DEC 8-K

Diversified Energy Co (DEC)

8-K 2026-03-06 For: 2026-03-06

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Added on April 10, 2026


Exhibit No.						Description
99.1						Unaudited pro forma condensed combined financial information of Diversified Energy Company and subsidiaries for the year ended December 31, 2025, and the notes related thereto.
104						Cover Page Interactive Data File (embedded within Inline XBRL document


	Diversified Energy Company

March 6, 2026	By:	/s/ Benjamin M. Sullivan
Date		Benjamin M. Sullivan
		Senior Executive Vice President, Chief Legal and Risk Officer and Corporate Secretary


(In thousands, except share and per unit data)	DEC Historical (Note 1)		Maverick As Adjusted (Note 2)		Canvas As Adjusted (Note 2)		Maverick Transaction Adjustments (Note 3) (a)			Canvas Transaction Adjustments (Note 4) (a)			Pro Forma Combined
Revenue
Natural gas	$	830,247	$	41,668	$	62,722	$	—		$	—		$	934,637
NGLs	207,868		18,724		54,628		—			—			281,220
Oil	500,706		93,665		155,313		—			—			749,684
Total commodity revenue	$	1,538,821	$	154,057	$	272,663	$	—		—			$	1,965,541
Gain (loss) on derivatives	217,687		(11,544)		6,815		—			—			212,958
Midstream	40,492		—		—		—			—			40,492
Other	32,142		12,077		—		—			—			44,219
Total revenue	$	1,829,142	$	154,590	$	279,478	$	—		$	—		$	2,263,210
Operating expense
Lease operating expense	(457,593)		(77,620)		(41,626)		—			—			(576,839)
Production taxes	(86,709)		—		(14,225)		—			—			(100,934)
Midstream operating expense	(79,185)		—		—		—			—			(79,185)
Transportation expense	(115,267)		—		(25,926)		—			—			(141,193)
Accretion of asset retirement obligation	(48,607)		(2,076)		(1,071)		(1,309)		(b)	33		(b)	(53,030)
General and administrative expense	(167,626)		(28,311)		(20,211)		—			—			(216,148)
Depreciation, depletion and amortization	(412,506)		(22,332)		(68,302)		544		(c)	11,352		(c)	(491,244)
Gain (loss) on natural gas and oil properties and equipment	73,368		7,152		118		—			—			80,638
Total operating expense	$	(1,294,125)	$	(123,187)	$	(171,243)	$	(765)		$	11,385		$	(1,577,935)
Income (loss) from operations	$	535,017	$	31,403	$	108,235	$	(765)		$	11,385		$	685,275
Other income (expense)
Interest expense	(209,967)		(14,833)		(6,515)		(4,238)		(d)	(30,932)		(d)	(266,485)
Loss on debt extinguishment	(26,971)		—		—		—			—			(26,971)
Other income (expense)	3,270		417		1,073		—
Income (loss) before taxation	$	301,349	$	16,987	$	102,793	$	(5,003)		$	(19,547)		$	396,579
Income tax benefit (expense)	40,550		59		(21,488)		1,201		(e)	4,691		(e)	25,013
Net income (loss)	$	341,899	$	17,046	$	81,305	$	(3,802)		$	(14,856)		$	421,592
Other comprehensive income (loss)	352		—		—		—			—			352
Total comprehensive income (loss)	$	342,251	$	17,046	$	81,305	$	(3,802)		$	(14,856)		$	421,944
Net income (loss) attributable to:
DEC	$	341,115	$	17,046	$	81,305	$	(3,802)		$	(14,856)		$	420,808
Non-controlling interest	784		—		—		—			—			784
Net income (loss)	$	341,899	$	17,046	$	81,305	$	(3,802)		$	(14,856)		$	421,592

Earnings (loss) per share attributable to DEC
Basic	$	4.67	$	—	$	—	$	—		$	—		$	4.30	(f)
Diluted	$	4.58	$	—	$	—	$	—		$	—		$	4.23	(f)
Weighted average shares outstanding
Basic	72,969,687		—		—		21,194,213		(f)	3,718,209		(f)	97,882,109		(f)
Diluted	74,478,592		—		—		21,194,213		(f)	3,718,209		(f)	99,391,014		(f)


