What Veritas Energy does

Veritas Energy, LLC is a privately held upstream oil and gas investment company headquartered in Fort Worth, Texas, founded in 2011 by Hollis R. Sullivan. The firm acquires non-operated working interests and mineral positions in proven U.S. basins — primarily the Permian (Midland and Delaware), Eagle Ford, Mid-Continent, and Fort Worth (Barnett) — partnering with premier operators that share its ESG and operating standards. Veritas also retains the ability to establish operated sites, covering the full upstream lifecycle from leasehold acquisition through drilling, completion, and production. The company differentiates through disciplined underwriting supported by advanced data analytics and a senior team with 25–35+ years of experience drawn from ConocoPhillips, TPG Capital, Devon Energy, Laredo Petroleum, and other major E&P and financial institutions.

Name

Veritas Energy

Legal name

Veritas Energy, LLC

Website

https://veritasenergyllc.com

Company type

Private

Founded year

2011

Operating status

Operating

Headcount range

1–10 employees

Short description

Veritas Energy, LLC is a Fort Worth-based upstream oil and gas investment company that acquires non-operated working interests and mineral positions in U.S. basins including the Permian, Eagle Ford, Mid-Continent, and Barnett, partnering with premier operators and institutional capital providers.

Ownership category

akta.pro rank

Headquarters

HQ city

Fort Worth

HQ country

United States

HQ region

North America

Offices2 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

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

Revenue model

1. Oil and Gas Production Revenue: Revenue generated from the sale of oil and gas produced from non-operated working interests and mineral holdings in proven basins. The company also generates returns through strategic asset sales and divestitures to partners.
2. Asset Divestitures and Strategic Transactions: Periodic exits through the sale of non-operated assets and Permian positions to strategic buyers, generating significant one-time proceeds (e.g., $419.4M sale to Northern Oil and Gas in 2021, ~$2.8B merger with Parsley Energy in 2017).

Go-to-market motion1 record

Distribution channels2 records

Marketing channels2 records

Core offering

Veritas Energy, LLC is an upstream oil and gas investment company that acquires non-operated working interests and mineral positions with near-term development potential in proven, high-graded U.S. basins such as the Permian, Eagle Ford, Mid-Continent and Fort Worth (Barnett). The company also maintains the option to establish operated sites, covering leasehold acquisition, site preparation, drilling, completion and production. It partners with premier operators who share its ESG commitments and co-invests alongside private equity sponsors and institutional capital.

Product overview

Veritas Energy, LLC is an upstream oil and gas investment company offering a unified portfolio of non-operated and operated investment products. The core offering includes non-operated working interests and minerals acquisition in proven basins (Permian, Midland, Delaware, Eagle Ford, Fort Worth Barnett, Mid-Continent), paired with operated activities spanning the full lifecycle from leasehold acquisition through drilling, completion, and production. The company operates through multiple sub-brands including Veritas Permian III, LLC (VPIII, 2022), Veritas Permian II, LLC (VPII, 2018), Veritas Energy Partners, LLC (VEP), and legacy Double Eagle Energy Permian, LLC (DEEP), each representing distinct capital partnerships and basin-focused investment vehicles.

Differentiator

Problem solved

Functional benefit

Products and services

• Non-Operated Working Interests Acquisition of non-operated working interests and mineral rights in proven, high-graded basins (Permian, Eagle Ford, Mid-Continent, Fort Worth/Barnett) alongside premier operators sharing ESG commitments; targets near-term development with disciplined underwriting.
• Operated Activities Full-lifecycle operated oil and gas activities including leasehold acquisition, site preparation, drilling, completion and production, with a focus on identifying cost-saving, revenue-enhancing, behind-pipe and developmental opportunities on operated sites.
• Veritas Permian III, LLC (VPIII) Investment Vehicle Private equity-backed investment vehicle created by Veritas in 2022 to pursue non-operated working interest and mineral opportunities in prevalent basins, working creatively with high-quality operators and sellers of non-operated interests.

Quantifiable outcome

• $419.4M asset sale to Northern Oil and Gas (2021/2022)
• +2 more outcomes

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

Three partnerships are on record, tiered core.

