Mark Burroughs
Managing Director
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- Full Name
- Mark Burroughs, Jr.
- Title
- Managing Director
- Firm
- EnCap Investments L.P.
- Firm Type
- Energy-focused private equity / growth capital
- Investment Stage
- Early-stage and growth-capital investments in energy companies
- Target Company Profile
- Experienced energy management teams with value-creation track records, technical and operational depth, well-defined business plans, and attractive risk-adjusted economics
- Sector Focus
- Upstream oil and gas; independent exploration and production companies; oil and gas minerals/royalties and related upstream energy services
- Geographic Focus
- North America, with emphasis on U.S. oil and gas basins including the Lower 48 and Permian Basin
- Location
- Houston, Texas
Background
Mark Burroughs, Jr. is a Managing Director on EnCap Investments’ Upstream Investment Staff in Houston. EnCap’s site identifies him as part of the firm’s upstream investment team, which backs independent energy companies and management teams in the upstream oil and gas sector.
Before joining EnCap in March 2007, Burroughs spent four years in UBS Investment Bank’s Global Energy Group. While at UBS, he worked on more than 20 capital-markets transactions that raised more than $11 billion and also worked on multiple M&A advisory assignments.
Earlier in his career, Burroughs spent three years at Sanders Morris Harris, Inc., an investment banking firm in Houston. He earned an MBA from the Jesse H. Jones School of Management at Rice University and a BA in Economics from The University of Texas at Austin.
Burroughs serves on the boards of several EnCap portfolio companies. He is also a member of the Houston Producers’ Forum and the Independent Petroleum Association of America, and serves on the boards of the Broach Foundation For Brain Cancer Research and Small Steps Nurturing Center.
Investment Thesis & Focus
- EnCap’s upstream strategy is centered on backing experienced management teams in the independent oil and gas sector with growth capital and strategic support.
- The firm states that it looks for “strong technical and operational skills,” a history of value creation, a well-defined business plan, and shared risk understanding.
- EnCap emphasizes economics-led underwriting, using hard data, technical analysis, and proprietary historical information to pursue attractive risk-adjusted opportunities in favorable geographies.
- EnCap advances capital incrementally as business plans are de-risked, with a focus on limited leverage, board control over capital allocation and investment pace, project diversification, and opportunistic exits.
- The upstream platform has invested approximately $28 billion in more than 240 upstream companies since 1988, with more than 200 realized investments.
- EnCap’s current upstream funds include EnCap Energy Capital Fund XII, which closed in September 2024 with $5.25 billion of commitments.
Notable Investments
- PennEnergy Resources — Pittsburgh-based independent natural gas company focused on the Marcellus Shale; EnCap announced a $2.0 billion continuation vehicle for PennEnergy in October 2025.
- Double Eagle IV / Double Eagle Energy Holdings V — Fort Worth-based oil and gas company focused on the Permian Basin; Double Eagle IV agreed in February 2025 to sell interests to Diamondback Energy for $3 billion in cash plus approximately 6.9 million Diamondback shares, and EnCap announced a new $2.5 billion equity commitment for Double Eagle V and Tumbleweed V in April 2025.
- X2 Resources — Houston-based independent oil and gas company targeting large-scale acquisitions across premier oil and gas basins; announced an EnCap-backed equity commitment in April 2025.
- Dunamis Energy — Denver-based independent oil and gas company focused on acquisition and development of horizontal resource plays in the Lower 48; initial EnCap investment listed as 2024.
- Black Swan Oil & Gas — Oklahoma City-based independent oil and gas company focused on horizontal resource plays in the Lower 48; initial EnCap investment listed as 2017.
- Grayson Mill Energy — Houston-based exploration and production company focused on U.S. unconventional resource plays; initial EnCap investment listed as 2016.
- Novo Oil & Gas — Oklahoma City-based E&P company focused on liquids-rich unconventional assets in onshore U.S. basins; formed in 2016 and led by former PayRock Energy managers.
- Pegasus Resources II — Fort Worth-based company acquiring mineral and royalty interests in proven oil and gas resource plays, specifically the Permian Basin; initial EnCap investment listed as 2021.
- Tumbleweed Royalty IV — Fort Worth-based company focused on mineral, royalty, and overriding royalty acquisitions in the Permian Basin; initial EnCap investment listed as 2022.
- Verdun Oil Company — Houston-based private oil and gas company pursuing identification, acquisition, and development of U.S. oil and gas assets; initial EnCap investment listed as 2015.
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