Parallel Petroleum Corp.
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Parallel Petroleum Corp. - overview
Established
1979
Location
-, TX, US
Primary Industry
Oil & Gas
About
Parallel Petroleum Corp. focuses on the exploration, development, and production of oil and natural gas, utilizing advanced technologies to meet energy demands across various sectors. Founded in 1979 in Midland, US, Parallel Petroleum Corp. specializes in oil and natural gas exploration and production.
The company underwent acquisition in November 2011, when Samsung C&T Corporation and Korea National Oil Corporation acquired it from Apollo Global Management for USD 772 mn. The firm has been involved in 2 deals to date, with its most recent deal occurring in 2011. Parallel Petroleum LLC specializes in the exploration, development, and production of long-lived oil and natural gas properties. They utilize advanced technologies such as 3-D seismic analysis and enhanced oil recovery processes.
Their offerings focus on high-quality oil and gas production, essential for various sectors including industrial, commercial, and residential markets. Established in 1979, the company emphasizes sustainable practices and services regions such as Texas, Oklahoma, and New Mexico. Their client base includes energy companies, industrial manufacturers, and utilities reliant on dependable oil and gas resources for operational efficiency. In the most recent reported year, Parallel Petroleum generated revenue of USD 182,515,000, with an EBITDA of USD -164,988,000.
The company primarily earns revenue through the sale of oil and natural gas products to B2B clients, including energy sector companies and industrial users. Their transaction structure typically involves direct sales agreements at market rates, often secured by long-term contracts to ensure supply stability. Following the acquisition in November 2011, Parallel Petroleum aims to leverage its resources to explore new oil and gas markets and enhance its production capabilities. The company is currently strategizing to expand its geographical footprint beyond its established regions, although specific new market targets have yet to be disclosed.
The funding from the most recent acquisition is expected to support these initiatives, enabling growth and operational enhancements.
Primary Industry
Oil & Gas
Sub Industries
Oil & Gas Exploration and Production, Petrochemicals
Website
www.parallel-petro.com
Company Stage
Acquired
Total Amount Raised
Subscriber access only
Parallel Petroleum Corp. - deals
| Deals Type | Deal Status | Target (s) | Deal Date | Investor(s) | Seller(s) | Deal size (Mn) | Enterprise value (Mn) | Post-money valuation (Mn) | EBITDA multiple (x) | Revenue multiple (x) | Lead partner (s) |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Trade Sale | Completed | Parallel Petroleum Corp. | - | ||||||||
| Public to Private | Completed | Parallel Petroleum Corp. | - |
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