By james art 
A Birmingham-based energy company is making its biggest acquisition yet, a $1.3 billion deal to add a Texas oil and natural gas producer with operations in Texas and Oklahoma.
Diversified Energy on Monday announced an agreement to acquire Maverick Natural Resources, creating a company with combined assets of about $3.8 billion.
Diversified, formerly Diversified Oil & Gas, has interests in oil and natural gas, as well as transportation, marketing and well retirement. Based in Houston, Maverick is a privately held oil and gas company owned by EIG Global Energy Partners.
The transaction is expected to close in the first half of this year, subject to closing conditions. As part of the deal, Diversified Energy is expected to assume about $700 million of Maverick’s outstanding debt.
Diversified CEO Rusty Houston Jr. said the deal adds “an additional portfolio of attractive, high-quality assets.”
“Notably, the combined footprint in Oklahoma and the western Anadarko Basin creates one of the largest in terms of production and acreage that includes the emerging Cherokee Formation,” Houston said.
According to The Wall Street Journal, the merger will expand the company’s presence in the U.S.’s largest oil producer, the Permian Basin, an area near the Texas-New Mexico border.
Maverick is producing an average of 77,000 barrels of oil equivalent per day, while Diversified Energy is delivering approximately 138,000 barrels of oil equivalent per day on average through the third fiscal quarter of 2024.
Maverick CEO Rick Gideon said his company has “great respect for the innovative approach and management demonstrated by the Diversified team and is pleased to enter into this partnership.”