Industry veteran still has thirst for oil business
Entrenched in his native Texas, the former BHP Billiton petroleum boss is still working but is no longer flying around the world to keep abreast of his empire.
"These are oilfields that are very near my home. I can drive out here in 45 minutes and be on the rigs and around the people, and yet still have dinner at home at night," he said of his new role at the helm of ASX-listed oil junior Maverick Drilling and Exploration.
Famous within BHP for working from dawn to dusk, Mr Yeager was out of the corporate fray for barely three months before resurfacing at Maverick, validating those who see him as anything but the retiring type.
"This is not just a job for me and nor has it ever been ... every day I've awakened and I can't wait to get to work," he told BusinessDay.
"I wouldn't say I won't ever get away from it but I just want to do it in a simpler way in the latter stages of my career, and Maverick has given me a chance to do that."
But even if Maverick's three oil deposits near Houston create the perfect sunset job for Mr Yeager, the charismatic 60-year-old will not be taking it easy.
Just two weeks into his tenure, Mr Yeager has sought to open the company up to the much bigger US investment market, by applying to get Maverick shares trading in the US through depository receipts.
"We are going to try to do our best to appeal to this large US shareholder base that is ... untapped for Maverick," he said. "We hope to be listed in the US around the first of December."
Maverick has an unusual structure, with an ASX listing supporting a company that is almost entirely American in every other way. That arrangement is due to Maverick's 38-year history as a drilling contractor that flirted with servicing the Australian resources market about four years ago.
The company has since taken a different path and is seeking to become an oil producer, based on the strategy that it can be more profitable using its rigs to find oil rather than leasing them out.
By avoiding the cost of rig hire, Maverick figures it can be a lower cost producer than most other oil companies, so long as it can successfully learn the oil game.
That is where Mr Yeager and his 33 years of experience will come in handy. "I'm catching Maverick 'oil and gas' in its infancy, and that's the fun part for me personally," he said.
Frequently Asked Questions about this Article…
Mike Yeager is a seasoned industry veteran with over 30 years of experience in the petroleum sector. He is currently leading Maverick Drilling and Exploration, an ASX-listed oil junior, where he enjoys a simpler life managing oilfields close to his home in Texas.
Mike Yeager is a seasoned industry veteran with over 30 years of experience in the petroleum sector. He is currently leading Maverick Drilling and Exploration, an ASX-listed oil junior, where he enjoys a simpler life working close to home in Texas.
Maverick Drilling and Exploration aims to become a profitable oil producer by using its own rigs to find oil, rather than leasing them out. This strategy is designed to make Maverick a lower-cost producer compared to other oil companies.
Maverick Drilling and Exploration aims to become a profitable oil producer by using its own rigs to find oil, rather than leasing them out. This strategy is designed to make Maverick a lower-cost producer compared to other oil companies.
Maverick is looking to tap into the larger US investment market by applying to have its shares traded in the US through depository receipts. They aim to appeal to a broader US shareholder base and hope to be listed in the US by December.
Maverick is seeking to tap into the larger US investment market by applying to have its shares traded in the US through depository receipts. They aim to appeal to a broader US shareholder base and hope to be listed in the US by December.
Maverick has an unusual structure with an ASX listing, yet it operates almost entirely as an American company. This setup stems from its history as a drilling contractor with past ties to the Australian resources market.
Maverick has an unusual structure with an ASX listing, yet it operates almost entirely as an American company. This setup stems from its history as a drilling contractor that briefly serviced the Australian resources market.
Mike Yeager was drawn to Maverick because it offers him the opportunity to continue working in the oil industry in a simpler way, close to home. He finds personal enjoyment in helping Maverick grow from its early stages.
Mike Yeager chose Maverick because it allows him to continue working in the oil industry in a simpler way, close to home. He finds excitement in catching Maverick 'oil and gas' in its infancy and contributing his extensive experience to its growth.
With 33 years of experience in the oil and gas industry, Mike Yeager brings a wealth of knowledge and expertise to Maverick. His background is expected to be instrumental in helping the company learn and succeed in the oil game.
By avoiding the costs associated with rig hire, Maverick aims to be a lower-cost producer. This approach could potentially make them more competitive and profitable in the oil industry.
Maverick plans to reduce production costs by avoiding the expense of rig hire. By using its own rigs to find oil, the company believes it can operate more cost-effectively than many other oil producers.
With 33 years of experience in the oil industry, Mike Yeager brings valuable expertise to Maverick. His knowledge and leadership are crucial as the company transitions from a drilling contractor to an oil producer.
Under Mike Yeager's leadership, Maverick plans to expand its market presence in the US and focus on becoming a successful oil producer. The company is leveraging Yeager's extensive industry experience to navigate its growth and development.
The oil deposits near Houston provide Mike Yeager with the opportunity to work close to home, allowing him to manage operations effectively while maintaining a balanced lifestyle. This proximity is a key factor in his decision to lead Maverick.
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