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Diversified Energy Closes Acquisition of ConocoPhillips Assets
Thursday 29 September 2022

US-based independent energy company Diversified Energy Company plc (LSE: DEC) has closed its acquisition of certain upstream assets and related facilities in Oklahoma and Texas, within the company's Central Region, from ConocoPhillips Company (NYSE: COP), the company said.

The acquisition net purchase price was USD 210m after customary purchase price adjustments

Diversified funded the acquisition with cash on hand and existing availability on the company's Revolving Credit Facility resulting in post-transaction liquidity of approximately USD 200m(f), which the company expects to increase with a higher borrowing base on its Credit Facility as it adds these assets as additional collateral.

Post-transaction leverage, as measured by pro forma Net Debt to Adjusted EBITDA, is ~2.2x(g).

Diversified Energy is an independent energy company engaged in the production, marketing and transportation of primarily natural gas related to its synergistic US onshore upstream and midstream assets.
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Date Published: 29/09/2022

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