Keith & Brad from Stephens on Chuck Yates Needs a Job
Family offices are rolling into the energy game in a big way, and Chuck sits down with a couple of guys who’ve been right in the thick of it. We’re talking old-money families, London power players, and some seriously savvy strategies, like continuation vehicles, that are flipping the script on traditional deals. Keith and Brad from Stephens Inc. break it all down: what’s drawing these investors to oil and gas (hint: it’s not just the money), why Europe’s cash is flowing stateside, and how the secondary basins are getting their glow-up. If you’ve ever wondered who’s behind the curtain in today’s biggest mineral and royalty plays, this one peels it back.
00:00 - Intro
00:52 - Raising Money from Family Offices
06:26 - FIRPTA Explained
08:26 - Continuation Vehicles Overview
19:08 - MAP Royalty Insights
21:54 - Continuation Vehicle vs Going Public
25:50 - Continuation Vehicle Process Explained
28:30 - Family Office VDR Process
31:08 - Timeline for Continuation Vehicles
36:05 - Criteria for Mercury Call
41:00 - Family Office Equity Strategies
45:58 - A&D Market Trends
49:10 - Scott Sheffield's Ranch Overview
49:44 - Outro
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Stephens’ Investment Banking Department personnel participated in this podcast solely
for informational purposes. It is not a solicitation of any retail customer, it is not a
solicitation, recommendation or offer to buy or sell any security and it does not provide
information on which an investment decision to purchase or sell any securities could be
based. It does not purport to be a complete description of the securities, markets or
developments referred to in this podcast. Stephens has not independently verified any
information discussed in this podcast and does not guarantee that it is accurate or
complete. No representation or warranty, express or implied, is made as to the accuracy,
completeness, or correctness of any such information. To the full extent permitted by
law, neither Stephens nor any other person accepts any liability whatsoever for any
direct, or indirect or consequential loss or damage arising from any use of the
information discussed in this podcast. No subsequent publication or distribution of this
podcast shall mean or imply that any such information remains current at any time after
the date the podcast was recorded. Stephens does not undertake to advise you of any
changes in any such information. Additional information is available upon request.
Please assume that Stephens or its employees or affiliates at any time may hold long or
short positions in any of the securities mentioned, may sell or buy any such securities,
may make a market in any such securities and may have conducted underwritings or
provided other investment banking services involving any of such securities.
The views and opinions expressed in this podcast are those of the speaker, or the
person(s) to whom such view or opinion is attributed, and do not necessarily reflect the
opinions of Stephens or any other person or entity. Any expressions of opinion or
forward-looking statements included in this podcast are based on information available
on the date the podcast was recorded, speak only as of such date and are subject to
change without notice. No assurance can be given that any of such opinions or
statements will prove correct.
Nothing in this podcast should be viewed as accounting, tax, regulatory or legal advice;
please contact your professional accounting, tax, regulatory or legal advisors for such
advice.
“Stephens” (the company brand name) is a leading family-owned investment firm that
includes Stephens Inc. (member NYSE/SIPC), Stephens Investment Management
Group, LLC, Stephens Insurance, LLC, Stephens Capital Partners LLC and Stephens
Europe Limited (Registered office: 12 Arthur Street, London, EC4R 9AB, Registered
number 8817024), which is authorised and regulated by the Financial Conduct Authority.
© 2025 Stephens
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Click here to watch a video of this episode.00:00 - Intro
00:52 - Raising Money from Family Offices
06:26 - FIRPTA Explained
08:26 - Continuation Vehicles Overview
19:08 - MAP Royalty Insights
21:54 - Continuation Vehicle vs Going Public
25:50 - Continuation Vehicle Process Explained
28:30 - Family Office VDR Process
31:08 - Timeline for Continuation Vehicles
36:05 - Criteria for Mercury Call
41:00 - Family Office Equity Strategies
45:58 - A&D Market Trends
49:10 - Scott Sheffield's Ranch Overview
49:44 - Outro
https://www.instagram.com/digitalwildcatters
https://www.tiktok.com/@digitalwildcatters
https://www.facebook.com/digitalwildcatters
https://www.linkedin.com/company/digitalwildcatters
https://twitter.com/DWildcatters
https://www.youtube.com/@DigitalWildcatters
Stephens’ Investment Banking Department personnel participated in this podcast solely
for informational purposes. It is not a solicitation of any retail customer, it is not a
solicitation, recommendation or offer to buy or sell any security and it does not provide
information on which an investment decision to purchase or sell any securities could be
based. It does not purport to be a complete description of the securities, markets or
developments referred to in this podcast. Stephens has not independently verified any
information discussed in this podcast and does not guarantee that it is accurate or
complete. No representation or warranty, express or implied, is made as to the accuracy,
completeness, or correctness of any such information. To the full extent permitted by
law, neither Stephens nor any other person accepts any liability whatsoever for any
direct, or indirect or consequential loss or damage arising from any use of the
information discussed in this podcast. No subsequent publication or distribution of this
podcast shall mean or imply that any such information remains current at any time after
the date the podcast was recorded. Stephens does not undertake to advise you of any
changes in any such information. Additional information is available upon request.
Please assume that Stephens or its employees or affiliates at any time may hold long or
short positions in any of the securities mentioned, may sell or buy any such securities,
may make a market in any such securities and may have conducted underwritings or
provided other investment banking services involving any of such securities.
The views and opinions expressed in this podcast are those of the speaker, or the
person(s) to whom such view or opinion is attributed, and do not necessarily reflect the
opinions of Stephens or any other person or entity. Any expressions of opinion or
forward-looking statements included in this podcast are based on information available
on the date the podcast was recorded, speak only as of such date and are subject to
change without notice. No assurance can be given that any of such opinions or
statements will prove correct.
Nothing in this podcast should be viewed as accounting, tax, regulatory or legal advice;
please contact your professional accounting, tax, regulatory or legal advisors for such
advice.
“Stephens” (the company brand name) is a leading family-owned investment firm that
includes Stephens Inc. (member NYSE/SIPC), Stephens Investment Management
Group, LLC, Stephens Insurance, LLC, Stephens Capital Partners LLC and Stephens
Europe Limited (Registered office: 12 Arthur Street, London, EC4R 9AB, Registered
number 8817024), which is authorised and regulated by the Financial Conduct Authority.
© 2025 Stephens
