Maverick acquires Permian properties from ConocoPhillips

Maverick Natural Resources agreed to acquire certain Permian basin producing properties from ConocoPhillips Co. for $440 million.

The assets to be acquired produced over 11,000 boe/d (50% oil) from the Central Basin Platform and Northwest Shelf of the Permian basin during September 2021. The 144,500 net-acre position spans Andrews and Ector counties in Texas and Eddy and Lea counties in New Mexico and is largely operated and held by production.

The deal—approved by Maverick’s board of directors and majority equity owner EIG Global Energy Partners—will be funded by a fully committed $500 million reserve-based loan provided by JPMorgan Chase Bank, NA, Royal Bank of Canada, Citizens Bank, NA, KeyBank National Association, and KeyBanc Capital Markets Inc.

Pro forma for the acquisition, Maverick’s production exceeded 78,000 boe/d in September 2021, said Chris Heinson, chief executive officer.

Subject to customary closing conditions and funding, the deal is expected to close in second-quarter 2022.