Chairman & Chief Executive Officer
Saddle Operating is well positioned to take advantage of current market conditions.
Doug Miller is the Chairman and Chief Executive Officer of Saddle Operating, LLC. Doug started his career as an equity trader where he focused on oil and gas stocks. He had the opportunity to work with industry leaders of that time including Tom Brown, John Cox and Boone Pickens, who was CEO of Mesa Petroleum and now leads BP Capital in Dallas.
In the early 1980’s, Doug began advising on restructurings in the oil and gas sector with several companies including Halliburton, Tipperary and Walker Energy. In 1983, he led a group which launched a turnaround of Chapman Energy, a publicly traded oil and gas production company. In 1987, Doug was named CEO and Chapman Energy changed its name to Coda Energy. Coda consistently achieved 25-30% average annualized equity returns as the company focused on an acquisition and exploitation strategy. Upwards of 20 successful acquisitions were made with Mobile (the majority), Texaco, Atapco and Sun Oil. In 1995, Coda Energy was taken private and subsequently spun off to Belco Oil and Gas, an NYSE energy company, in November 1997.
In December 1997, Doug purchased a controlling interest in EXCO Resources, Inc., a very small publicly traded oil and gas production company. He, Doug Ramsey and two other colleagues embarked on an ambitious acquisition plan over the next 10 years, completing in excess of 160 transactions which ranged in size up to $1.5 billion, with EXCO Resources ultimately owning 15,000 wells which were operated by over 1,400 employees and contractors. Assets grew to $6.0 billion, with total proved reserves of 1.9 Tcf, daily production of 332 Mmcfe/d and a 98% drilling success rate.
Doug resigned from EXCO Resources in November 2013 to once again pursue acquisition, drilling and midstream opportunities through his newly formed private company, Saddle Operating, LLC, which he formed in December 2013. Doug formed Saddle Operating to acquire producing oil and natural gas assets in the Barnett Shale.
On December 1, 2016, Saddle Operating successfully closed two transactions with EnerVest Operating, LLC totaling $415 million. Saddle continues to aggressively pursue the acquisition of Barnett Shale assets with the goal of consolidating the basin and becoming the lowest cost operator in the area.