![]() ![]() In 1985, after Brumley had completed his climb up the company's hierarchy to hold the posts of president and chief executive officer, he presided over the sale of the company to Burlington Northern Santa Fe Corp., a transaction that freed him to pursue his next goal: replicate Southland's strategy with another company. Southland entered the decade with a market capitalization of $4 billion, having quickly become one of the country's major players in the oil and gas industry and convincing Brumley of the merits of an acquisition-driven strategy. By 1980, four years of aggressively pursuing oil and gas properties had greatly increased the size of the company. From that point forward, as Brumley earned promotion through the company's executive ranks, Southland shelved its exploration activities and focused on fueling its growth through additional acquisitions. In a deal with Dallas-based Aztec Oil & Gas, Southland purchased a group of gas properties in the San Juan Basin that possessed roughly a trillion cubic feet of gas reserves. When Southland completed an acquisition in 1976, the purchase altered the company's strategy for the future, making a lasting impression on Brumley that would be evinced in his actions for decades to come. The company's market worth increased exponentially after it changed its corporate strategy, a significant turning point for the company and a pivotal event in Brumley's professional career. Brumley joined Southland in 1967, when the company operated as an oil exploration firm with a market capitalization (the number of shares held by investors multiplied by the price per share) of $100 million. After earning his degree, he returned to Texas and settled in Fort Worth, where he accepted a position as an administrative assistant at Southland Royalty. Born in Pampa, Texas, and raised in Austin, Brumley received his master's degree in business from the University of Pennsylvania's Wharton School of Business. Jon Brumley had achieved success in the energy industry by heading acquisition-driven companies, and Encore was meant to be, in strategic terms, a repeat performance of the successes he enjoyed during his 30-year career. OriginsĮncore Acquisition Company was a fitting name for a start-up venture that most likely represented the entrepreneurial swan song of an oil-patch veteran. Jon Brumley, an oil industry veteran with a penchant for pursuing growth via acquisitions. The company's Cedar Creek Anticline property in the Williston Basin represents its most valuable asset, accounting for 66 percent of its total proved reserves. Encore's properties are located in the Williston Basin in Montana and North Dakota, the Permian Basin in Texas and New Mexico, the Arkoma and Anadarko Basins in Oklahoma, the North Louisiana Basin, and in the Rocky Mountains. ![]() NAIC: 211111 Crude Petroleum and Natural Gas ExtractionĮncore Acquisition Company is an oil and gas company involved in the acquisition, development, and exploitation of North American reserves. ![]()
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