Mr. Weber co-founded PennEnergy Resources, LLC in 2011 and currently serves as Executive Chairman of the Board of Directors. Through the end of 2024, he served also served as Chief Executive Officer. Along with his partner, Mr. Muse, Mr. Weber led the start-up of PennEnergy and has grown the company into one largest privately-owned natural gas producers in the nation. PennEnergy has built a consolidated acreage position of nearly 200,000 acres in the core of the prolific Marcellus Shale in southwest Pennsylvania. The company has consistently drilled and completed among the most productive wells in play and today operates approximately 450 wells. Despite the headwinds of volatile and often depressed commodity prices, PennEnergy has consistently generated significant free cash flow by maintaining one the lowest cost structures in the industry. In 2018, PennEnergy successfully acquired and integrated the assets of Rex Energy Corporation; formerly a public company that had filed for bankruptcy. Since its inception, PennEnergy has religiously adhered to its Core Values and followed a formula of prudently allocating capital to generate high risk-adjusted returns to its unitholders.
Prior to co-founding PennEnergy, Mr. Weber was President of Atlas Energy, Inc. (Nasdaq: ATLS), from 2006 until Atlas’s sale to Chevron Corporation in 2011. Atlas operated more than 10,000 oil & gas wells in four different basins, including the Appalachian Basin, where Atlas was a pioneer in the development of the prolific Marcellus Shale. In addition, Atlas owned and controlled the general partner of Atlas Pipeline Partners, L.P. (NYSE: APL), a mid-stream MLP having pipeline and natural gas processing assets in the Appalachian Basin and Mid-Continent region. He oversaw all operations of the company as well as the IPO of Atlas Energy Resources, LLC in 2006. In addition, he led the $1.2 billion acquisition of DTE Energy’s Antrim Shale assets in 2007, the formation of Laurel Mountain Mid-Stream Partners, L.P., a 50/50 mid-stream joint venture in the Marcellus Shale with The Williams Company, a $1.7 billion development joint venture in the Marcellus Shale with Reliance Industries Ltd, and the $4.4 billion merger of Atlas Energy into Chevron in 2011. During his tenure at Atlas, the company accumulated nearly 300,000 acres, drilled over 300 wells and built one of the premier operating teams in the Marcellus Shale. In 2008, Mr. Weber co-founded the Marcellus Shale Coalition, which continues today as the leading trade organization serving producers and service companies involved in the Marcellus Shale industry.
Prior to joining Atlas, Mr. Weber spent 14 years at McDonald & Company Securities, Inc. (subsequently acquired by Key Corp) where he founded the Energy Group, serving independent oil & gas producers, midstream operators and utilities. He personally led over two hundred transactions involving mergers, acquisitions, divestitures, IPOs, secondary offerings, note offerings and strategic advisory assignments.
Early in his career, Mr. Weber served as an associate at First Chicago Venture Capital, the predecessor of Madison Dearborn Partners and he was a corporate banking analyst at NBD Bancorp. Between 2011 and 2017, Mr. Weber served as a director, and Chairman of the Board for the last two years of his tenure, of Northern Oil & Gas, Inc. (NYSE :NOG), an independent oil and gas producer in the Bakken Shale. From 2011 until 2015, he served on the advisory board of White Deer Energy, L.P., a private equity firm investing in exploration and production and oil service companies.
Mr. Weber graduated in 1985 from Miami University in Oxford, Ohio with a B.S. in Finance. Between 2006 and 2013, he served on Miami’s Board of Advisors of the Farmer School of Business. In 1989, he graduated from Tulane University in New Orleans, Louisiana with an M.B.A. where he was a Freeman Scholar.
