Diversified Energy to acquire certain ConocoPhillips’ assets for $240m

Diversified Energy Company has agreed to acquire certain upstream assets and associated facilities in Oklahoma and Texas from ConocoPhillips for $240 million.

The acquisition will give Diversified Energy an interest in nearly 1,500 producing wells in an acreage of 250,000 net acres. It marks the sixth major acquisition for the company within the Central Region since May 2021 and the second in the Mid-Continent area since mid-2021.

Diversified Energy will operate around 60% of the acquired net production of approximately 9,000 barrels of oil equivalent per day (MBoepd).

Diversified Energy to acquire certain ConocoPhillips’ assets in Oklahoma and Texas for $240m. Photo courtesy of John R Perry from Pixabay.

Rusty Hutson, Jr. — Diversified Energy said: “I am pleased to announce another strategically-aligned acquisition at a compelling valuation in the Company’s Central Region that reinforces our commitment to create long-term value for shareholders.

“Financed entirely with existing liquidity, this non-dilutive acquisition represents a compelling opportunity to further scale our Central Region portfolio while maintaining a strong balance sheet. Building on our success in Appalachia, we are excited to increase our holdings within the Central Region that position us to drive greater synergies and unlock additional shareholder value through scale.”