Diversified Energy expands credit facility

Diversified Energy said on Wednesday that it has increased and extended its credit facility.

The company lifted its borrowing base by $200m to $625m and extended the maturity by two years to August 2025. Diversified also said it had welcomed "several new leading financial institutions" to the credit facility.

Chief executive officer Rusty Hutson Jr said: "I would like to express my gratitude to our banking group for their continued support of Diversified's ambitious growth vision. We are very pleased with the significant increase to our Credit Facility amidst a challenging lending environment, and believe it reflects the enlarged bank syndicate's affirmation of the quality and strong free cash generation of our legacy and recently acquired assets.

"We are thrilled to welcome several leading financial institutions to the family of world-class banks participating in our facility, and we look forward to further advancing our lending relationships as we capitalise on the many consolidation and growth opportunities in the market and that others present to us."

Diversified also announced the completion of its acquisition of assets from Tanos Energy, alongside Oaktree Capital Management.