Doug Ramsey, PH.D.
President & Chief Financial Officer
Our approach to financial management focuses on spending within operating cash flow and utilizing prudent levels of bank debt.
Doug Ramsey is the President and Chief Financial Officer of Saddle Operating, LLC. In 1992, Doug Ramsey started his career in oil and gas at Coda Energy, Inc., a publicly traded oil and gas production company. He was initially hired as Financial Analyst and Assistant to the President. He was later promoted to Financial Planning Manager. 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 teamed up again with Doug Miller to purchase a controlling interest in EXCO Resources, a very small publicly traded oil and gas company. The team 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 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. As CFO and Treasurer of EXCO, Doug had four departments reporting to him: Finance, Accounting, HR and IT.
Doug resigned from EXCO Resources in April 2014 to join Doug Miller at Saddle Operating, LLC. Saddle Operating was formed 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.
Doug has published several articles in the Journal of Applied Corporate Finance including “A Primer on the Economics of Shale Gas Production: Just How Cheap is Shale Gas?” in the Fall 2013 issue, and “The Economics of Wind Energy” in the Spring 2009 issue. Most recently he published “Predicting Corporate Voting Outcomes for Shareholder Sponsored Proposals” in the Journal of Corporate Ownership & Control with Alex Gnutti, Saddle Operating’s VP of Financial Planning & Analysis.
Doug has taught numerous finance classes as an adjunct professor across 17 years in California at Cal Poly Pomona and the University of La Verne, and in Texas at UT-Arlington, UT-Dallas, TCU and SMU in their professional MBA program. He is also a lecturer in Baylor’s Executive MBA program and has guest lectured at UT-Austin and USC. He earned his BS in Finance from Cal Poly Pomona, an MBA from the University of Chicago Booth School of Business, and an MA and Ph.D. in Business and Financial Economics from the Claremont Graduate University.
Doug is a certified flight paramedic. He also competes at the National and International levels in Shotokan karate where he has won U.S. Nationals twice; earned two bronze medals and one silver medal at the Pan American Karate Championships in Winnipeg, Canada, Santiago, Chile and Goiania, Brazil; placed in the top 8 at the 10th World Traditional Karate Championships in Bologna, Italy; placed in the top 5 at the 17th World Traditional Karate Championships in Cairo, Egypt; and earned two bronze medals at the 1st United World Karate Championships in Koper, Slovenia in October 2015.