Investment Focus & Thesis

First Reserve focuses on the energy sector, seeking businesses with strong assets, experienced management, and operational excellence: Investment Range Equity investments typically ranging from $50 million to $500 million in energy companies. Sector Focus Upstream, midstream, and energy infrastructure. Upstream oil and gas — Exploration and production companies Midstream — Pipelines, storage, and processing infrastructure Oilfield services - Equipment and service providers Power and utilities - Power generation and utility infrastructure Renewables - Select renewable energy investments

Notable Portfolio Companies

First Reserve has built an extensive portfolio across the energy sector: Company Sector Notes Weatherford International Oilfield Services Oilfield services and equipment Crestwood Midstream Midstream Natural gas infrastructure Pioneer Energy Upstream Oil & Gas Oil and gas production Archrock Oilfield Services Compression services for energy ProPetro Oilfield Services Completion and drilling services Bowie Resources Coal Coal mining and production First Reserve has invested in over 200 energy companies since its founding, making it one of the most experienced energy-focused private equity firms.

What First Reserve Looks For

Based on their investment patterns, First Reserve evaluates opportunities based on: Asset quality — High-return assets in proven basins Technical expertise - Experienced teams with strong track records Operational excellence - Strong operational performance and safety Cost structure - Competitive operating costs Growth potential - M&A and development opportunities }> Pro Tip First Reserve brings deep energy sector expertise and significant operational experience. They look for companies with experienced management teams and high-quality assets.

How to Connect With First Reserve

Approaching First Reserve requires demonstrating energy sector excellence: 1 Demonstrate Asset Quality Prepare detailed reserve reports, production history, and asset analysis. 2 Showcase Financial Metrics Present operating costs, EBITDA, cash flow, and leverage analysis. 3 Present Operational Excellence Show safety records, environmental compliance, and operational efficiency. 4 Leverage Industry Networks Many deals come through energy industry advisors or investment bankers.

The Value of Financial Preparedness

PE firms like First Reserve expect detailed financial information for energy companies: Production Metrics • Daily production volumes • Reserve estimates • Decline curve analysis • Operating costs per unit Financial Data • EBITDA and cash flow • Net debt and leverage • Capital expenditure plans • Return on capital }> How Eagle Rock Helps We help energy companies prepare for PE investment by building detailed financial models, reserve analysis, and investor-quality presentations. Our fractional CFO services ensure your company is ready for due diligence.

Frequently Asked Questions