#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. Support our Sponsors: Frank Kent Cadillac CRE Daily Newsletter  Fort Capital  Juniper Square Learn more about Chris Powers and Fort Capital: www.FortCapitalLP.com Follow Fort Capital on LinkedIn: www.linkedin.com/company/fort-capital/ Follow Chris on Twitter: www.Twitter.com/FortWorthChris  Follow Chris on LinkedIn: www.linkedin.com/in/chrispowersjr/  Subscribe to The Fort on YouTube: https://www.youtube.com/channel/UCuJ32shRt8Od3MxMY-keTSQ Topics: (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? The Fort is produced by Johnny Podcasts

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The Fort is an entrepreneurship podcast. Here, we uncover the proven strategies, insights, and inspiring stories of today’s greatest leaders in the worlds of business, real estate, entrepreneurship, and investing. Each episode’s mission is to help you to level up your entrepreneurial game by hearing directly from the men and women in the arena. Chris is able to uniquely uncover things not commonly discussed because he is an entrepreneur himself. We not only cover business, but we also cover the personal side of entrepreneurship. The Fort began in 2018 as a way for Chris to publicly explore the fascinating world of entrepreneurship. Since he was a child, he’s been characterized as obsessively curious about the world around him.  The Fort has now been downloaded over 2M times, across more than 50,000 unique listeners. Each week features conversations with entrepreneurs, Founders, CEOs, and Executives from some of the leading companies in America. Past guests have represented companies such as JLL, Hillwood, S2 Capital, Chick Fil A, Morning Brew, Founders Podcast, Tiny Capital, Permanent Equity, Fort Capital, Matthews REIS, Bonobos, and ConvertKit. 🐦 Follow Chris on Twitter: www.twitter.com/FortWorthChris 💡 Follow Chris on LinkedIn: www.linkedin.com/in/chrispowersjr/ 📹 Subscribe to The FORT on YouTube: https://www.youtube.com/@FORTpod