Shale Activist Hunts for New Target in ‘Uninvestable’ Sector [Yahoo! Finance News]
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Source: Yahoo! Finance News
) -- The energy-focused private equity firm Kimmeridge Energy Management is looking for a U.S. shale producer to target for an overhaul, saying the sector has become “uninvestable.” The New York-based firm, which is focused entirely on U.S. oil and gas investments, is part of a growing chorus calling for radical action in the shale industry. Producers have bloated overhead costs, misaligned management incentives and are pursuing unsustainable expansion, the firm said in a white paper laying out its investment thesis, which was seen by . Kimmeridge is seeking to raise $500 million to $1 billion, according to a person familiar with the matter, who asked not to be named because the information is private. Those funds would be used to take stakes in U.S. oil and gas producers and push for changes in the way they operate, the person said. While the combination of hydraulic fracturing and horizontal drilling created a decade-long production boom that catapulted the U.S. to the top of global
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