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What’s Next for Diversified Energy? Exploring the $1.3 Billion Maverick Deal
01/29/2025
Maverick Natural Resources has operations in Texas and Oklahoma
Diversified Energy (DEC) has agreed to acquire Maverick Natural Resources, a private-equity-backed oil and gas producer, in a deal valued at approximately $1.3 billion, including debt. The agreement, finalized on Monday.
Upon completion, the merged entity will hold an enterprise value of roughly $3.8 billion, factoring in Diversified Energy’s assumption of $700 million in Maverick’s outstanding debt.
Headquartered in Birmingham, Alabama, Diversified Energy specializes in acquiring and managing legacy natural gas wells, with a market capitalization exceeding $800 million as of last Friday. Maverick, based in Houston, focuses on oil and gas production primarily in Texas and Oklahoma, including assets in the Western Anadarko Basin. Its ownership is tied to EIG Global Energy Partners, a prominent investment firm concentrating on energy and infrastructure.
The Context
EIG Global Energy Partners is poised to retain a significant stake in the consolidated company. Meanwhile, Diversified Energy’s CEO, Rusty Hutson Jr., will continue to lead the organization post-acquisition.
Maverick emerged from the restructuring of Breitburn Energy Partners following its bankruptcy in 2018. EIG-controlled funds rebranded the company as Maverick, streamlining its operations and substantially reducing its debt load.
This acquisition continues Diversified Energy’s aggressive expansion strategy, aligning with a broader consolidation trend in the oil and gas sector. While M&A activity has decelerated across many industries, energy companies like Diversified have maintained a steady pace of dealmaking, capitalizing on market opportunities.
The Rationale
This transaction will expand Diversified Energy’s footprint into the prolific Permian Basin, a vital hub of U.S. energy production spanning Texas and New Mexico. Known for its robust output, the Permian is often called the crown jewel of American oil production.
Maverick’s operations currently yield an average of 77,000 barrels of oil equivalent per day. Diversified Energy reported an output of approximately 138,000 barrels of oil equivalent per day during its fiscal third quarter.
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