Diversified oil and gas

Diversified oil and gas DEFAULT

Diversified Energy Company PLC

Our Strategy

Our goal is to acquire and manage mature natural gas and oil properties to generate cash flows and provide stability and growth for the long-term benefit of our stakeholders.

Target PDP Acquisitions

We capitalize on the opportunity to acquire complementary producing conventional and non-conventional gas and oil assets within our operating footprint from industry players who are seeking to re-focus their financial resources. Our target assets are characterized by predictable production rates, long-life (40 to 50+ years), and low decline rates. Any undeveloped acreage positions which may accompany the acquisitions at no added cost provide a significant low-risk opportunity for organic growth in the appropriate commodity price environment.

Maximize Production, Minimize Costs

We maximize production from our portfolio through the deployment of rigorous field management programs and accelerating or extending production by deploying new extraction technology and/or refreshing decayed infrastructure on poorly maintained wells. Complementary and synergistic midstream acquisitions provide net operating cost reductions via flow assurance, revenue diversification and access to better-priced markets. Through operational efficiencies, we demonstrate our ability to maximize value by enhancing production while lowering costs.

Provide Meaningful Stakeholder Returns

We protect our robust margins by combining our operational acumen with a thoughtful yet opportunistic hedging program that sustains and creates a line of sight to positive cash flows, producing the foundation for our long-standing commitment to maintaining a strong balance sheet and delivering shareholder returns in the form of consistent dividends.

Sours: https://www.div.energy/about-us

London Stock Exchange welcomes Diversified Gas & Oil

Diversified Gas & Oil (“DGO” or “The Company”) (EPIC: DGOC) the oil and gas company focused on the Appalachian Basin in North-eastern United States, was welcomed today to the AIM market of the London Stock Exchange. Having successfully raised $50 million with blue chip institutional investors, it represents the largest oil and gas listing in London for two and a half years.

The Company, founded in 2001 by its CEO Rusty Hutson and Executive Chairman Robert Post, has grown exponentially since inception through a combination of operational success and strategic acquisitions.  DGO is a production growth story, currently producing 4,700boepd from over 7,500 conventional wells in West Virginia, Ohio and Pennsylvania, collectively.  DGO has 27.9 mmboe of proven reserves and the assets are characterised as being long-life and geologically low-risk.  As an efficient onshore operator, a key differentiator for DGO is the low-cost nature of its production, meaning the company remains profitable even in a low commodity price environment.

The Company has completed over $40 million in acquisitions since 2006 and has a proven track record for sourcing, acquiring, integrating and enhancing complementary assets.  DGO’s growth strategy will focus on organic growth through infill drilling opportunities, as well as through the acquisition of strategically complementary assets.

The AIM placing successfully raised US$50 million (£39.7 million) before expenses via the issue of 61,000,000 Ordinary Shares at the placing price of 65p per share. DGO will have an anticipated market capitalisation on admission of $86.4 million (£68.6 million)

Rusty Hutson Jr, CEO of DGO stated;

"We are delighted to be at the London Stock Exchange today to celebrate DGO’s achievement in listing on the AIM market. This listing represents a new chapter in the company’s story and we look forward to using our listing as a platform from which we can achieve our ambitious growth objectives. We would like to thank the investors who participated in the Placing and we look forward to rewarding them for their support by delivering on our stated milestones."

DGO’s advisers include Smith & Williamson Corporate Finance Ltd as Nominated Adviser, Mirabaud Securities LLP as broker, Watson Farley & Williams LLP as legal counsel and Buchanan as Financial PR.

Sours: https://www.lseg.com/markets-products-and-services/our-markets/london-stock-exchange/equities-markets/raising-equity-finance/market-open-ceremony/welcome-stories/london-stock-exchange-welcomes-diversified-gas-oil
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Diversified Energy

Diversified Energy Company plc, formerly Diversified Gas & Oil plc, is a gas and oil production company operating in the Appalachian Basin in the United States. It is listed on the London Stock Exchange and is a constituent of the FTSE 250 Index.

The company owns over 69,000 oil and gas wells as of October 2021, making it the largest well owner in the United States.[2]

History[edit]

The company was established by Robert ('Rusty') Hutson when he bought a gas well in West Virginia in 2001.[3] The management then grew the business over the next decade by acquiring old gas and oil wells that the main producers did not want.[3] It was the subject of a flotation on the Alternative Investment Market in February 2017 and moved to the premium market in May 2020.[4] In September 2020 FTSE Russell announced that the company would be joining the FTSE 250 Index[5] later in the month.[6]

On 6 May 2021 the changed its name from Diversified Gas & Oil plc to Diversified Energy Company PLC and changed its TIDM code from DGOC to DEC.[7]

Operations[edit]

Diversified primarily purchases end-of-life wells from major producers. These wells are inexpensive because state law requires non-producing wells be plugged, and the wells are priced with the expectation that they will have to be plugged in the near future. This is an expensive procedure, though Diversified reports that it can do so for under $25,000 per well, less than other producers. Diversified then claims to be able to operate these wells for as many as 50 more years, which greatly reduces the present value of the future plugging liability. Because of this reduction in liability, Diversified is able to claim the wells are worth more than it paid. Since 2014, Diversified has made more from these accounting gains than its cumulative reported profit.[8][9]

In May 2020, the company owned 60,000 wells across the Appalachian Basin in the United States.[3]

Environmental Impact[edit]

