EnCap

Although the company has begun raising energy transition funds and claims to incorporate “ESG considerations” in its business decisions, EnCap invests in 34 fossil fuel companies (as of the end of July 2024), is responsible for over 92.5 million metric tons of CO2e from its upstream extraction operations annually, and only partially met one Demand, resulting in a D.

EnCap was founded in 1988 by David Miller, Gary Peterson, D. Martin Phillips, and Robert Zorich, and has $31.3 billion in AUM. The firm has carved out a niche in the energy private equity sector through investments in oil and gas exploration, midstream infrastructure, and energy technology. The company has three platforms: Encap Upstream, Encap Energy Transition, and Encap Flatrock Midstream, which were combined for the purpose of this research.

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Outside of the company’s climate impacts, Encap got into trouble with the FTC in 2022 over a proposed $1.445 billion acquisition of EP Energy Corp, which was found to eliminate competition between Uinta Basin crude oil producers. As a result, the company sold its Unita assets to KKR-backed Crescent Energy for $690 million in 2022. Encap is back at the FTC this year seeking approval to purchase another Unita Basin driller, Altamont Energy, per the terms of the original settlement agreement.