• Northern Oil and Gas, Inc. (NOG)coreOthers · 16 November 2021In November 2021 (transaction closed 2022), Veritas Permian II, LLC sold significant non-operated assets to Northern Oil and Gas, Inc. (NYSE: NOG) for $419.4 million, representing a major strategic divestiture that unlocked value for Veritas and its investors.
• Parsley Energy, Inc.coreOthers · 6 February 2017In February 2017, Double Eagle Energy Permian, LLC (DEEP) — which included Veritas's Permian assets — merged Permian assets with Parsley Energy for approximately $2.8 billion, representing a major exit event for Veritas and its partners.
• Double Eagle Energy Holdings II, LLCcoreStrategic or Co-development Partner · 3 October 2016In October 2016, Veritas Energy Partners, LLC merged a substantial Permian position with a Double Eagle subsidiary to form Double Eagle Energy Permian, LLC (DEEP), creating a premier Midland Basin E&P operator. The combined entity was backed by funds affiliated with Apollo Global Management and Post Oak Energy Capital.

Scale indicators4 records

Recent moves11 records

Expansion highlights5 records

Peers

• CrownRock (LPC):

Broad incumbents

• EnCap Investments: EnCap Investments is one of the largest dedicated energy-focused private equity firms, sponsoring multiple upstream E&P platforms across U.S. basins. While a capital provider rather than a direct operator, EnCap's role as a sponsor of non-operated and mineral strategies parallels Veritas's relationships with Carnelian and Old Ironsides.

Direct peers

• Northern Oil and Gas: Northern Oil and Gas (NYSE: NOG) is the leading publicly traded non-operated working interest acquirer in U.S. onshore basins, with a near-identical strategy of partnering with premier operators in the Permian and other basins. NOG was the direct buyer of Veritas Permian II's $419.4M asset package, making it the most direct comparable.
• Black Stone Minerals: Black Stone Minerals (NYSE: BSM) is one of the largest U.S. mineral and royalty owners, with exposure across multiple basins including the Permian, Eagle Ford, and Bakken. Its diversified mineral acquisition and management model overlaps directly with Veritas's mineral and non-operated working interest strategy.
• Viper Energy Partners: Viper Energy (NASDAQ: VNOM) is a Permian-focused mineral and royalty acquisition company backed by Diamondback Energy. It pursues a strategy of acquiring mineral interests in the Permian Basin — closely paralleling Veritas's mineral and non-operated working interest focus — making it a direct structural peer.
• Brigham Minerals: Brigham Minerals was a Permian-focused mineral and royalty acquisition company that merged with Sitio Royalties in 2022. Its prior focus on acquiring mineral interests in the Delaware and Midland basins is a direct comparable to Veritas's mineral strategy.
• Sitio Royalties Corp. Sitio Royalties (NYSE: STR) is a pure-play mineral and royalty company formed via the merger of Brigham Minerals and Sitio Royalties, focused on acquiring and managing mineral and royalty interests primarily in the Permian. It is a direct structural comparable for Veritas's mineral and non-op strategy.
• Kimbell Royalty Partners: Kimbell Royalty Partners (NYSE: KRP) is a publicly traded mineral and royalty interest company with a multi-basin footprint. Its focus on acquiring mineral and overriding royalty interests in proven U.S. basins aligns with Veritas's mineral acquisition approach, especially in the Permian.

Others

• Carnelian Energy Capital: Carnelian Energy Capital is a Houston-based energy-focused private equity firm and a repeat co-investor in Veritas Permian II and Veritas Permian III. As a direct financial partner and sponsor, it is a highly relevant comparable for the capital structure Veritas uses.

Emerging players

• Mammoth Energy Partners: Mammoth Energy Partners is a non-operated working interest and mineral acquisition platform backed by PE sponsors in the Permian Basin. Its model of partnering with premier operators and recycling capital mirrors Veritas's approach, though at a smaller scale.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks6 records

Key highlights7 records

Customer concentration

• LinkedInlinkedin.com/company/veritas-energy-llc

Revenue estimate

Valuation estimate

Number of profiles

Profiles8 records

Subsidiaries3 records

Funding overview

Funding rounds

Investors

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 Veritas Energy