A couple of years ago, private equity funds were having trouble convincing investors that there was still money to be made in oil and gas. At that time, everyone wanted in on the ESG game. Fast forward two years—private equity funds that stayed exposed to the oil and gas industry are making billions from their exits. At the end of last month, EnCap Investments sold its portfolio company XCL Resources to SM Energy and Northern Oil and Gas. The total price tag was about $2.5 billion. Also in June, EnCap sold assets of another…
