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Schustermans end involvement in family business Samson

By Attracta Mooney

The family behind one of the US’s largest private exploration and production companies has sold the family business in a deal worth $7.2 billion (€5.4 billion).

An investor group lead by private equity firm KKR acquired the Schusterman family’s Samson Investment Company, with the exception of its onshore Gulf Coast and offshore deep-water Gulf of Mexico assets. These will continue to be owned by the founding family.

As part of the transaction, KKR agreed to keep Samson’s headquarters in Tulsa, Oklahoma, because of the company’s ties to the area.

In a statement, Stacy Schusterman, Samson’s chief executive and daughter of the founder, said she had sought a partner who “would value both our assets and our people”.

“[The investor group] recognises that maintaining our culture will best enable Samson to retain and build the strong team we have and thereby continue to profitably grow our asset base," she added.

Samson, which was founded in 1971 by Charles Schusterman, has over 10,000 wells, including 4,000 in the US.

Stacy joined the family business in the 1980s after her father, who died in 2000, was diagnosed with leukaemia. She became co-chief executive officer in 1999, before taking full control in 2005. 

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