ACCESS Newswire
28 Sep 2022, 16:31 GMT+10
BIRMINGHAM, AL / ACCESSWIRE / September 28, 2022 / Diversified Energy Company PLC (LSE:DEC) ('Diversified' or the 'Company') announces the closing of its acquisition of certain upstream assets and related facilities (the 'Assets') in Oklahoma and Texas, within the Company's Central Region, from ConocoPhillips Company (the 'Seller') (collectively with the Assets, the 'Acquisition').
Acquisition Highlights
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 $200 million(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).
Commenting on the Acquisition, CEO Rusty Hutson, Jr. said:
'Having closed another non-dilutive acquisition of high-quality assets that add scale to Central Region, we are excited to begin the process of efficient integration and deployment of Smarter Asset Management along with our ESG initiatives across this additional asset base. The successful close of this attractively priced acquisition increases asset density and enhances the opportunity for synergies within the Central Region, while providing robust cash flows that further support our dividend distributions and future accretive reinvestment.'
Footnotes (for Company-specific items, refer also to the Glossary of Terms and/or Alternative Performance Measures found in the Company's 2022 Interim Report):
For further information, please contact:
About Diversified Energy Company PLC
Diversified Energy Company PLC 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.
SOURCE: Diversified Energy Company PLC
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