Owners of US shale producer Enduring Resources IV explore $4 billion sale, sources say

By David French

NEW YORK, Nov 4 (Reuters) - The private equity backers of Enduring Resources IV are weighing a sale of the oil-focused producer, which operates in Colorado and New Mexico, in a deal that could value the company at more than $4 billion including debt, people familiar with the matter said.

Ownership led by EnCap Investments is working with investment bankers at Jefferies Financial Group JEF.N on a potential sale, which is expected to launch in early 2027, the people said.

While the process will likely attract interest from companies looking to acquire the entire business, its size means it could ultimately be sold in pieces to multiple buyers, they added. The people cautioned that no deal is certain and spoke on condition of anonymity to discuss private deliberations.

EnCap declined comment. Jefferies and Enduring Resources did not respond to comment requests.

Enduring Resources is a Denver-based oil and gas operator led by Barth Whitham, which has built, operated, and sold a number of oil and gas businesses over the last two decades. EnCap backed the fourth iteration of Enduring Resources in 2017, according to the buyout firm's website. Enduring Resources held more than 557,000 net acres and had proven reserves of 229 million barrels of oil equivalent at the end of 2025, per its website, which did not specify if all was attributable to the fourth version.

Operating in the San Juan shale formation, Enduring Resources IV has expanded through several acquisitions. It bought acreage from WPX Energy in 2018, and combined with DJR Energy, another private equity backed operator focused on the basin, in 2023.