Diversified Energy to Buy Gas Assets From Conoco for $240 Million
July 28 2022 - 5:05AM
Dow Jones News
By Jaime Llinares Taboada
Diversified Energy Co. said Thursday that it has agreed to
acquire a portfolio of assets in Oklahoma and Texas from
ConocoPhillips for $240 million.
The London-listed oil-and-gas company said that the assets
include an interest in around 1,500 producing wells with net
production of 9,000 oil-equivalent barrels a day--90% of which is
gas.
"Financed entirely with existing liquidity, this non-dilutive
acquisition represents a compelling opportunity to further scale
our Central Region portfolio while maintaining a strong balance
sheet," Chief Executive Rusty Hutson said.
Shares in DEC at 0832 GMT were up 0.6% at 118.6 pence.
Write to Jaime Llinares Taboada at jaime.llinares@wsj.com;
@JaimeLlinaresT
(END) Dow Jones Newswires
July 28, 2022 04:50 ET (08:50 GMT)
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