We hosted Lime Rock Partners CEO Jonathan Farber on January 7th. Mr. Farber co-founded the firm in 1998 with John Reynolds. Lime Rock’s foundation was built on the E&P and oilfield service perspective Mr. Farber and Mr. Reynolds gained collectively as analysts in energy research and investment banking with Goldman Sachs in the 1990s. This collaboration has allowed Lime Rock to successfully grow its E&P and oilfield services verticals in parallel, a combination that is unique in its peer group. Its size is also the exception – the firm has managed to remain relatively small, with a total of $5.5 billion in committed capital received over its life. These attributes have allowed Lime Rock to remain nimble and adapt to the changing competitive landscape wrought by rapid advances in unconventional resource opportunity and horizontal drilling and completion technology. The firm’s dual investment targets today are superior resource play geology in E&P and the best technology in oilfield services to exploit great rock. Mr. Farber also expressed the view that while commodity price recoveries could periodically overshoot to the upside, because of technology innovation and its efficacy, the world should be prepared for a lower structural oil and natural gas price reality over the long run.