RCS - Diversified Energy - Diversified Publishes 2023 Sustainability Report

Diversified EnergyAnnouncement

04/04/2024 07:00

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RNS Number : 2404J  Diversified Energy Company PLC  04 April 2024

April 4, 2024

Diversified Energy Company PLC

("Diversified," "DEC," or the "Company")

 

Diversified Energy Highlights Achievements, Commitments, and Measurable Impact
in 2023 Sustainability Report

 

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

 

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/
(https://www.div.energy/sustainability/)

 

For further information, please contact:

 Diversified Energy Company PLC                                             +1 973 856 2757
 Doug Kris                                                                 dkris@dgoc.com
 Senior Vice President, Investor Relations & Corporate Communications      www.div.energy

 FTI Consulting                                                            dec@fticonsulting.com
 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.

 

 

 

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