Maverick Natural Resources Acquires FourPoint Energy
HOUSTON–(BUSINESS WIRE)–Maverick Natural Resources, LLC (“Maverick” or the “Company”) announced today that it has acquired FourPoint Energy, LLC (“FourPoint”), the largest producer in the Western Anadarko Basin. In conjunction with the all-equity merger, FourPoint became a wholly owned subsidiary of Maverick and was renamed Unbridled Resources, LLC (“Unbridled”). Both Maverick and FourPoint are majority controlled by EIG Global Energy Partners (“EIG”) managed funds.
The acquired assets produce approximately 50,000 net barrels of oil equivalent per day (47% liquids) from Western Oklahoma and Northern Texas. The Unbridled position spans 700,000 acres across the core of the Granite Wash and Cleveland Sand plays. The acquisition also included MidPoint Midstream, LLC and Wheeler Midstream, LLC, which provide midstream services in the Western Anadarko Basin.
Chris Heinson, Maverick’s CEO, commented, “The acquisition of FourPoint demonstrates Maverick’s ability to translate its best-in-class operational proficiency into significant growth.”
Heinson continued, “Over the last several years, Maverick has become a leader in reducing costs in mature assets. Maverick’s transformation process allows us to rapidly deploy technology and analytics to drive reductions in G&A and lease operating expense. By renaming FourPoint Energy to Unbridled Resources, we are signaling a shift from the traditional shale model to Maverick’s margin-focused operational strategy. These assets add to Maverick’s substantial portfolio of long-lived assets. Further, the all-equity transaction ensures the combined Company will retain a healthy
financial position with a 2020 pro forma debt to EBITDA ratio of approximately 0.5x.”
Heinson concluded, “With our proven track record of safe, environmentally responsible operations and significant operational scale, we are exceptionally well-positioned to acquire additional producing assets.”
As part of the merger, EIG is adjusting the board composition to support the increased scale of the Company and the plans for continued growth and strategic development. Linda Z. Cook, Managing Director of EIG and CEO and board member of Harbour Energy, will join the Maverick board as Chairman and Jim Blackwell, an industry veteran who is also a board member of Harbour Energy, will join as well.
About Maverick Natural Resources, LLC
Maverick Natural Resources is an oil and gas organization headquartered in Houston, Texas. Maverick operates in thirteen states and specializes in management of mature upstream assets through application of automation and data-science technology. Maverick is majority-owned by EIG Global Energy Partners. To learn more, visit www.mavresources.com.
Maverick Natural Resources Acquires FourPoint EnergyEIG is a leading institutional investor to the global energy sector with $21.9 billion under management as of September 30, 2020. EIG specializes in private investments in energy and energy-related infrastructure on a global basis. During its 38-year history, EIG has committed over $34.4 billion to the energy sector through more than 360 projects or companies in 36 countries on six continents. EIG’s clients include many of the leading pension plans, insurance companies, endowments, foundations and sovereign wealth funds in the U.S., Asia and Europe. EIG is headquartered in Washington, D.C. with offices in Houston, London, Sydney, Rio de Janeiro, Hong Kong and Seoul. For additional information, please visit EIG’s website at www.eigpartners.com.
Linda Cook retired from Royal Dutch Shell plc in 2010, at which time she was a member of the Board of Directors and the Executive Committee. During her 29 years with Shell, she held positions including CEO of Shell Gas & Power (London and The Hague); CEO of Shell Canada Ltd. (Calgary); EVP Strategy & Finance for Global Exploration & Production (The Hague); and various U.S. Exploration & Production management, operational and engineering roles.
Before his retirement from Chevron Corporation, Jim Blackwell served as EVP, Technology and Services. Earlier in his career at Chevron, he served as President of Chevron Asia Pacific Exploration and Production Company; Managing Director for Chevron’s Southern Africa strategic business unit; and President of Chevron Pipe Line Company.
Andrew Rowe—Business Development
Kelly Kimberly and Brandon Messina, Sard Verbinnen & Co