In mid-March, Maverick Natural Resources was like every other E&P in the Lower 48— boxed in by OPEC, a pandemic and buried under an avalanche of bad news that in roughly two weeks had drained the value of oil by 56%.

While other E&Ps rapidly slashed billions of dollars from their drilling programs,  Maverick didn’t have that option. The company lacks a robust capex program, forcing it to find savings elsewhere. But the Houston company is practiced at taking tight turns. This is, after all, a company of remnants, created by someone else’s decisions and miscalculations during another bad time for the oil and gas industry.

By the time the company was ready to find places to cut, CEO Chris Heinson said the company’s executives had been independently watching the news and taking actions he didn’t direct. That’s the way it was intended to work.

Already have an account? Log In

Thanks for reading Hart Energy.

Subscribe now to get unmatched coverage of the oil and gas industry’s entire landscape.

Get Access