Diversified Energy has completed the previously announced acquisition of Maverick Natural Resources, a Houston-based company specialising in mature upstream oil and gas assets.
This transaction, initially announced in January 2025, is valued at approximately $1.27bn and incorporates cash, equity, and debt assumption. Prior to the deal, Maverick Natural Resources was a portfolio company of EIG.
The deal has led to the issuance of nearly 21.2 million new ordinary shares by Diversified Energy to Maverick Natural Resources’ shareholders. The shares involved in the consideration will be listed on the New York Stock Exchange and have equal standing with existing shares.
These shares are expected to begin trading on the London Stock Exchange on 17 March 2025.
Following shareholder approval on 10 March 2025, the acquisition includes the assumption of $700m of Maverick Natural Resources’ outstanding debt by Diversified Energy. The latter will also issue shares valued at $345m to Maverick Natural Resources’ unitholders and provide a cash payment of $207m.
This merger is anticipated to enhance Diversified Energy’s production capacity and diversify its commodity exposure while enabling sustainable free cash flow generation. The combined enterprise is now valued at approximately $3.8bn, with EIG retaining a 20% stake under a customary lock-up agreement.
Rick Gideon, CEO of Maverick Natural Resources, will assume the role of chief operating officer at Diversified Energy from 18 March 2025. The merger brings together complementary asset portfolios located in hydrocarbon-rich areas like Texas and Oklahoma, specifically in the Western Anadarko area, East Texas, and the Permian Basin.
Maverick Natural Resources’ expertise lies in managing mature oil and gas assets using advanced technologies focused on environmental sustainability. This acquisition aligns with Diversified Energy’s operations in natural gas and liquids production across major US basins such as Appalachia and the Permian Basin.
The integration is expected to provide significant synergies through operational efficiencies and cost savings while expanding core acreage in the Northern Delaware Basin and Western Anadarko Basin. The merged entity is projected to achieve a production rate of approximately 200 thousand barrels of oil equivalent per day (200Mboe/d).
Citi acted as Diversified Energy’s financial adviser for this transaction, with additional advising from KeyBanc Capital Markets, Truist, and Stifel.
Legal advice was provided by Gibson, Dunn & Crutcher and Latham & Watkins (London). Maverick received financial advice from Jefferies Securities and legal counsel from Kirkland & Ellis.