An October 2021 investigation by Bloomberg News found that 59% of sampled natural gas wells belonging to Diversified were leaking significant amounts of methane, a potent greenhouse gas. These wells were producing little to no natural gas, and some of them appeared to be abandoned. State laws require that non producing gas wells be plugged promptly, a costly procedure. In 2019 in Ohio, Diversified was found to have falsely claimed a well was producing natural gas, which meant the well was not required to be plugged. Diversified claimed it was an unintentional mistake.[9] The company's share price dropped 21% in one day following publication of the investigation.[10]

In April 2021, Diversified claimed in a report to investors that it had reduced greenhouse gas emissions 28% from 2019 to 2020, but reported to the Environmental Protection Agency that it had actually increased emissions 19% during the same time period.[11]

References[edit]

External links[edit]

Sours: https://en.wikipedia.org/wiki/Diversified_Energy
Diversified Gas and Oil - Share Talk

Diversified Energy Company PLC

About Diversified Energy Company PLC

Diversified Energy Company PLC, formerly Diversified Gas & Oil PLC, is an independent energy company. The Company is engaged in the production, marketing and transportation of natural gas with onshore upstream and midstream assets. The Company owns and operates natural gas and oil wells in Appalachian Basin in the United States. The Company’s asset base is comprised of approximately 67,000 conventional and unconventional natural gas, natural gas liquids, and oil producing wells. Its portfolio contains approximately 17,000 miles of natural gas gathering pipelines and a network of compression stations and processing facilities. The Company’s field operations are located throughout the states of Tennessee, Kentucky, Virginia, West Virginia, Ohio, and Pennsylvania.

Industry

Oil & Gas - Integrated

Executive Leadership

David Edward Johnson

Independent Non-Executive Chairman of the Board

Robert Russell Hutson

Chief Executive Officer, Co-Founder, Executive Director

Martin Keith Thomas

Non-Executive Vice Chairman of the Board

Eric Williams

Chief Financial Officer, Executive Vice President

Bradley Grafton Gray

Chief Operating Officer, Executive Vice President, Executive Director

Key Stats

1.57 mean rating - 7 analysts

Revenue (MM, USD)
EPS (USD)

Price To Earnings (TTM)

--

Price To Sales (TTM)

2.51

Price To Book (MRQ)

1.44

Price To Cash Flow (TTM)

185.73

Total Debt To Equity (MRQ)

68.90

LT Debt To Equity (MRQ)

61.46

Return on Investment (TTM)

-5.68

Return on Equity (TTM)

-4.99
Sours: https://www.reuters.com/companies/DG2G.F

And gas oil diversified

  • Diversified Energy Company highlights strong third quarter
  • Diversified Gas & Oil's Louisiana expansion is no surprise, says broker
  • Diversified Energy close first half with acquisitions of three asset packages for total of US$342m
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View company profile

About the company

Diversified Energy Company PLC is an independent energy company engaged in the production, marketing and transportation of primarily natural gas related to its synergistic US onshore upstream and midstream assets.

How it is doing

28 Oct 2021

Diversified Energy Company PLC (LSE:DEC, OTCQX:DECPF) chief executive Rusty Hutson described today’s third-quarter update as a strong operational and financial set of results, as the company confirmed record average net daily production.

Third-quarter production averaged 128,000 barrels of oil equivalent per day for the quarter, with an exit rate of 133,000 boepd.

Hedged earnings came in at US$92mln and margins were ‘nearly 50%’. It noted the quarter saw higher commodity prices and favourable outlook support for its hedging strategy.

Some 115 wells were retired amongst its Appalachian territory, which it notes is 144% of the level required under its agreements with state authorities.

Read more

19 Oct 2021

Diversified Energy Company PLC (LSE:DEC, OTCQX:DECPF) confirmed it is to host a Capital Markets Day event in Texas, including a tour of assets in its ‘Central Region’ to showcase examples of its Smarter Asset Management and ESG operating initiatives.

The company, in a statement, said the event will take place on November 17.

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12 Oct 2021

Diversified Energy Company PLC (LSE:DEC, OTCQX:DECPF) has appointed Sylvia Kerrigan to its board as an independent non-executive director.

Kerrigan brings more than a decade of board room experience and several decades as an executive for the energy, industrial and transportation sectors, the company highlighted.

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What the brokers say

30 Apr 2021

Diversified Gas & Oil PLC’s (LON:DGOC) acquisition of a package of assets in Louisiana should come as “no surprise”, according to analysts at broker SP Angel.

In a note on Friday, analysts said it was “a buyers’ market in the US” and the US$135mln acquisition of the Cotton Valley package, which includes some 16,000 barrels oil equivalent per day (boepd) of production across 780 net operated wells, “appears to be typically attractive” and presented “clear opportunities” for growth through operational synergies.

SP Angel added that investors “can look forward to a stable dividend policy” given the company’s “strong balance sheet, efficient cost structure, improved commodity price outlook, strong hedge protection and a robust outlook of potential accretive growth”.

Read more

What management says

12 Aug 2021

Diversified Energy (LON:DEC) CEO Rusty Hutson joins Proactive London's Katie Pilbeam to go through some of the key themes from their first half of 2021.


Hutson also explains the pre-tax loss as a result of non-cash impairment caused by their hedging positions, a common occurrence for all energy companies that hedge. 


With three material acquisitions giving the firm a foothold in a new region, Hutson details the significance of this new region entry (Louisiana, Texas, Oklahoma and Arkansas) and how they plan to maximise value from all these operations. 

Sours: https://www.proactiveinvestors.co.uk/companies/news/219368/diversified-energy-company-to-cultivate-new--region-of-focus--as-it-aims-to-replicate-appalachia-successes-219368.html
Diversified Gas \u0026 Oil bucks the oil trend to boost dividends

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