Diversified Energy Acquires ConocoPhillips Midcon Assets for $240 Million

The ConocoPhillips transaction, which includes an interest in roughly 1,500 producing wells located in Oklahoma and Texas, represents Diversified Energy’s sixth major acquisition within the central region and its second in the Midcontinent.

Diversified Energy Acquires ConocoPhillips Midcon Assets for $240 Million

Diversified Energy plans to finance the Midcontinent asset acquisition from ConocoPhillips with cash on hand and existing availability on its revolving credit facility. (Source: Diversified Energy Co. Plc investor presentation)

Diversified Energy Co. Plc agreed to acquire Midcontinent assets from ConocoPhillips Co. for $240 million, further bolstering Diversified’s central regional focus area.

“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,” Diversified CEO Rusty Hutson Jr. commented in a company release on July 28.

The acquisition, which includes an interest in roughly 1,500 producing wells located in Oklahoma and Texas, represents Diversified’s sixth major acquisition within the central region and its second in the Midcontinent.

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Emily Patsy

Emily Patsy is the senior managing editor for Hart Energy’s Digital News Group. She's responsible for the daily news flow and also manages the A&D Watch and Energy Pulse weekly newsletters.