Echo Announces Landmark Sale of Mineral and Royalty Interests in Permian and Anadarko Basins

Echo’s affiliate, Echo Minerals, has reached a significant milestone with the completion of an asset sale exceeding half a billion dollars. The transaction, conducted with Sixth Street Partners, involved selling a portion of Echo’s net royalty acres in the Permian and Anadarko basins.

“This significant sale of our world-class mineral asset marks the start of a new era for Echo,” said Christian Kanady, Founding Partner and CEO of Echo. “While energy remains a core focus, we are eager to unlock and advance American innovation by investing in high-growth industries undergoing significant technological disruption.”

This transaction follows a 3 percent divestiture of Echo’s mineral and royalty portfolio valued at $35.4 million in early 2022. Primary operators in the area included Endeavor Resources and Pioneer Natural Resources, which recently completed a sale to ExxonMobil.

“Acquiring this premier acreage in the prolific Permian and Anadarko Basins aligns with our focus on expanding our mineral and royalty platform,” said Zack Winegrad, Partner at Sixth Street. “We applaud Echo for its visionary approach to growing minerals and royalty holdings in promising acreage with proven production.”

Echo intends to utilize the proceeds from the sale to further invest in projects and enterprises driving American innovation and resilience across industries such as energy, life sciences, national security, and media & entertainment.

Throughout the negotiation process, Echo was advised by Evercore Inc. as the sole financial adviser and Kirkland & Ellis, LLP, as legal counsel. Sixth Street was represented by White & Case LLP, providing buyer counsel.

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