Diversified Energy (DEC) said Monday it will acquire natural gas properties and facilities in Virginia, West Virginia, and Alabama from Summit Natural Resources for about $45 million.
The company said the deal, slated to close in Q1, includes 300 producing wells in Appalachia and 265 coal mine methane wells in Alabama, with a combined estimated production of roughly 12 MMcfepd, which is equal to 2,000 barrels of oil equivalent per day.
The potential acquisition is projected to generate adjusted earnings before interest, taxes, depreciation, and amortization of $12 million in 2025, Diversified Energy said.
The company's shares were up 2% in recent Monday premarket activity.
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