Nov. 8, 2022

#249: Cody Campbell - Co-CEO of Double Eagle Energy IV - A $6.4B Transaction, Energy Markets & Policy, NCAA / NIL

Cody Campbell is the Co-Chief Executive Officer of Double Eagle Energy Holdings III LLC, a partnership formed with Apollo Global Management, and co-founder of Double Eagle Development. 

Campbell began his business career at Texas Tech University, where he and John Sellers founded a successful commercial real estate development firm. He graduated with honors with a Bachelor’s in finance and economics and a master’s in finance. After graduation, he played offensive guard for the Indianapolis Colts.

Campbell is a member of YPO (Young Presidents’ Organization), serves on the Advisory Council for the Rawls College of Business at Texas Tech, and serves as a Board Member of the Texas Higher Education Coordinating Board. He lives in Fort Worth with his wife and four children.


On this episode, Chris and Cody discuss:

  • The story of their $6.4B sale to Pioneer.
  • Discussion on current energy markets and policy.
  • Why we need to change the narrative on oil & gas to attract more labor into the industry.
  • We talk about the NCAA & NIL programs and how Texas Tech has built The Matador Club to support athletes.


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(4:31) - Selling Double Eagle 3 to Pioneer

(8:33) - Why was the industry valuing on a price per acre vs. EBITDA?

(10:21) - What do “bits & pieces” mean and how are you able to do it at scale?

(13:12) - Have there been 2 types of oil businesses that emerged since the shale revolution?

(14:01) - Was there ever a moment during the pandemic when you considered not drilling?

(15:00) - When did it become clear that selling was the best option?

(19:20) - What blows up a deal like this?

(20:13) - Starting back up again

(22:02) - What are you seeing in the current state of the energy market?

(30:24) - Is there any shift in the capital markets?

(32:29) - Why has the Biden Admin shifted its stance on domestic production?

(34:49) - How much of an impact does the Russia/Ukraine conflict have?

(36:42) - What are you seeing in the labor market for Energy and Oil & Gas?

(38:57) - How can the industry change its marketing efforts to encourage people to work in this field?

(40:30) - How does this industry bring the rest of the world out of poverty?

(43:21) - What’s happening outside of the US as we globally see energy prices spike?

(44:47) - Even if we all flipped to a pro-oil stance instantly, how deep are we in the hole already?

(47:19) - What are the different acreage tiers in oil fields?

(50:16) - If oil is at $92 today, what’s the rate of return for drilling a well?

(51:50) - Is there any technology on the horizon that will make it easier to get oil out of the ground?

(53:01) - Why did the Kline Shale flop?

(54:55) - Why did the Permian basin end up being such a hit?

(55:48) - Where do you think we will peak in 2023?

(57:02) - What is the NIL within the NCAA?

(1:01:29) - The Matador Club at Texas Tech

(1:04:33) - Is there a worry that the schools with the most capital secede and create their own league?

(1:06:14) - Focusing athletes on their education

(1:08:08) - Who’s making the rules for NIL?

(1:09:05) - What is it that continues to motivate you?


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