Published: January 27, 2025 |

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Maverick Natural Resources has entered into a definitive agreement to acquire certain producing properties in the Permian Basin from ConocoPhillips for a purchase price of $440 million.

The assets to be acquired produced more than 11,000 boepd (50 percent oil) from the Central Basin Platform and Northwest Shelf of the Permian Basin during September 2021. The position spans approximately 144,500 net acres across Andrews (Texas), Ector (Texas), Eddy (New Mexico), and Lea (New Mexico) Counties and is largely operated and held by production.

“This Permian acquisition expands the scale of Maverick’s operations and provides high quality, oil-weighted drilling inventory. The transaction highlights our portfolio focus in Texas and Oklahoma, which follows our recent divestitures of assets in California and Michigan,” said Chris Heinson, Maverick’s CEO.

“Pro forma for the acquisition, Maverick’s production exceeded 78,000 boepd in September 2021. We expect to utilize our enhanced scale, operational track record, and conservative balance sheet to access capital markets for funding future acquisitions,” added Heinson.

The acquisition was approved by Maverick’s board of directors and majority equity owner, EIG.

Maverick Natural Resources is a private oil and gas company headquartered in Houston, Texas. Maverick specializes in the management of mature upstream assets through application of automation and data-science technology while focusing on safety, emissions, and environmental responsibility.

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