Maverick drives immediate step-change improvements with Transformation. In a matter of weeks, assets are transformed through a structured and fact-based practice that aligns the organization to Maverick’s objectives.
Catalyzed by major acquisitions or significant changes in commodity prices, Transformation is comprised a series of “sprints” with different desired business-case outcomes, depending on needs at the time. Each sprint is an intense, two-week period of change during which all field, office and mobile employees become singularly—and relentlessly—focused on obtaining a measurable result.
Overall Transformation Approach
- Brainstorm ideas with the organization
- Outline facts to the organization and provide a clear understanding of reality
- Roll out strategy, rationale and high-level implementation plan
While sprint targets are clearly defined, the route to the target is not. Executive leadership sets sprint targets that are far beyond standard expectations, pushing the organization to surprise itself. In exchange, employees are granted wide latitude to try new things. Invariably, targets are smashed.
The Transformation process reinforces and expands Maverick culture. The rigor and highly ambitious nature of the sprints require that groups demolish silos and work expertly together.
Maverick’s Transformation timeline succinctly tells the company’s history, charting the course forward.
- Focused on cost reductions
- Forged action-oriented and commercial-minded cultural attributes
- Became best-in-class proved developed producing (PDP) operator
Free cash flow impact: $55.4 MM
Stop the Bleeding
- Positively reacted to commodity price collapse
- Temporarily shut in Jay Field and all uneconomical wells
- Reinforced variable-cost mindset
Free cash flow impact: $66.2 MM
Western Anadarko Transformation
- Shifted from exploration to PDP focus
- Brought on additional production through workover activities
- Increased automation
- Optimized base performance
Free cash flow impact: $56.3 MM
PV-10 impact: $354 MM
- Improved data utilization and streamlined processes
- Fostered technical innovation to drive a growth platform
- Developed broader business understanding across functions
Permian Acquisition Transformation
- Identified executable production uplift projects
- Developed business cases for emissions reduction initiatives
- Optimized vendor base for company growth strategy
Transformation of the Western Anadarko
In late 2020, Maverick acquired FourPoint Energy, a leading producer in the western part of the Anadarko Basin, and added to its portfolio approximately 700,000 acres spanning Western Oklahoma and the Panhandle of Texas.
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.