Diversified Energy Co. PLC (NYSE:DEC) said it will buy privately held Canvas Energy in a $550 million deal that expands its footprint in Oklahoma. The acquisition includes producing wells and undeveloped acreage in Major, Kingfisher, and Canadian counties.
The Birmingham, Alabama-based company said the purchase will lift production by 13%, increase adjusted EBITDA by 18%, and free cash flow by 29%. Canvas produces about 147 million cubic feet equivalent per day, with reserves valued at nearly $690 million.
