Diversified Energy Company announced its acquisition of high-value natural gas assets from Crescent Pass Energy for £84 million ($106 million). The deal, anticipated to close in the third quarter of 2024, will significantly enhance Diversified’s presence in eastern Texas. This acquisition includes 827 net operated wells and over 170,000 acres of commercially attractive leasehold.
Funding for this acquisition is sourced from various channels. Diversified plans to leverage its NYSE listing to issue approximately 2.4 million new US dollar-denominated ordinary shares directly to the seller. The remaining amount will be covered through a senior secured bank facility and existing liquidity.
This acquisition represents a strategic expansion for Diversified Energy Company, strengthening its portfolio and operational footprint in a key region.
Diversified Energy Company plc (LON:DEC) is an independent energy company engaged in the production, marketing, transportation and retirement of primarily natural gas and natural gas liquids related to its U.S. onshore upstream and midstream assets.