Published: March 3, 2025 |

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Diversified Energy has entered into a definitive agreement to acquire Maverick Natural Resources, a portfolio company of EIG for total consideration of approximately $1,275 million.

The acquisition combines two complementary asset packages, pairing high-quality proved developed producing weighted production assets with the lowest corporate decline and capital intensity among peers. The acquisition of Maverick by Diversified adds immediate scale, increases liquids production, and creates a combined company with long-term free cash flow generation, superior unit cash margins, and a compelling sustainability profile.

“This acquisition expands our unique and highly focused energy production company with a complementary portfolio of attractive, high-quality assets. 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. The acquired producing assets have demonstrated leading well performance and are a natural fit with our operating advantage and existing acreage. 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,” said Rusty Hutson, Jr., CEO of Diversified.

“We plan to leverage Maverick’s experienced technical asset development team to unlock undeveloped 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,” added Hutson.

“Today marks an important milestone for all of us at Maverick Natural Resources. We have great respect for the innovative approach and stewardship demonstrated by the team at Diversified and are pleased to enter into this partnership,” said Rick Gideon, CEO of Maverick Natural Resources.

“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. I would also like to express my gratitude to the team at Maverick for their hard work and dedication in supporting our strategic efforts and contributing to this achievement,” added Gideon.

“We are extremely pleased to have entered into this acquisition and look forward to contributing as a core shareholder. We aim to work closely with the Diversified management team and board to support the company’s focus on delivering long-term value. Diversified is uniquely positioned in the upstream space with a differentiated business model and a history of operational excellence. The combination of Maverick’s assets with Diversified’s existing footprint represents a strategic opportunity that we believe can support value creation for all stakeholders,” said Jeannie Powers, managing director and head of Domestic Traditional Energy, EIG.

LEADERSHIP AND GOVERNANCE

The company will continue to be led by its proven management team that reflects the strengths and capabilities of the organization. Upon closing, Rusty Hutson, Jr. will continue to serve as chief executive officer and as a member of the board. Diversified’s current chair of the board, David Johnson, will continue to serve as the chair of the company’s board.

Upon completion of the acquisition, the company’s board will consist of eight directors, six of whom are members of the current Diversified board, including Hutson, and two of whom will be designated by EIG.

Due to other commitments, Sylvia Kerrigan has resigned from the company’s board of directors. Kerrigan, who has been a member of the board since 2021, is leaving the board in good standing and on amicable terms. The current board and remuneration committee member David Turner has been appointed chair of the remuneration committee and join the nomination and governance committee effective. Additionally, Sandy Stash has been appointed lead independent director.

The acquisition, which is expected to close during the first half of 2025, has been unanimously approved by the board.

Diversified Energy is a leading publicly traded energy company focused on natural gas and liquids production, transport, marketing, and well retirement. Through its differentiated strategy, they 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 its 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.

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