Core Viewpoint - Diversified Energy Company has successfully completed the acquisition of Canvas Energy, enhancing its operational capabilities and asset portfolio in Oklahoma, funded through a $400 million asset-backed securitization [2][3]. Acquisition Highlights - The acquisition adds complementary operated producing properties and acreage positions in Oklahoma, with a purchase price of approximately $550 million, reflecting a purchase price multiple of about 3.5x on next twelve months (NTM) EBITDA [7]. - The estimated NTM EBITDA for the combined entities is around $155 million, prior to anticipated synergies, with a proved PV-10 value of approximately $690 million and total reserves of about 200 million barrels of oil equivalent (MMBoe) [7]. - The acquisition is expected to yield significant annual run rate synergies and includes commercially attractive undeveloped acreage, providing options for portfolio optimization [7]. ABS Financing Highlights - To facilitate the acquisition, the company issued 3,720,125 new shares of common stock, which will be listed on the New York Stock Exchange [4]. - The ABS transaction is structured as a master trust, with "A" tranche notes priced at a blended coupon of 5.97%, benefiting from an investment-grade rating [7]. Total Voting Rights - As of November 24, 2025, the total number of shares of common stock in issue is 80,445,793, with each share carrying one vote [6].
Diversified Energy Completes Canvas Energy Acquisition