Maverick Natural Resources, a US-based oil and gas producer, is potentially on the market for nearly $3bn, including debt, reported Reuters, citing sources.
Owned by energy and infrastructure industry investor EIG, the energy company is collaborating with Jefferies investment bankers on the sale process, the sources said.
While the discussions are confidential, the sale could involve taking on Maverick's debt of approximately $800m, they added.
Potential buyers including other oil and gas producers and investment firms are being sought for Maverick Natural Resources, which is based in Houston.
The sale includes an asset-backed securitisation tied to some of Maverick's assets.
This financial structure, where company assets are collateral for bonds sold to investors, is common in the industry, especially as traditional bank lending has decreased due to environmental concerns.
Neither EIG nor Maverick has commented on the potential sale, and Jefferies has declined to comment, Reuters reported.
The sale process is ongoing, and there is no certainty that a deal will be reached.
The US oil and gas industry has seen a surge in M&A, with large energy producers eager to consolidate and acquire prime drilling locations, reported the media outlet.
This trend provides an exit strategy for private equity firms with oil and gas holdings.
Maverick Natural Resources, formed in 2018 after the Chapter 11 bankruptcy of Breitburn Energy Partners, has expanded through acquisitions, including assets from FourPoint Energy and ConocoPhillips.
It operates mainly in the Anadarko basin of Oklahoma and the Northwest Shelf of the Permian basin in New Mexico.
The company's production is approximately 60,000 barrels of oil equivalent per day, with two-thirds consisting of natural gas and natural gas liquids.
In December 2023, EIG finalised a deal with Novonor and the Brazilian Development Bank to purchase Ocyan Participações for $390m (1.8bn reais).
Ocyan is a Brazilian company offering oil and gas solutions, focusing on maintenance services for the offshore sector. With 23 years of expertise, it specialises in subsea construction and decommissioning projects.