Canvas Caption	Diversified Caption	Canvas Historical	Reclassification Adjustments		Canvas As Adjusted
	Revenue
	Natural gas	—	9,491	(1)	9,491
	NGLs	—	7,743	(1)	7,743
	Oil	—	19,110	(1)	19,110
Commodity sales	Total commodity revenue	32,506	3,838	(1)	36,344
Derivatives gains (losses), net	Gain (loss) on derivatives	—	2,066	(2)	2,066
	Midstream	—	—		—
	Other	—	—		—
	Total revenue	32,506	5,904	(1)(2)	38,410
	Operating expense
Lease operating	Lease operating expense	6,814	—	(4)	(6,814)
Production taxes	Production taxes	1,861	—	(4)	(1,861)
	Midstream operating expense	—	—		—
Transportation and processing	Transportation expense	613	(3,838)	(1)(4)	(4,451)
	Accretion of asset retirement obligation	—	276	(3)(4)	(276)
General and administrative	General and administrative expense	4,392	—	(4)	(4,392)
Depreciation, depletion and amortization	Depreciation, depletion and amortization	11,795	(276)	(3)(4)	(11,519)
Gain (loss) on sale of assets	Gain (loss) on natural gas and oil properties and equipment	—	—		—
	Total operating expense	25,475	(3,838)	(1)	(29,313)


Canvas Caption	Diversified Caption	Canvas Historical	Reclassification Adjustments		Canvas As Adjusted
	Income (loss) from operations	7,031	2,066	(2)	9,097
Other income (expense)
Interest expense	Interest expense	(675)	—		(675)
Derivatives gains (losses), net		2,066	(2,066)	(2)	—
Gain (loss) on sale of assets		—	—		—
	Loss on debt extinguishment	—	—		—
Other income (expense)	Other income (expense)	(152)	—		(152)
	Income (loss) before taxation	8,270	—		8,270
Income tax expense (benefit) - current	Income tax benefit (expense)	—	—
Income tax expense (benefit) - deferred		—	—		—
	Net income (loss)	8,270	—		8,270


Maverick Caption	Diversified Caption	Maverick Historical		Reclassification Adjustments		Maverick As Adjusted
Revenue
Natural gas revenues	Natural gas	$	41,668	—		$	41,668
NGL revenues	NGLs	18,724		—		18,724
Oil revenues	Oil	93,665		—		93,665
	Total commodity revenue	154,057		—		154,057
Realized gain (loss) on commodity derivative instruments	Gain(loss) on derivatives	(5,376)		(6,168)	(1)	(11,544)
Unrealized gain (loss) on commodity derivative instruments		(6,168)		6,168	(1)	—
	Midstream	—		—		—
Other revenues, net	Other	12,077		—		12,077
	Total revenue	154,590		—		154,590
Operating expense
Operating costs	Lease operating expense	77,620		—	(4)	(77,620)
	Production taxes	—		—		—
	Midstream operating expense	—		—		—
	Transportation expense	—		—		—
	Accretion of asset retirement obligation	—		2,076	(4)	(2,076)
General and administrative expenses	General and administrative expense	23,113		5,198	(2)	(28,311)
Restructuring costs		5,198		(5,198)	(2)	—
Depletion, depreciation and amortization	Depreciation, depletion and amortization	24,408		(2,076)	(3)(4)	(22,332)
(Gain) loss on sale of assets	Gain (loss) on natural gas and oil properties and equipment	(7,152)		—	(5)	7,152
	Total operating expense	123,187		—		(123,187)
	Income (loss) from operations	31,403		—		277,777
Other income (expense)
Interest expense	Interest expense	14,833		—	(4)	(14,833)
	Loss on debt extinguishment	—		—		—
Other income, net	Other income (expense)	(417)		—	(5)	417
	Income (loss) before taxation	16,987		—		16,987
Income tax expense (benefit)	Income tax benefit (expense)	(59)		—	(5)	59
	Net income (loss)	17,046		—		17,046
	Other comprehensive income (loss)	—		—		—
	Total comprehensive income (loss)	17,046		—		17,046


	Period
(In thousands)	January 1, 2025 - March 14, 2025
Incremental interest expense for borrowings on Diversified's expanded revolving credit facility	(3,590)
Incremental interest expense for amortization of expected financing costs	(648)
Total transaction accounting adjustments to interest expense	$	(4,238)


	Year Ended
(In thousands, except share and per unit data)	December 31, 2025
Net income (loss), pro forma combined	$	420,808
Diversified weighted average shares outstanding - basic	72,969,687
Diversified shares issued in exchange for legacy Maverick shares as part of consideration transferred	21,194,213
Pro forma weighted average shares outstanding - basic	94,163,900
Dilutive impact of potential shares	1,508,905
Pro forma weighted average shares outstanding - diluted	95,672,805

Earnings attributable to Diversified per share, basic	$	4.47
Earnings attributable to Diversified per share, diluted	$	4.40

Potentially dilutive shares(1)	85,106


Item 9.01			Financial Statements and Exhibits