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Diversified Energy Co. PLC announced Wednesday that it has finalized a $106 million acquisition of natural gas assets in eastern Texas from Crescent Pass Energy. The deal, a mix of cash and stock, enhances Diversified Energy’s holdings with 827 active wells, over 500 miles of pipelines, compression facilities, and additional undeveloped land.

Diversified Energy buys eastern Texas Assets : Strategic Expansion in Eastern Texas

Rusty Hutson Jr., CEO of Diversified Energy, emphasized that these "high-quality, bolt-on assets" align with the company’s central U.S. operations strategy. "This acquisition is immediately accretive to operations, further increases operating scale and provides the opportunity for cost synergies," Hutson said.

The acquired assets are close to Diversified’s existing East Texas holdings, which the company expects will streamline integration and unlock additional operational efficiencies. The acquisition builds on Diversified’s $410 million purchase of natural gas assets from Oaktree Capital Management LP in March, reinforcing its commitment to scaling its presence in the U.S. natural gas market.

Acquisition Funding and Share Issuance

Diversified, which is listed on both the London and New York stock exchanges, agreed to the acquisition terms in July, with the deal initially scheduled to close by the end of September. Although the company has not disclosed reasons for the closing delay, the transaction was funded through the issuance of approximately 2.4 million new shares, representing around 4.57% of Diversified’s total outstanding shares.

Growth in U.S. Natural Gas Sector

As a publicly traded producer of natural gas and oil, Diversified Energy’s recent acquisition underscores its focus on bolstering assets within key U.S. regions amid heightened demand for natural gas infrastructure. The company’s ongoing expansion of its Texas portfolio aligns with its broader objective of increasing operational scale and securing long-term growth through strategic asset acquisitions.