Diversified Energy Co. PLC has agreed to acquire certain upstream assets and related infrastructure in Oklahoma and Texas from ConocoPhillips Co. for $240 million.
With the deal, Diversified expands its central region portfolio. The assets include about 250,000 net acres and 1,500 producing wells. Diversified will operate about 60% of the acquisition's net production of about 9,000 boe/d (52 MMcfed; 90% natural gas and NGLs), which represents a 6% increase to Diversified's first-quarter 2022 exit rate (136,000 boe/d; 816 MMcfd).
The company said it plans to retain certain ConocoPhillips personnel, but no additional details were reported.
Diversified expects the deal to close in September 2022.