Diversified Energy has successfully completed its $550 million acquisition of Canvas Energy. This strategic transaction significantly boosts Diversified’s production capabilities. It also broadens the company’s operational footprint across Oklahoma.
Strategic Portfolio Growth
The substantial $550 million deal encompasses the full integration of Canvas Energy’s operated producing assets. Diversified Energy effectively adds these resources to its existing portfolio, strengthening its market position.
This acquisition represents a key move for the company. Diversified actively pursues opportunities to optimize its asset base and enhance shareholder value.
Increased Production Output
Consequently, the acquisition immediately adds approximately 24,000 barrels of oil equivalent per day (boed) to Diversified’s overall production output. This significant increase directly contributes to the company’s regional production targets and operational efficiency.
Expanded Acreage and Operational Control
Furthermore, the deal substantially expands Diversified’s acreage position within Oklahoma. It incorporates approximately 1.6 million net acres across the state. These additions include valuable operated producing assets.
Diversified now commands a larger, more contiguous operational area. This expansion solidifies the company’s long-term presence and enhances its operational control throughout the region.
Overall, this acquisition strategically positions Diversified Energy for sustained growth and increased operational synergy in the vital Oklahoma market.
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