For most of its 25 years, Diversified Energy has stuck to a playbook that hunts unwanted natural gas wells, squeezes every hydrocarbon molecule out of them, then responsibly retires those assets. The company’s strategy to snap up low-risk, low-cost, long-life gas wells that offer another 40-50 years of life, without drilling or fracking, has paid off in spades. Diversified owns the nation’s largest number of conventional natural gas wells, as in the tens of thousands. As you can guess, replenishing inventory is vital to Diversified’s business model. Since its IPO in 2017, the company has completed 35 acquisitions to keep its engine well-oiled and supercharged. Now, a new chapter in Diversified’s playbook is, well, about to play out.

Reese Energy Consulting today is following the latest from Ala.-based Diversified Energy, which will add drilling to its repertoire next month starting with its first-ever operated rig in the Anadarko Basin. The company has added two Okla., acquisitions in less than a year starting with Canvas Energy in late 2025 with a $550 million deal that gave Diversified a combined 1.6 million net acres in the central part of the state. In May this year, Diversified added 101,000 net acres in the Anadarko’s SCOOP, STACK, and Merge plays in a partnership with Carlyle. The $1.175 billion deal for Camino Natural Resources proved a game changer for Diversified, adding not only 300 MMCFEPD in production but more than 100 drill-ready locations, and boosting Diversified’s total Okla., inventory well beyond 450 locations.

The shift into exploration hardly means Diversified’s quest to acquire assets across its business model is set to take a breather. The company is reported to be the leading bidder and in early talks to acquire PE-backed, Permian E&P Birch Resources for $1.7 billion in cash. A win would add more meat to Diversified’s Permian bones following its $1.3 billion purchase last year of Maverick Natural Resources.