Sources say that the owner of energy producer Maverick is interested in selling it for $3 billion.

According to sources familiar with the situation, the private equity owner of Maverick Natural Resources has been exploring the possibility of selling the U.S. oil-and-gas producer for a price that would be around $3 billion including debt.

Sources said that the Houston-based exploration company, owned by the energy-focused investment group EIG, was working with Jefferies investment bankers on the sale process. They requested anonymity because the discussions were confidential.

Sources said that potential buyers such as oil and gas producers, other investment firms would be required to assume nearly $800,000,000 of Maverick’s debt. This includes the outstanding amount of an asset-backed securities tied to some Maverick assets.

Asset-backed securitizations are a type of financing where certain assets of a business are used as collateral to issue notes or bonds that investors can buy. For energy operators like Maverick the collateral is the revenue that will be generated by its future oil and natural gas production.

These financing structures are used by private oil companies to fund their operations, despite a reduction in lending from some banks due to environmental concerns.

Maverick's potential deal comes at a time when the U.S. shales industry is experiencing a boom in dealmaking. Energy companies have been willing spend big to get scale and secure prime drilling sites. This has created exit opportunities for firms that hold oil and gas assets.

EIG and Maverick have not responded to requests for comment. Jefferies declined comment.

Maverick Energy Partners was renamed Maverick in 2018, following the Chapter 11 bankruptcy of its predecessor. Since its bankruptcy, Maverick has grown by acquiring assets and FourPoint Energy.

Maverick operates primarily in the Anadarko Basin of Oklahoma, and in a part of the Permian Basin in New Mexico called the Northwest Shelf.

One source said that the company produced roughly 60,000 barrels equivalent to oil per day. About two-thirds are natural gas or natural gas liquids. (Reporting and editing by Nick Zieminski, David French in New York and Shariq Kan in New York)

(source: Reuters)