Latest news with #DiversifiedEnergy
Yahoo
5 days ago
- Business
- Yahoo
Diversified Energy Has Lower 48 Property Coming, Going
Proved developed producing (PDP) consolidator Diversified Energy has assets coming and going across the Lower 48, getting top dollar for its non-PDP carve-outs and newly reduced prices for acquisitions, it said in an investor call. 'I love that commodity prices have come off quite a bit, both oil and natural gas,' said Rusty Hutson, the E&P's co-founder and CEO. 'As you guys know, that's typically a pretty good environment for our acquisition strategy. As we see those commodity prices come off, we can start to search for value out there again.' Meanwhile, Diversified sold $70 million of leasehold in the first half, up from the anticipated $40 million of divestments. Brad Gray, president and CFO, said it was simply due to buyers offering more than expected per acre. 'As some of the developers are looking to put positions together, they need some of the blocks to put their drilling programs in place,' Gray said. The sales were primarily in the western Anadarko Basin, where Diversified is the largest leaseholder. Hutson said Diversified is looking at which acres are worth more if sold than if operated. 'I'm being surprised by the level of interest, but also in the level of value that some people are willing to pay for some of these acreage positions as they look to generate more inventory to drill,' he said. Diversified is keeping its door open. 'We're pretty confident that there will be more [deals]. I just don't know what that amount is going to be at this point.' He added, 'A lot of it comes from just people calling and saying, 'Hey, you got this acreage position over here that we'd like to make an offer on.' "And then when we put it out [for sale] and we start to make [the bidding] competitive, it's amazing where those prices for those positions go. And so we've been pretty successful doing that.' A securities analyst asked if buyers were also looking for deep rights underlying Diversified's property in the western Anadarko. Hutson said, 'We've seen a lot of interest in the western Anadarko in different formations, different acreage areas.' Internal analysis will show the value 'to us if we do something with it ourselves or whether it's better off in the hands of someone else.' The E&P is currently armed with $2 billion to spend in a joint-investment deal with Carlyle Group to buy PDP property and operate it. Large opportunities are flowing in. 'We'll definitely do deals here in the near term with Carlyle,' Hutson said. 'There's a lot of momentum there.' Gray added valuations of possible deals are moving along. 'We've been very encouraged and pleased with the level of engagement from Carlyle. 'They've been at the table with us evaluating potential transactions and are very engaged. So as Rusty said, we're confident that we'll be able to put some money to work here in the future.' Deep rights, data-center demand Diversified operates in the western Anadarko Basin, northwestern Permian Basin, Haynesville and Cotton Valley, which contribute 65% of its 192,000 boe/d. The balance is from its Marcellus property, resulting in an output mix of 73% gas, 14% oil and 13% NGL. Earlier this year, it bought EIG's Maverick Natural Resources, picking up the Permian entry in a $1.25 billion deal consisting of $207 million in cash, 21.2 million Diversified shares and $700 million of debt assumption. The package also came with western Anadarko leasehold alongside Diversified's pre-existing portfolio there, targeting the Cherokee formation. That part of the deal is a joint venture. Hutson said, 'We definitely have a fairly large Permian Basin position now that we're currently evaluating to see if there's opportunities there to do something similar.' Meanwhile, Appalachian gas has a new spark as power utilities and data center developers look for more electrons—particularly dispatchable power, which is derived from gas, coal and nuclear, rather than intermittent power from wind and solar. EQT Corp. announced deals last month to supply 1.5 Bcf/d to two new power projects in Pennsylvania. The total incoming demand has lifted in-basin gas prices, Hutson said. Gray said profiting from the price upside may largely be the extent of Diversified's participation except for small-scale, off-grid power generation in Appalachia. 'I think the biggest impact for us is just purely on pricing alone,' Gray said. Discussions are underway to resurrect the Constitution Pipeline and Northeast Supply Enhancement (NESE) projects that will ship more Appalachian gas into New England. 'There's no doubt that the demand for natural gas in Appalachia is going to increase substantially,' Gray said. 'We think there are ways for us to get involved on a smaller scale, but also reap the benefits of what the demand that's coming to market is going to do for pricing.' Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Globe and Mail
11-08-2025
- Business
- Globe and Mail
Diversified Energy Announces Second Quarter Dividend
Diversified Energy Company PLC (LSE: DEC, NYSE:DEC) ('Diversified' or 'the Company') is pleased to announce that the Board has declared an interim dividend of 29 cents per share in respect of 2Q25 for the three month period ended June 30, 2025. Key dates related to this dividend include: Diversified will pay the dividend in U.S. dollars while continuing to make available to shareholders a sterling election. For those shareholders who wish to receive their dividend payment in sterling, and who have not yet completed a currency election form, the Company has made available a dividend election form on its website at Shareholders who wish to receive sterling should submit the currency election form to Computershare Investor Services no later than December 8, 2025. Diversified will announce the sterling value of the dividend payable per share approximately two weeks prior to the payment date. This announcement contains inside information for the purposes of Article 7 of the UK version of Regulation (EU) No. 596/2014 on Market Abuse ('UK MAR'), as it forms part of the UK domestic law by virtue of the European Union (Withdrawal) Act 2018. For further information, please contact: About Diversified Energy Company PLC Diversified is a leading publicly traded energy company focused on natural gas and liquids production, transport, marketing, and well retirement. Through our unique differentiated strategy, we acquire existing, long-life assets and invest in them to improve environmental and operational performance until retiring those assets in a safe and environmentally secure manner. Recognized by ratings agencies and organizations for our sustainability leadership, this solutions-oriented, stewardship approach makes Diversified the Right Company at the Right Time to responsibly produce energy, deliver reliable free cash flow, and generate shareholder value.
