Diversified Energy acquires Maverick Natural Resources for $1.275 billion

The merger provides an additional development opportunity for Diversified

Birmingham-headquartered Diversified Energy is acquiring Houston, Texas-based Maverick Natural Resources for approximately $1.275 billion.

The company says the acquisition is a continuation of Diversified’s strategy to develop multiple opportunities through joint venture partnerships, creating a portfolio of vast undeveloped acreage in high-returning basins.

“We have a proven track record of unlocking value from acquisitions while maintaining our commitment to sustainability leadership, and this acquisition provides us with great assets and employees that complement this strategy,” said Diversified Energy CEO Rusty Hutson Jr.

Maverick Natural Resources CEO Rick Gideon said, “Maverick has built a strong foundation of execution and efficiency across our portfolio, and we look forward to combining our complementary portfolio of assets with Diversified.”

This acquisition brings to Diversified an active development in Cherokee Play and provides a new Permian asset base with multiple zones in the Northern Delaware Basin.

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“Notably, the combined footprint in Oklahoma and the Western Anadarko Basin creates one of the largest in terms of production and acreage, which includes the emerging Cherokee formation,” Hutson said. “We plan to leverage Maverick’s experienced technical asset development team to unlock underdeveloped acreage potential through an even larger combined footprint, and I am confident that Diversified’s management team will bring its expertise in efficiently integrating acquisitions to further expand our Smarter Asset Management practices.”

The combined company is expected to generate substantial free cash flow, and have an enterprise value of approximately $3.8 billion and operate across five distinct operating regions, Diversified said.

Diversified Energy Co. PLC is an independent energy company that produces, markets and transports primarily natural gas and natural gas liquids related to its U.S. onshore assets. According to its website, Diversified focuses on acquiring existing long-life, low decline producing wells and efficiently manages these assets to improve or restore production, optimize operations, increase efficiencies and reduce emissions before permanently retiring at the end of their production cycle.

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