Methane intensity falls by 33% as Company achieves 2026 & 2030 targets
Responsibly retired over 400 wells, including state-owned orphan wells
Activities contributed $1 Billion to state GDPs and supported nearly 8,000 jobs
BIRMINGHAM, AL / ACCESSWIRE / April 4, 2024 / Diversified Energy Company PLC (LSE:DEC)(NYSE:DEC) ("Diversified," "DEC," or the "Company") is proud to release its fifth annual Sustainability Report, "Priorities & Performance," highlighting the Company's sustainability actions and achievements in 2023. Diversified continues to implement innovate strategies to manage mature producing assets while also promoting technological improvement in all aspects of its business. The report details Diversified's life-cycle stewardship model and commitment to being a solutions-driven operator by responsibly producing lower-carbon energy.
Key highlights include:
- Reduced methane intensity by 33% year-over-year to 0.8 MT CO2e per MMcfe; a 50% reduction as compared to 2020 baseline (1.6 MT CO2e per MMcfe) and projected to be below U.S. Inflation Reduction Act-established methane fee threshold
- Achievement surpasses 2026 target for a 30% reduction in methane intensity and accomplishes the 2030 50% reduction target seven years ahead of schedule
- Conducted ~246,000 voluntary emission detection surveys; maintaining ~98% no-leak rate company-wide on surveyed assets
- Retired record 404 wells, including Diversified-owned and third-party assets, with majority managed and completed by DEC's full-service asset retirement company, Next LVL Energy
- Achieved second year of Oil and Gas Methane Partnership 2.0 (OGMP) Gold Standard
- Contributed over $1 billion to state GDPs through employment and operations
- Strengthened community outreach efforts include $2.1 million in grants, programs, and community support
- Provided education assistance through over 50 university scholarships and paid internship opportunities
- Increased employee programs such as new family adoption policy, mental health webinars, and unconscious bias training
- Expanded Board's gender diversity to over 40% female, with 75% of Board Committees chaired by females
- Enhanced discussion and analysis of Task Force on Climate-Related Financial Disclosures (TCFD)
Commenting on the report, CEO Rusty Hutson, Jr. said:
"Diversified Energy continues to tackle the need for energy reliability, affordability, and sustainability head-on through our differentiated and proven stewardship model. Our strength lies in our people, who together make up the extraordinary OneDEC culture. By providing solutions to reduce emissions, increase the efficiency of our wells, and safely produce energy for our communities before responsibly retiring them, Diversified is well-positioned to play a lead role in the energy transition today and into the future. The 2023 Sustainability Report provides our stakeholders with a clear understanding of our commitment to sustainability, the stewardship of our assets, and to the dedicated efforts of our employees. We are proud to be the Right Company at the Right Time that is laser-focused on delivering pace-setting environmental performance and social responsibility - all while providing critical and affordable energy that drives our modern world."
View the 2023 Sustainability Report online at div.energy/sustainability/
For further information, please contact:
| Diversified Energy Company PLC | +1 973 856 2757 |
| Doug Kris | |
| Senior Vice President, Investor Relations & Corporate Communications | |
| FTI Consulting | |
| U.S. & UK Financial Public Relations |
About Diversified Energy Company PLC
Diversified is a leading publicly traded energy company focused on natural gas and liquids production, transport, marketing, and well retirement. Through our differentiated strategy, we acquire existing, long-life assets and invest in them to improve environmental and operational performance until retiring those assets in a safe and environmentally secure manner. Recognized by ratings agencies and organizations for our sustainability leadership, this solutions-oriented, stewardship approach makes Diversified the Right Company at the Right Time to responsibly produce energy, deliver reliable free cash flow, and generate shareholder value.
SOURCE: Diversified Energy Company PLC