January 27, 2025 [Reuters]- U.S.-based Diversified Energy said on Monday it will buy private equity-owned Maverick Natural Resources for $1.28 billion, including debt, to expand into the oil and gas-rich Permian Basin.

Diversified Energy, which focuses on producing natural gas and liquids, said it would take on about $700 million of Maverick Natural Resources’ debt, giving the combined company a value of about $3.8 billion, including debt.

Maverick’s current owner, investment firm EIG Global Energy Partners, will own about 20% of the new company, the statement said.

Maverick’s asset base in the Permian Basin, the world’s largest shale oil-producing region, consists of producing oil fields in West Texas and New Mexico.

Reuters reported in August that EIG was exploring a potential sale of Maverick that could value the U.S. oil and gas producer at nearly $3 billion, including debt.

Diversified Energy CEO Rusty Hutson will remain as the top executive of the combined company, while Chair David Johnson will also continue in that position in the new company, the statement said.

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