Case Study: Transformation of the Western Anadarko

Within 90 days, Maverick executed a Transformation to move the assets, producing nearly 50,000 net barrels of oil equivalent per day (Boe/d) at the time of acquisition, to the company’s best-in-class benchmark standards.

Maverick improved the acquired asset’s adjusted EBITDA by $56 million in seven weeks, more than doubling targeted improvement.

Western Anadarko Transformation Sprint Targets

  • Restructuring labor force and vehicle fleet
  • Reducing vendor costs
  • Implementing and leveraging automation and reporting
  • Overhauling compression and water management strategies
  • Shutting in uneconomic wells
  • Overhauling workover planning and execution
  • $354 million (PV-10) of asset value increase through
    • Reduction in operating expense (OPEX) ($258 million)
    • Production optimization and debottlenecking ($71 million)
    • Bringing economic wells online and recompletion activities ($25 million)
  • OPEX run-rate reduction of $2.2 million per month (-22 percent)
  • Base production increase of approximately 5,000 Boe/d (+10 percent)
  • Operational greenhouse gas (GHG) emissions reduction of 20.5 percent
  • Total recordable incident rate (TRIR) reduced from 1.3 in 2020 (employee only) to 0.0 (employee and contractor combined)

Western Anadarko Operated Net Pre-Tax Lease Operating Expense

Note. This graph shows OPEX run-rate reduction resulting from operational Transformation.

Western Anadarko Operated Gross Barrels of Oil Equivalent per Day (2-Stream)

Note. This graph shows base production increase resulting from operational Transformation, the effect of which was 100% offset of decline throughout first 12 months of Maverick’s operation.