Pcore Exploration & Production Knows The Drill

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Mark Hiduke, founder and CEO of PCORE Exploration & Production, knows what it takes to succeed in the oil business. Just look at the success he had with PCORE I, his first venture, which was able to procure a 3.2 times return on investment in less than two years.

According to Hiduke, much of his company’s success can be attributed to his hyper-focused, committed, young team that works well together and maintains consistent quality. Those looking to emulate such success—whether in the oil industry or elsewhere—may want to take note.

The Early Days of PCORE

Prior to founding PCORE, Hiduke worked in business development for Pioneer Natural Resources where he benefited from working in a tight-knit group. As he puts it, “We had a small team of very talented engineers and geologists and I was lucky to learn from them while handling the financial side of the transactions. Seeing that model got me up to speed in the industry and gave me a more global aspect of how to find and develop great assets.”

While at Pioneer, Hiduke saw one of his bosses start his own private equity company and was very attracted to that business model. Around the same time, he began meeting senior managing directors at National Gas Partners (NGP) who were willing to take a chance on a younger management team. Through them, Hiduke secured funding and started PCORE I at 27.

PCORE I – STRATEGY AND SUCCESS

PCORE I was able to see a remarkable ROI in a short amount of time. Part of this was due to finding great rock to drill in the Midland Basin, but equally important was executing and sticking to a game plan.