#341 - George Young - CEO @ Pegasus Resources - Stories From an Oil Legend
Mar 5, 2024
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The podcast delves into George Young's career in Oil and Minerals, the history of the Texas Oil Fields, leadership stories, and early life experiences. The discussion includes insights on the Cook Ranch, George's family's entrance into the oil business, career anecdotes, and getting into the mineral world.
Success in oil industry requires strategic acquisitions and partnerships.
Adapting to industry advancements like horizontal drilling leads to growth.
Importance of conservative underwriting and aligning interests for investment success.
Deep dives
Starting with a Vision and Partnerships
The journey begins with the speaker having a strong conviction in buying leases and starting small. He partners with Teddy Collins, who not only funds his venture but also guides him with trust and openness. Despite starting with limited resources, he manages to put together acreage and strike deals, showing a knack for negotiations and building partnerships.
Seizing Opportunities and Strategic Acquisitions
The speaker's strategic acquisitions and scouting efforts lead to significant opportunities. He secures a pivotal deal with Trevor and Devon, showing a keen eye for potential and a proactive approach to seizing opportunities. Employing simplicity and partnership strategies, he expands his land holdings, establishing a foundation for growth and success.
Embracing Horizontal Technology and Expansion
The advent of horizontal drilling technology in 2003 marks a shift in the industry dynamics. The speaker capitalizes on this innovation, growing his land holdings to around 130,000 acres, with key deals like the Alliance Airport acquisition. His ability to adapt to emerging trends and collaborate with key players positions him at the forefront of industry advancements.
Sustainable Growth and Strategic Partnerships
Through calculated decisions and strategic partnerships, the speaker achieves sustainable growth in the real estate and energy sectors. Leveraging relationships with individuals like Ross Jr. and Mike Berry, he navigates complex deals and secures valuable assets. His commitment to fostering partnerships and seizing growth opportunities underscores his success in the industry.
Successful Real Estate Venture with Ross Pro Junior
The podcast highlights George's involvement in a successful real estate venture with Ross Pro Junior, emphasizing the importance of strategic mineral deals in controlling destiny and securing financial success. George discusses the complexities of selling mineral rights, the impact of oil prices on deals, and the significance of prudent financial management in navigating the volatile oil and gas industry.
Pegasus Mineral Venture and Financial Strategy
The episode explores George's transition to mineral investments with Pegasus, detailing the strategic decisions behind partnerships with in cap and the team's approach to investment management. George reflects on the importance of conservative underwriting, the significance of aligning interests with investors, and the long-term financial goals and distribution strategies that have led to significant returns and investor satisfaction.
George Young is the CEO of Pegasus Resources, a mineral and royalty company based in Fort Worth, Texas, focused on the acquisition and management of properties primarily located in the Permian Basin. Pegasus is financially backed by a $600 million equity commitment from EnCap Investments L.P.