Diversified Energy secures enlarged credit facility borrowing base

Diversified Energy said on Wednesday that it had enlarged its credit facility borrowing base.

The company’s bank lending group, led by KeyBank National Association, completed its semi-annual redetermination of the senior secured credit facility and approved an $825m borrowing base. This represents a $200m or 32% increase related to higher commodity prices and the added collateral from the acquisition of Tapstone Energy.

Chief executive officer Rusty Hutson, Jr., said: "I would like to thank our bank group for their continued support of Diversified as an integral and responsible part of the energy transition solution.

"The more than 30% increase in the credit facility borrowing base affirms our banks' trust in Diversified's stewardship and confidence in our assets to generate strong free cash flow to support our business, repay our borrowings, fund our ESG initiatives for our stakeholders and sustain our dividends for investors."