Maverick acquires Conoco's Permian basin assets
Houston-based Maverick Natural Resources said January 28 it had agreed to acquire Permian basin assets from ConocoPhillips for US$440mn, effective September 1, 2021.
The assets produced over 11,000 barrels of oil equivalent (boe)/day (50% natural gas) from the Central Basin Platform and Northwest Shelf of the Permian Basin during September 2021. Maverick expects pro forma 2022 EBITDA of approximately US$450mn.
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“This Permian acquisition expands the scale of Maverick’s operations and provides high quality, oil-weighted drilling inventory,” said Chris Heinson, Maverick’s CEO. “The transaction highlights our portfolio focus in Texas and Oklahoma, which follows our recent divestitures of assets in California and Michigan. Pro forma for the acquisition, Maverick’s production exceeded 78,000 boe/d in September 2021.”
The acquisition was approved by Maverick’s board of directors and majority equity owner, EIG Global Energy Partners.The transaction is expected to close in the second quarter of 2022.