Encino was founded by Hardy Murchison in 2011 as a Houston-based oil and gas acquisition and development company focused on long-lived oil and gas investments primarily onshore in the U.S. Platform provided significant initial capital for Encino and helped raise additional capital from other investors. From 2011 to 2017, Encino acquired E&P assets and built an exceptional executive team. In 2017, Encino formed Encino Acquisition Partners (“EAP“) in partnership with the Canadian Pension Plan Investment Board (“CPPIB”). From 2017 to 2025, EAP built a significant asset base in the Utica shale and ultimately became one of North America’s premier unconventional resource plays. In 2025, Encino sold its entire stake in EAP to EOG Resources (NYSE: EOG). EOG Resources acquired EAP for US$5.6 billion, inclusive of EAP’s net debt.
Platform had a long-standing relationship with Hardy Murchison, Encino’s Founder and Chief Executive Officer. Mr. Murchison had a successful career in E&P and investing, serving as Managing Director of First Reserve Corporation (“First Reserve”), a private equity company which invests in the energy industry, and as Vice President of Corporate Development at Range Resources, an independent oil and gas company. After leaving First Reserve, Mr. Murchison wanted to start and run an E&P company and was intrigued with Platform’s long-term investment strategy and perpetual structure.
After several discussions, Platform and Mr. Murchison decided to create a partnership where Platform would serve as the lead investor in Encino and assist in raising additional capital, as well as providing ongoing financial, operational and strategic advice. With Mr. Murchison’s successful track record and relationships, Encino quickly raised a significant amount of capital from several value-added shareholders, including a committed group of industry partners who serve as advisors to Encino.