Diversified Energy Co PLC - Birmingham, Alabama-based energy producer and distributor - Completes USD135 million purchase of Cotton Valley upstream assets and related infrastructure from Indigo Minerals LLC. Deal was first announced at end of April, with firm buying around 780 wells producing 16,000 barrels of oil equivalent per day from Indigo.
"We are excited to solidify our entry into the strategically-aligned Central focus area, a prolific natural gas producing region that affords us a tremendous opportunity to build significant scale and cash flow...This acquisition provides us a foundation to acquire additional accretive, long-life producing assets that will contribute to strong shareholder returns, add stability to our hedge-protected dividend and drive additional debt reductions over time," says Chief Executive Rusty Hutson.
Current stock price: 121.00 pence
Year-to-date change: up 7.1%
By Lucy Heming;Â lucyheming@alliancenews.com
Copyright 2021 Alliance News Limited. All Rights Reserved.
Diversified Energy (DEC)