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Retiree Returns to the Oil Industry

Retiree Returns to the Oil Industry

The oil industry is irresistible to many business magnates in the world today. Additionally, once entrepreneurs get into the industry, they hardly leave until they achieve their financial objectives. Its potential is exceptional because oil is a commodity used every minute to run industries, autos, and many other machines. James Hackett is one of the renowned tycoons in the United States. He is the former CEO of Anadarko Petroleum Corporation. Hackett retired from the company to attend Divinity School at Harvard University.
The former energy CEO is back to achieve more in the industry. Hackett launched Silver Run Acquisition Corporation II, which is another key purpose acquisition company. Also known as a blank-check company, it made an announcement of its initial public offering on March 23, 2017. The offering was 90 million units at $10 per unit.
Hackett agreed to purchase the pipeline firm and an oil explorer this year after finalizing his studies at Harvard. The price of the two Oklahoma firms was around $3.55 billion. He learned about the companies from a close friend when schooling at the university.
When starting Silver Run Acquisition Corporation II, he wanted to merge it with one or more companies. Additionally, Hackett launched the organization to engage in asset acquisition, capital stock exchange and stock exchange deals with other firms in the world.
Silver Run Acquisition Corporation II focuses on multiple lucrative deals in the energy industry. The sponsor of the corporation is an affiliate of Riverstone Holdings LLC, which is a private equity agency based in New York City under the leadership of Pierre Lapeyre and David Leuschen. Riverstone Holdings LLC also focuses on energy-related deals. In 2013, Hackett became a co-head and partner of Riverstone Holdings LLC’s Houston office.
The 63-year-old Hackett will not only run his new firm but will also start teaching on moral leadership in economic enterprise at Rice University in Houston. He will help students at the university acquire crucial leadership and entrepreneurial skills that will shape their future. Moreover, during the spring semester, he will teach at the University of Texas. His experience and knowledge in leadership and energy will help ambitious students to remain focused on their careers regardless of the challenges they may encounter.
Mark Papa, a successful oil exploration business person, is Hackett’s role model. Papa is the former chairman and CEO of Enron Oil and Gas Company. In 2013, he retired from the industry. However, he returned and launched Centennial Resource Development Corporation. Hackett and Papa used the same funding system to create their companies.