Diversified Energy is a U.S. natural gas and oil producer focused exclusively on acquiring and operating mature, long-life, low-decline producing wells — what the industry calls "proved developed producing" (PDP) assets. Rather than drilling new wells, Diversified buys cash-generating wells that growth-oriented E&P companies shed when recycling capital into new drilling programs, then optimizes them for cash flow. The company operates over 69,000 net productive wells, producing roughly 1,086 MMcfepd, with natural gas comprising approximately 73% of total proved reserves. Assets are concentrated in the Appalachian region (PA, OH, VA, WV, and nearby states) and the Central region (TX, OK, NM, LA), with the Central region now representing roughly 65% of total produced volumes following recent acquisitions. Diversified's business model rests on three pillars: acquiring PDP assets cheaply at low EBITDA multiples, financing those acquisitions with low-cost asset-backed securities (ABS) — investment-grade, non-recourse notes secured by well cash flows — and extracting additional value through production optimization and cost reduction. The spread between ABS borrowing costs and acquired asset yields drives returns. Adjacent businesses include a well plugging subsidiary (Next Level Energy) and a coal mine methane operation. Growth is acquisition-driven; the company has completed over 30 acquisitions since its 2017 IPO, including Maverick Natural Resources (~$1.3B) and Canvas Energy (~$533M) in 2025. Diversified also partners with Carlyle Group to fund up to $2B in acquisitions without equity dilution.