BIRMINGHAM, Ala.—Diversified Energy Co. PLC closed its $240 deal for ConocoPhillips Co. upstream assets and other facilities in Oklahoma and Texas, the company announced on Sept 28.
The acquisition, announced in July, includes interest in about 1,500 producing wells and bolsters Diversified’s growing presence in the central region and the Midcontinent. It is the company’s sixth major acquisition in the region and second in the Midcontinent. The deal is expected to increase the company’s production by about 9,000 boe/d.
“Having closed another non-dilutive acquisition of high-quality assets that add scale to central region, we are excited to begin the process of efficient integration and deployment of Smarter Asset Management along with our ESG initiatives across this additional asset base,” said Diversified CEO Rusty Hutson Jr. “The successful close of this attractively priced acquisition increases asset density and enhances the opportunity for synergies within the central region, while providing robust cash flows that further support our dividend distributions and future accretive reinvestment.”
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