NEQ Operating Strengthens Leadership Team to Support Next Phase of Growth

John Raines Named President and Chief Operating Officer; 
Michael Magilton Named Chief Financial Officer

HOUSTON, Oct. 27, 2026 (GLOBE NEWSWIRE) — NEQ Operating, LLC (“NEQ Operating” or the “Company”), a leading operator of upstream assets across the Lower 48, today announced the appointments of John Raines as President and Chief Operating Officer and Michael Magilton as Chief Financial Officer. Together, Raines and Magilton bring extensive operational, financial and transaction experience to NEQ Operating as the Company continues to scale its platform and pursue its growth strategy.

Raines and Magilton join Chief Executive Officer David Harris, who brings nearly two decades of upstream leadership across acquisitions, capital allocation and large-scale operations. He most recently served as Executive Vice President and Chief Corporate Development Officer at Devon Energy Corporation (NYSE: DVN), where he helped lead approximately $40 billion in transactions, including multiple portfolio repositionings and Devon’s transformative 2021 merger of equals with WPX Energy. He also previously served as Executive Vice President of E&P Operations, overseeing Devon’s upstream business and nearly $2 billion in annual capital expenditures.

• John Raines, President and Chief Operating Officer. Raines brings more than 20 years of experience in the upstream sector, most recently serving as Executive Vice President, Exploration & Production at Devon Energy Corporation, one of the largest independent oil and gas producers in the U.S., where he led the company’s Permian business following its merger with Coterra Energy. Earlier, he served as Senior Vice President, E&P Asset Management, overseeing Devon’s three business units, and held a series of senior leadership roles, including Vice President of the Delaware Basin Business Unit, Vice President of the Rockies Business Unit and Vice President of Land & Regulatory.
• Michael Magilton, Chief Financial Officer. Magilton brings extensive experience in upstream finance, capital markets and M&A. He previously served as Chief Financial Officer of Encino Energy, where he helped build a large-scale Utica Shale business backed by CPPIB and played a key leadership role in the carve-out and stand-up of the Ohio Utica assets acquired from Chesapeake. As CFO of Sabine Oil & Gas, he led the company through its financial restructuring, recapitalization and significant asset divestitures, repositioning the business around its Haynesville and East Texas assets. Earlier in his career, Magilton held finance and investment roles at Quantum Resources Management, Aurora Capital Group, Wellspring Capital Management and First Reserve Corporation.

“John and Michael are exceptional operational and financial leaders with deep roots in the upstream industry, and we are thrilled to welcome them to the NEQ Operating team,” said Wil VanLoh, Founder and CEO of Quantum Capital Group. “John has spent his career running large, complex operations at one of the country’s leading producers, and Michael has a long record of disciplined capital allocation across commodity cycles. Together with David, they give NEQ Operating the leadership, expertise and vision needed to drive growth. As the U.S. upstream market continues to evolve, NEQ Operating is well-positioned to capitalize on opportunities to acquire and develop high-quality assets.”

“NEQ Operating has built a differentiated platform, and our ability to attract leaders of John’s and Michael’s caliber is a testament to its strength and the significant opportunity ahead,” said Harris. “We are already managing one of the largest private oil and gas portfolios in the United States, and with John’s operational leadership, Michael’s financial expertise and the backing of Quantum Capital Group, we are well-positioned to reinvest cash in low-risk development and acquisitions, compounding the growth and returns of our platform. I am excited to work alongside them as we continue to build on this strong foundation.”

Raines and Magilton will work alongside Harris and Alan Smith, an Operating Partner at Quantum who serves as Executive Chairman of NEQ Operating. A veteran industry executive and serial entrepreneur, Smith has built nine companies in partnership with Quantum, investing more than $3 billion of equity and delivering exceptional returns. He also serves as Executive Chairman of Rockcliff Energy III, LLC.

About NEQ Operating, LLC
NEQ Operating, a leading operator of upstream assets across the Lower 48 U.S., manages a diversified, multi-basin portfolio including assets in South Texas, Appalachia, Haynesville and the Mid-Continent. Backed by commitments from Quantum Capital Group, the Company is building a scaled, world-class upstream business through the strategic acquisition, development and optimization of PDP-heavy, yield-oriented upstream assets. For more information, visit NEQOperating.com.

Media Contact:
Kate Kelley / Erik Carlson
Joele Frank, Wilkinson Brimmer Katcher
NEQOperating-JF@joelefrank.com
212-355-4449