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TPG Pace Energy today annouced the completion of its previously announced acquisition of EnverVest's South Texas assets. Simultaneously with the closing the company has renamed Magnolia Oil and Gas Corporation and begun trading on the NYSE under the symbol MGY.
Magnolia will have its headquarters in Houston, Texas.
“We are happy to have completed our acquisition of EnerVest Ltd.’s South Texas Division,” said Steve Chazen, President, Chief Executive Officer and Chairman of Magnolia. “We look forward to delivering on our objective of maximizing shareholder returns by generating steady production growth, strong pre-tax margins and significant free cash flow.”
Additionally, in connection with the closing, Chazen’s long-time colleague Christopher Stavros was appointed as the Company’s Chief Financial Officer. Most recently, Stavros served as Chief Financial Officer of Occidental Petroleum Corporation. Chazen and Stavros share the philosophy of generating attractive full-cycle returns while maintaining a strong balance sheet with low leverage.
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