Diversified Energy Company has agreed to acquire Birch Permian Holdings and affiliates from Elliott Investment Management for approximately $1.8 billion, the largest transaction in Diversified's 25-year history. The deal is expected to add roughly 68,000 barrels of oil equivalent per day of net production, increasing Diversified's production by about 35% and adjusted EBITDA by approximately 55%. Birch's assets include about 46,000 net mineral acres, 480 net wells, 1.17 trillion cubic feet equivalent of proved reserves and integrated gathering, processing and water infrastructure in the Permian Basin. Birch is estimated to generate approximately $548 million in annualized adjusted EBITDA, implying a purchase multiple of about 3.3 times adjusted EBITDA based on Aug. 17, 2026, strip pricing, including general and administrative expenses and hedges. The assets are expected to deliver approximately 80% EBITDA margins. Diversified plans to finance most of the purchase through an approximately $1.5 billion privately rated asset-backed securitization arranged with Carlyle, supplemented by revolving-credit liquidity and other customary sources. Diversified and Carlyle are also expanding their potential proved developed producing asset acquisition framework to as much as $10 billion from $2 billion, although individual transactions require separate agreement and approvals. Closing is expected in the fourth quarter of 2026, subject to regulatory approvals and customary conditions, and the agreement includes a $50 million break fee.