Honoring Jim Henry
This year, Hart Energy is honored to announce Jim Henry, Founder of Henry Petroleum and Henry Resources LLC, as the recipient of the Hart Energy Industry Leadership Award. Join Executive Oil Conference and Exhibition speakers and prominent Midland-area energy executives to honor his legacy at our Energy Executive Dinner on November 5 at 6:30 pm.
The 2019 Recipient of the Hart Energy Industry Leadership Award
Jim Henry, Founder, Henry Petroleum; Founder, Henry Resources LLC
Born in Colombia to American parents, Jim Henry grew up in Oklahoma City. He earned his bachelor’s and master’s degrees in petroleum engineering from the University of Oklahoma. Henry served two years in the Air Force researching liquid hydrogen at the Jet Propulsion Laboratory in Dayton, Ohio.
After working for Humble Oil & Refining Company as an engineer in the computing group and for Skelly Oil Company as a reservoir engineer, Henry co-founded H&L Consultants in 1969 with partner Bob Landenberger. A few years later, they formed Henry & Landenberger, Inc. as independent operators, drilling their first well in August of 1971. The firm concentrated on exploration, drilling, and production in the Permian Basin with primary emphasis on the Spraberry formation.
In 1977, Henry bought out Landenberger, renaming the company Henry Petroleum Corporation. By 1983, the company had 24 employees and 34 successful wells. Three years later, Henry was forced to sell half of his company and lay off part of his staff in response to the price collapse the industry experienced in 1986.
Through a series of creative asset optimization deals with many of the major and independent companies active in the Permian, Henry and his team found an avenue to profit through the lean years of the late 80s and 90s. The deals would allow for Henry Petroleum to earn a portion of any profitability improvements the team could generate on an asset.
In the early 2000s, Henry was one of the first movers in exploiting what would eventually be known as the Wolfberry. Though other companies pioneered the approach, Henry Petroleum was the first to recognize the scope of its potential and capitalized on it in impressive fashion. The company would ultimately compile more than 330,000 acres in the play which would be sold to Concho Resources in 2008, an important acquisition for Tim Leach in the early years of Concho.
After the sale to Concho, Jim started Henry Resources, where he still serves as Chairman of the Board. The company would continue to focus on the Wolfberry and have several more successful asset turnarounds over the next few years.
Under his guidance, Henry Resources eventually began pivoting to horizontal development. The company has now fully transitioned into a horizontal operator, actively developing assets in both the Midland and Delaware Basins. The company is currently at all-time highs for both capital budget and net rate and is quickly approaching an all-time high in net reserves.
In 2019, Jim leads his company into its 50th year running as well as ever and poised for a bright future of continued success in the Permian Basin.
Location: Midland Country Club | 6101 N Highway 349, Midland TX 79705