Diversified Energy Co

NYSE:DEC · 12 story beats from 2023 to 2026

What it holds, and what it is worth

Company total (as reported)Estimate

4,426bcf gas

reserve · P90 4425.733 / P50 4425.733 / P10 4425.733

165mmbbl oil

reserve · P90 164.975 / P50 164.975 / P10 164.975

Valued at: Diversified Energy Co 100% of volumes already stated net

Assume farm-out, keeps%Phase

5 notes for review

company-reported total: valued at 100% (SEC reserves are already net to the company)
gas: no best estimate stated; P50 taken as 4425.73 from the low case
gas: high case not stated; set equal to P50
liquids: no best estimate stated; P50 taken as 164.975 from the low case
liquids: high case not stated; set equal to P50

Potential resourceP50Geological probability50%Development chance50%

50%

Probability of

4,591

mmbbl

100.0%

Value retained

$2,430,193,200.00

AUD

Leverage per instrument

Include cash & other assets

NYSE:DEC

173%

$14.03 → $24.27

The story so far

The events that changed the company's story, in plain English, each written against everything known about the company at the time. The dot shows whether it was good, bad or neutral for shareholders.

shares on issue market cap (log scale)

202671.4m shares · US$989m market cap

6 July
The new Carlyle/Diversified joint venture (60%/40%) issued $895 million of asset-backed notes to help fund the Camino Natural Resources acquisition -- the debt financing leg of that deal.
asset acquisition disposition
71.4m shUS$989m
19 May
A Diversified subsidiary issued $850 million of asset-backed notes at 6.0-6.9% to redeem older, much higher-cost securitized notes (8.1-12.4%) -- a significant refinancing that cut the company's cost of debt.
debt financing
72.3m shUS$1.20bn
12 May
Diversified agreed to buy Camino Natural Resources' Oklahoma oil and gas assets for $1.175 billion -- its largest deal yet -- with Carlyle Global Credit funding 60% of the developed-asset purchase price through a new joint venture vehicle in exchange for a 60% stake, leaving Diversified with 40%.
material agreement
72.3m shUS$1.20bn
1 May
Diversified closed the $248 million East Texas asset purchase from Sheridan Holding, funded through revolver borrowings.
asset acquisition disposition
72.3m shUS$1.20bn
12 Mar
Longtime institutional holder EIG Global Energy Partners sold 7.5 million Diversified shares in a secondary offering, half of which Diversified itself repurchased concurrently at the same price -- a partial exit by EIG paired with a buyback that kept the shares from hitting the open market at full size.
material agreement
76.1m shUS$1.05bn
4 Mar
Diversified agreed to buy oil and gas wells across five East Texas counties from Sheridan Holding Company III for about $248 million, to be funded through its revolving credit facility.
material agreement
76.1m shUS$1.05bn
10 Feb
Diversified's subsidiary DGOC raised another $200 million by tapping its Nordic-market senior secured bonds due 2029 at 9.75%, adding to the $300 million issued under the same program in April 2025.
debt financing
77.0m shUS$1.03bn

202550.6m shares · US$762m market cap

4 Dec
Diversified Energy Co deregistered its securities, ending its obligation to file reports with the SEC.
listing compliance notice
50.6m shUS$762m
26 Nov
Days after redomiciling, Diversified closed its acquisition of Canvas Energy for approximately $495 million cash plus 3.72 million shares, a deal first announced in September 2025.
business combination
50.6m shUS$641m
24 Nov
Diversified Energy Co's exchange filed to remove a class of its securities from listing.
listing compliance notice
50.6m shUS$641m
24 Nov
Diversified Energy redomiciled from a UK-incorporated PLC to a Delaware holding company via a UK court-sanctioned scheme of arrangement, with each PLC share exchanged one-for-one for new US common stock -- a structural move, not an operational one.
business combination
50.6m shUS$641m

2023

14 Dec
the exchange certified Diversified Energy Co's securities for listing, clearing them to begin trading.
listing compliance notice