration and production company that acquires and develops leasehold and royalty interests in the Permian Basin, operating multiple funds led by the same founding team and selling production into commodity markets while distributing royalties to landowners.

Ownership category

akta.pro rank

Product category

Oil & Gas Exploration & Production

NAICS

Oil and Gas Extraction (2111), Natural Gas Extraction (21113)

SIC

Oil Royalty Traders (6792), Oil & Gas Field Exploration Services (1382)

akta.pro primary industry

Unconventional Resources Development (Shale/Tight, CBM) (EUALAAAH)

akta.pro secondary industries

Mineral Rights, Leasing & Land Management (EUALAAAB), Drilling & Well Construction (E&P Operator-led) (EUALAAAD), Unconventional Gas E&P (Shale/Tight Gas) (EUAAAAAC)

Keywords

• Oil and gas exploration
• Upstream oil production
• Natural gas development
• Mineral rights acquisition
• Royalty management services

Headquarters

HQ city

Fort Worth

HQ country

United States

HQ region

North America

Offices5 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Operations, Personnel, Infrastructure, Technology or R&D, Supply Chain

Revenue model

1. Oil and Gas Production Revenue: Revenue generated from the development and production of oil and natural gas assets in the Permian Basin. The company focuses on land acquisition and development to grow production and cash flow from their acreage.

Pricing tiers

Go-to-market motion1 record

Distribution channels2 records

Marketing channels2 records

Core offering

Double Eagle Development is an independent oil and natural gas exploration and production company focused on acquiring and developing leasehold interests and royalties in the Permian Basin, particularly the Midland Basin. The company generates revenue through crude oil and natural gas production sold into commodity markets, while also managing royalty payments and leasehold relationships with mineral interest owners across Texas and other basins.

Product overview

Double Eagle Development operates as a land-centered oil and gas exploration and production company in the Permian Basin. The current portfolio consists of Double Eagle Energy Holdings IV (formed 2022) and its affiliated Tumbleweed Royalty IV, along with newly launched Double Eagle Energy Holdings V and Tumbleweed Royalty V (2025). The company historically operated predecessor entities (Double Eagle I, II, and III) which were successfully divested. The business model focuses on acquiring leasehold interests and royalties across Texas basins, with a strong reputation as the premier land acquisition company in the lower 48 states.

Differentiator

Problem solved

Functional benefit

Products and services

• Crude Oil and Natural Gas Production
• Royalty Payment Management Services
• Land and Leasehold Acquisition Services

Segments2 records

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Partnerships

Two partnerships are on record, tiered core and major.

• Pioneer Natural ResourcescoreOthersAcquired DoublePoint Energy assets in May 2021 for $6.4 billion. This represents the largest exit in Double Eagle history.
• Parsley EnergymajorOthersAcquired Double Eagle Holdings II, LLC in 2017 for $2.8 billion, representing an earlier successful exit.

Scale indicators6 records

Recent moves10 records

Expansion highlights5 records

Direct peers

• Mewbourne Oil Company: Mewbourne is a large private, family-owned E&P focused on the Permian Basin, with a similar long-tenured, private operator model. Highly comparable in scale, basin focus, and culture to Double Eagle.
• Endeavor Energy Resources: Private Permian-focused E&P that was recently sold to Diamondback Energy for ~$26B. Was a direct peer to Double Eagle as a similarly-sized private operator in the Midland Basin.
• CrownQuest Operating: Private Permian Basin operator focused on the Midland Basin with similar acreage acquisition and development model. Direct comparable in basin focus and private operator profile.
• FourPoint Energy: Private Permian-focused E&P that was a JV partner with Double Eagle in the formation of DoublePoint Energy in 2018. Direct peer in basin, structure, and partnership approach.
• Laredo Petroleum: Public Permian-focused E&P operating in the Midland Basin. Comparable basin and operational focus to Double Eagle, though structured as a public company rather than private.
• Sitio Royalties Corp. Public mineral and royalty company with significant Permian Basin holdings. Closest public comparable to Double Eagle's Tumbleweed Royalty vehicles, which are also Permian-focused mineral/royalty entities.
• Black Stone Minerals: Public mineral and royalty company owning interests across major US basins including the Permian. Comparable to the Tumbleweed Royalty entities' strategy of aggregating mineral interests.
• Viper Energy: Public mineral and royalty company majority-owned by Diamondback Energy, focused on the Permian Basin. Highly comparable model and geography to Tumbleweed Royalty; both serve the same basin and end-buyer set.

Broad incumbents

• Diamondback Energy: Public Permian-focused E&P and the buyer of DE IV's Midland Basin assets in 2025. As a large public operator in the same basin, Diamondback represents both a customer (acquirer) and a benchmark for asset valuations.

Others

• EnCap Investments L.P. Energy-focused private equity firm and lead equity investor in Double Eagle Energy Holdings IV. As a major LP and capital partner across many Permian-focused portfolio companies, EnCap is a key ecosystem participant rather than a direct competitor.

Market position

Strengths4 records

Weaknesses4 records

Competitive moat5 records

Key risks5 records

Key highlights6 records

Customer concentration

Revenue estimate

Valuation estimate

Number of profiles

Profiles5 records

Subsidiaries4 records

Funding overview

Funding rounds2 records

Investors1 record

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Double Eagle Development