30th Oct 2024 14:10
Diversified Energy Co PLC - Alabama-based, US-focused natural gas producer - Completes USD69 million acquisition of a package of gas-producing wells in eastern Texas that was first announced back in August. Diversified will pay the seller, a regional US operator, USD22 million in cash, plus 2.2 million new Diversified shares, representing about 4.6% of its existing total. The assets, which are producing at a pace of 4,000 barrels of oil equivalent per day, are expected to contribute USD19 million in adjusted earnings in the coming 12 months. "We are excited to announce the completion of another acquisition of high-quality, bolt-on assets within our central region, which are immediately accretive to operations, further increase operating scale and provide the opportunity for cost synergies," comments Chief Executive Officer Rusty Hutson.
Current stock price: 930.00 pence, up 3.6% in London on Wednesday
12-month change: down 31%
By Tom Waite, Alliance News editor
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