Published: June 18, 2025
The Texas Commission on Environmental Quality (TCEQ) has officially approved a Permit by Rule (PBR) ownership transfer for the Maverick 1 TB facility in Howard County, Texas, under Project #394208. The permit change finalizes the transition of operational control from APA Corporation—which had previously acquired the asset through Callon Petroleum—to Spirit O&G Operating LLC, led by longtime industry executive Todd Guest.
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🛢️ Permit Snapshot
- Permit Number: 146697
- Permit Action Type: OWNCHANGE (Change of Ownership)
- Permit Type: PBR (Permit by Rule)
- Permit Status: Issued (June 12, 2025)
- Project Status: Complete
- Regulated Entity Number: RN109777326
- Location: Howard County, Region 07 – Midland
- Access Directions: Depart Big Spring via I-20B & N Gregg St, then 9.95 miles on US-87 N, turn right, continue 0.4 miles to the facility
- Previous Owner: APA Corporation (via Callon Petroleum acquisition)
- New Owner: Spirit O&G Operating LLC
🔄 Ownership Context
The Maverick 1 TB facility originally operated under Callon Petroleum, later transitioning to APA Corporation during asset realignments. This most recent divestment reflects APA’s continued exit from non-core operations as part of its broader portfolio consolidation strategy. Spirit O&G’s acquisition marks a strategic move into mature Permian Basin acreage, consistent with its proven model of optimizing legacy production assets.
👤 Leadership Profile: Todd Guest, Co-Founder & Managing Director, Spirit O&G
Todd Guest brings over three decades of oil & gas leadership to Spirit’s expansion. His resume spans both private and public E&P companies, with deep financial and operational experience:
- Spirit Oil & Gas, LLC – Co-Founder, Managing Director, CEO/CFO (2018–Present)
- EnerVest, Ltd. – CAO/Vice President-Accounting (1996–2018)
- Torch Energy Advisors – Controller (1989–1996)
- Tenneco Oil Company – Various Financial Roles
Guest’s career trajectory underscores Spirit’s commitment to seasoned, disciplined growth—targeting undercapitalized PDP assets and unlocking value through technical and operational enhancement.
📍 Why It Matters
Located in Howard County, this facility lies in the heart of the Permian Basin, a region that continues to attract disciplined capital focused on production optimization over new drill bit exposure. The low-emission PBR classification makes the asset especially attractive for operators like Spirit who prioritize cost-efficient operations with minimal regulatory complexity.
🔎 What is a Permit by Rule?
Permit by Rule (PBR) is a streamlined authorization pathway used by TCEQ for facilities that meet low-emission thresholds. While they avoid the complexities of full New Source Review (NSR), they still require compliance documentation—including ownership updates under Title V of the Clean Air Act.
✅ Summary
- Spirit O&G acquired the Maverick 1 TB facility from APA, which originally inherited the asset from Callon Petroleum.
- The site is now officially under Spirit’s control per TCEQ Permit #146697, approved June 12, 2025.
- The PBR status and Permian Basin location make it a strategic fit for Spirit’s PDP-focused operating model.
- Todd Guest, a seasoned oil & gas executive with a 35-year track record, is leading Spirit’s expansion into mature, low-risk assets.
This move highlights the continued reshuffling of Permian assets, where smaller, agile operators are building portfolios through divestments from larger, portfolio-rationalizing firms.
