Birmingham-based Diversified Energy said July 28 it will acquire upstream assets and related facilities in Texas panhandle and western Oklahoma from ConocoPhillips for $240 million. The assets include about 250,000 net acres and 1,500 producing wells. Diversified will operate 60 percent of the acquisition’s net production of 9,000 boed, which represents a 6 percent increase to Diversified’s 2022Q1 exit rate of 136,000 boed.
The assets are contiguous with assets from Tapstone Energy that Diversified acquired last year. It’s the natural gas producer’s sixth major acquisition in what it calls its central region since it expanded in 2021 from Appalachia. Rusty Hutson, CEO, said, “Building on our success in Appalachia, we are excited to increase our holdings within the central region that position us to drive greater synergies and unlock additional shareholder value.”