Diversified Energy Co

DEC acquired Maverick Natural Resources ($1.3B gross) in March 2025; EIG funds received 19.9M DEC shares as consideration and subsequently sold out entirely by March 2026

DEC acquired Maverick Natural Resources, LLC for gross consideration of ~$1.3 billion (net ~$666M). Consideration included 21,194,213 DEC shares issued directly to Maverick unitholders plus ~$211M cash. The acquisition also included assumption of ~$518M of ABS Maverick Notes and payoff of $202M on Maverick's credit facility. EIG Asset Management and affiliated funds (10+ entities) were among the Maverick unitholders receiving DEC shares, totaling 19,910,181 shares registered for resale via F-3ASR (May 2025).

DEC entered a strategic partnership with Carlyle Group for up to $2B in PDP reserve investments; specific fund entity and deal terms not yet extracted

DEC's 2025 Annual Report (10-K filed 2026-02-26) discloses a strategic partnership with The Carlyle Group for up to $2 billion in investments in proved developing producing (PDP) reserves. The specific Carlyle fund entity, deal structure, board observer rights, or equity stake were not extracted from the 10-K text available. This is a material financial relationship requiring follow-up.

EIG Asset Management (Washington DC PE firm) fully exited its ~19.9M share DEC position by March 2026 via secondary market sales following the Maverick acquisition

EIG Asset Management LLC filed Schedule 13D/A (Amendment No. 3) on March 13, 2026, showing 0 shares of DEC common stock beneficially owned. EIG entered at 5%+ threshold with the March 2025 Maverick acquisition close, then sold via multiple 424B7 secondary offerings in September 2025, February 2025, and March 2026. Complete exit of ~19.9M share position over approximately 12 months.

Two March 2026 Form 4 waves represent RSU vesting (March 16) and annual RSU grant (March 19); all transactions are compensation-related, no open-market insider trading detected

On March 16–19, 2026, two waves of Form 4s were filed by 10–12 DEC insiders. Wave 1 (period 2026-03-16): RSU vesting events. Hutson acquired 80,740 shares at $0 (RSU vest) and disposed 34,192 shares at $14.61 (tax withholding), net holding 1,322,689 shares; also received 1,389 new RSUs. Wave 2 (period 2026-03-19): Annual RSU grant. Hutson received 108,548 new RSUs. All transactions are compensation-related; no open-market sales or purchases detected.

DEC completed Delaware redomiciliation on November 21, 2025, converting from a UK public limited company to a Delaware corporation; HFIA trigger date confirmed

Diversified Energy Company PLC redomicilated from England & Wales to Delaware on November 21, 2025. All outstanding PLC shares were exchanged 1-for-1 for Delaware common stock. NYSE primary listing became effective November 24, 2025. UK PLC converted to a private limited company. This is the HFIA trigger event causing Section 16 obligations for DEC insiders.

DEC sued IEEFA over critical well-abandonment liability research reports; McEvoy v. DEC also in active 4th Circuit appeal; both reflect material well-plugging obligation risk

DEC filed suit against the Institute for Energy Economics and Financial Analysis (IEEFA) in both N.D. Ohio (2023) and W.D. West Virginia (2023). IEEFA has published reports arguing DEC's well abandonment liabilities (estimated 67,000+ wells in Appalachia) exceed its stated reserves and that the company's acquire-and-operate model transfers plugging obligations to taxpayers. DEC challenged these reports through litigation. The McEvoy v. DEC case (W.D. W.Va. 5:22-cv-00171, filed July 2022) is separately on appeal at the 4th Circuit (case 24-223, filed September 2024).

Securities class action Biasatti v. DEC filed March 2025 in E.D. Texas, concurrent with Maverick acquisition; complaint not yet obtained

A securities class action, Biasatti v. Diversified Energy Company PLC (docket 4:25-cv-00231, E.D. Tex., Judge Sean D. Jordan), was filed March 7, 2025 — concurrently with the Maverick Natural Resources acquisition announcement (closed March 14, 2025). Case remains active. This timing suggests the complaint may allege misrepresentation in connection with the acquisition or share price impact.

12 DEC insiders filed Form 3 initial ownership statements as of November 21, 2025, the HFIA effective date; Hutson held 1.28M shares direct at inception

Twelve named DEC insiders filed Form 3 initial ownership statements with an effective date of November 21, 2025. Filers: Robert R. Hutson Jr. (CEO, 1,276,141 shares); Bradley G. Gray (officer, 192,131 shares); Richard A. Gideon (officer); Randall S. Wade (officer, 0 direct / ~7.5M indirect); Benjamin Sullivan (SVP/CLRO); Michael Walton Garrett; Ron Lee Ridgway; David J. Turner Jr. (director); Kathryn Z. Klaber (director); Martin K. Thomas (director); David E. Johnson (chairman); Sylvia Kerrigan (resigned Jan 2025, not a Form 3 filer). Hutson also holds stock options at $22.00 and $31.44 strike prices in addition to RSUs.