Aug 14 (Reuters) - The private equity owner of Maverick
Natural Resources is exploring a potential sale that could value
the U.S. oil and gas producer at nearly $3 billion, including
debt, according to people familiar with the matter.
The Houston-based exploration and production company, which
is owned by energy-focused investment firm EIG, is working with
investment bankers at Jefferies on the sale process, the
sources said, requesting anonymity as the discussions are
confidential.
Potential buyers, such as oil & gas producers and other
investment firms, would have to take on nearly $800 million of
Maverick's debt, including the outstanding amount on an
asset-backed securitization tied to some of its assets, the
sources said, cautioning that no deal is guaranteed.
An asset-backed securitization is a financing structure
where some assets of a company are used as collateral for the
issuance of notes or bonds sold to investors. In the case of
energy operators such as Maverick, the collateral is revenue
tied to its future oil and gas production.
Such financing structures have been used by private oil and
gas companies to fund operations amid a pullback in lending by
some banks concerned by the industry's environmental impact.
A potential deal for Maverick comes as a dealmaking boom
sweeps through the U.S. shale industry. Large energy producers
have been willing to splurge on deals to gain scale and snap up
prime drilling sites, thus creating exit opportunities for
buyout firms holding oil and gas assets.
EIG and Maverick did not respond to comment requests.
Jefferies declined comment.
Maverick was formed in 2018 following the Chapter 11 of
its predecessor firm Breitburn Energy Partners. Since emerging
from bankruptcy, it has grown through acquisitions and struck
deals to acquire FourPoint Energy and some of ConocoPhillips' ( COP )
assets.
Maverick primarily operates in the Anadarko basin of
Oklahoma and a sub-section of the Permian basin in New Mexico
known as the Northwest Shelf.
The company produces roughly 60,000 barrels of oil
equivalent per day, about two-thirds of which are natural gas
and natural gas liquids, from all its combined operations, one
of the sources said.