Associated Press
28-07-2025
- Business
- Associated Press
Notice of Results
Diversified Energy Announces Timing of Second Quarter Results Diversified Energy Company PLC (LSE: DEC, NYSE:DEC) ('Diversified' or the 'Company') is pleased to announce that the Company plans to publish its Results for the Second Quarter and six months ended June 30, 2025 (the 'Interim Results') on Monday, August 11, 2025. The Company will host a conference call that day at 1:00 PM BST (8:00 AM EDT) to discuss the Results and will make an audio replay of the event available shortly thereafter. Conference Details Prior to the event, Diversified will publish the Company's 2025 Interim Report on its website at and has also made available a supplementary 2025 Interim Results Presentation at For further information, please contact: About Diversified Energy Company PLC Diversified is a leading publicly traded energy company focused on natural gas and liquids production, transport, marketing, and well retirement. Through our unique differentiated strategy, we acquire existing, long-life assets and invest in them to improve environmental and operational performance until retiring those assets in a safe and environmentally secure manner. Recognized by ratings agencies and organizations for our sustainability leadership, this solutions-oriented, stewardship approach makes Diversified the Right Company at the Right Time to responsibly produce energy, deliver reliable free cash flow, and generate shareholder value.
Yahoo
22-07-2025
- Business
- Yahoo
Global Upstream M&A Drops 34% as U.S. Activity Slumps
Mergers and acquisitions in the global upstream oil and gas sector clocked in at just over $80 billion in the first half of 2025, good for a 34% year-over-year decline amid volatile oil prices and tariff concerns by the Trump administration. According to Rystad Energy, M&A was particularly weak in the first quarter, with deal value totalling just $28 billion compared to $66 billion in the first quarter of 2024. This was largely as a result of lackluster activity in North America, with the region's share of global deal value dropping to 51% in the first half of the year, down from 71% in the first quarter. The slowdown in the U.S. M&A can largely be attributed to a dearth of opportunities in the Permian Basin, long considered North America's M&A hotspot. Consequently, E&P companies are increasingly turning elsewhere as the Permian cools and asset values skyrocket: back in May, EOG Resources (NYSE:EOG) acquired Utica heavyweight Encino Energy for $5.6 billion; Diversified Energy (NYSE:DEC) bought Maverick Natural Resources for nearly $1.3 billion while Citadel paid $1.2 billion for Paloma Natural Gas. Canada has, however, continued on its hot M&A streak, with upstream M&A deal value hitting $11.9 billion in H1 2025--nearly equal to the country's annual average over the past five years. Leading the charge was Whitecap Resources (OTCPK:WCPRF) acquisition of Veren for $15 billion, including net debt, as well as CNRL's purchase of Shell Plc's(NYSE:SHEL) stake in the Athabasca Oil Sands Project. Further, Strathcona Resources (OTCPK:STHRF) divested all its Montney assets and proposed a takeover of MEG Energy (OTCPK:MEGEF) in a deal that will turn it into a pure-play heavy oil North America, International M&A activity increased 37% year-on-year to $39.5 billion with a strong recovery in the second quarter overcoming a weak start to the year after deal values plunged nearly 60% Y/Y. Major transactions included ADNOC subsidiary XRG's bid for Australia's Santos Ltd (OTCPK:STOSF), accounting for nearly half of the total international deal value. A consortium led by ADNOC subsidiary XRG has made a $18.7 billion non-binding indicative offer to acquire Santos. The offer, valued at $5.76 per share, involves a potential scheme of arrangement for all of Santos' issued shares. The consortium includes Abu Dhabi Development Holding Company (ADQ) and Carlyle. Santos has granted XRG a six-week exclusive due diligence period to assess the proposal. Meanwhile, Italy's National Oil Company (NOC), Eni S.p.A. (NYSE:E) sold its upstream assets in Africa to giant oil and commodity trader, Vitol, for $1.65 billion; Norway's DNO ASA (OTCPK:DTNOF) acquired Sval Energi for $1.6 billion while Spain's Repsol (OTCQX:REPYY) and UK's Nego Energy's UK merged their North Sea upstream businesses to form Neo Next Energy. That said, a rumored-and-denied merger between BP Plc (NYSE:BP) and Shell (NYSE:SHEL) would no doubt seek to steal the M&A limelight, with deal value likely to approach $80 billion. Recent reports have emerged that Shell was considering a takeover of BP, potentially creating a European energy giant. However, Shell has explicitly stated it is not actively considering