Diversified Energy announced a deal to acquire Maverick Natural Resources, which holds natural gas and oil operations across the Permian Basin (Texas) and Oklahoma. DEI's existing business is concentrated in Appalachian conventional gas assets, so this marks a meaningful geographic and operational pivot. The company reported FY2025 revenue of ~$1.0B with a 63.4% gross margin but a -1.1% net margin, meaning it is barely breaking even at the bottom line before factoring in any deal financing costs or integration charges.

The key question is how DEI funds the acquisition and what it does to an already thin net margin and balance sheet. Diversified Energy's model — acquiring mature, low-decline wells — works at scale but leaves little room for deal-related dilution or incremental debt. Watch for deal terms, leverage ratio guidance, and any equity raise that could weigh on existing shareholders.