Diversified Energy board member resigns as EIG stake falls below 10%

Diversified Energy Company (NYSE: DEC) announced that Randall Wade resigned from its board of directors after EIG Management Company's ownership in the company dropped below 10% of outstanding shares.

Wade, co-founder of EIG, stepped down according to terms of a relationship agreement executed when Diversified Energy acquired Maverick Natural Resources from investment funds managed by EIG and other owners in 2025. The company stated Wade's resignation was not due to any disagreement.

"We are grateful for Randy's leadership and guidance during a pivotal period for Diversified Energy," said Rusty Hutson Jr., chief executive officer. "His insights have been instrumental in shaping our acquisition strategy, integrating our transformative Maverick acquisition, and strengthening our position as a leading U.S. energy provider."

The resignation follows the contractual terms established during the Maverick Natural Resources acquisition, which required board representation changes based on ownership thresholds.

You May Also Be Interested In

• Kimbell Royalty closes $221.2M mineral rights acquisition
• OBOOK Holdings posts $18.8M net loss as OwlPay Harbor volume rises
• loanDepot receives NYSE non-compliance notice over stock price