an offer for BP and has not held any talks with them regarding a possible acquisition. Shell has made a statement under Rule 2.8 of the UK Takeover Code, meaning the company is restricted from making an offer for BP for at least six months, except in specific circumstances. Interestingly, dealmaking in the natural gas sector has been robust, with deal values surging 30% in the first quarter. As Rystad notes, Big Oil companies are currently optimizing their portfolios to manage risk more effectively, a trend that is driving M&A in the gas sector. To wit, back in March, Chevron Corp. (NYSE:CVX) sold a 70% stake in its East Texas gas assets to TG Natural Resources for $525 million. The deal includes $75 million in cash and a $450 million capital carry to fund Chevron's Haynesville development. This transaction is part of Chevron's plan to divest $10-15 billion of assets by 2028. TGNR will become the majority owner of the East Texas gas assets and Chevron will retain a 30% non-operated interest and an overriding royalty interest. Similarly, Equinor (NYSE:EQNR) acquired a non-operating stake in EQT Corp's (NYSE:EQT) Marcellus assets, helping the Norwegian energy giant to gain exposure to robust gas production with minimal operational risks. 'These non-operated joint ventures allow majors and international oil companies to focus on their core operational portfolios while maintaining exposure to US shale gas, which has a positive outlook due to upcoming liquefied natural gas (LNG) projects and rising energy demand from data centers. Retaining non-operated stakes also allows majors to secure feed gas for planned off-grid power plants focused on artificial intelligence (AI),' noted Atul Raina, Rystad Energy's Vice President, Upstream M&A Research. By Alex Kimani for Read this article on
Yahoo
02-07-2025
- Business
- Yahoo
Diversified Energy Promotes Michael Garrett to Chief Accounting Officer
Garrett Brings More Than 20 Years of Accounting and Financial Reporting Experience to the Newly Established Role BIRMINGHAM, Ala., July 02, 2025 (GLOBE NEWSWIRE) -- Diversified Energy Company PLC (LSE: DEC, NYSE: DEC) ('Diversified' or the "Company") is pleased to announce the promotion of Michael Garrett to Chief Accounting Officer ('CAO'). Mr. Garrett, a certified public accountant, has been at Diversified since 2018, where he has held various leadership positions and currently serves as a Senior Vice President and Controller. In his new role, Garrett will be responsible for leading the Company's corporate and regulatory accounting matters, external financial reporting, controllership, and tax, overseeing a team of approximately 75 financial professionals across numerous offices. Garrett will continue to report to Brad Gray, Diversified's President & Chief Financial Officer. Commenting on the promotion, Brad Gray said: 'The strength of Diversified's accounting organization is evident in the seasoned executives who can step up and lead in new roles. Michael has a unique background and a high level of expertise in the oil and gas sector that has served him well throughout his career. His skill and experience have been invaluable to our organization for many years, including navigating complex accounting, reporting and regulatory requirements of the New York Stock Exchange and the London Stock Exchange. I am excited to watch Michael take on this elevated role for a publicly traded company and lead our accounting and financial reporting teams.' Garrett brings 20 years of advanced accounting experience to his new role. He has previously served in accounting functions at Callon Petroleum, Pfizer, and Pinnacle Airlines with progressively higher responsibilities. Garrett is a graduate of Lambuth University with a degree in accounting and is a Certified Public Accountant ('CPA'). For further information, please contact: Diversified Energy Company PLC +1 973 856 2757 Doug Kris dkris@ Senior Vice President, Investor Relations & Corporate Communications FTI Consulting dec@ U.S. & UK Financial Public Relations About Diversified Energy Company PLC Diversified is a leading publicly traded energy company focused on natural gas and liquids production, transport, marketing, and well retirement. Through our unique differentiated strategy, we acquire existing, long-life assets and invest in them to improve environmental and operational performance until retiring those assets in a safe and environmentally secure manner. Recognized by ratings agencies and organizations for our sustainability leadership, this solutions-oriented, stewardship approach makes Diversified the Right Company at the Right Time to responsibly produce energy, deliver reliable free cash flow, and generate shareholder in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
