Larry serves as a Manager and Advisor of Gateway Royalty V LLC. Gateway V is the fifth entity of the Gateway Royalty companies, which were founded by Larry’s son, Chris Oldham, and have been successful in acquiring oil and gas minerals and royalties in the Utica Shale since 2012. Larry is also a Manager of Gateway III and Gateway IV and has been actively advising Gateway I and Gateway II.
Larry is the founder and former President and CEO of Parallel Petroleum LLC, an independent energy company headquartered in Midland, Texas, which is engaged in the acquisition, development and production of long-lived oil and gas properties, primarily in the Permian Basin.
Larry founded Parallel Petroleum Corporation in 1979, took it public in 1980, and served as an officer and director of the corporation until it was acquired thirty years later by Apollo Global Management in December 2009. Apollo sold the company two years later in December 2011 to Samsung C&T Corporation. Under Apollo’s ownership and now under the Samsung ownership, Parallel Petroleum LLC has maintained its footprint in the Permian Basin. During his years at Parallel, some of the most notable property acquisitions were the Fullerton Property in Andrews County, Diamond M Canyon Reef Field in Scurry County, and the acquisition of all Fina’s West Texas assets in July 1999. In 2005, horizontal drilling was successfully implemented in the Wolfcamp formation in New Mexico and the Barnett Shale in Tarrant County Texas.
Prior to Parallel’s formation, Larry was employed by Dorchester Gas Corporation from 1976 to 1979 and KPMG Peat Marwick, LLP during 1975 and 1976. He is a member of the Permian Basin Landman’s Association and the Permian Basin Producers Association.