Diversified Energy Champions Sustainability in Latest Report
Methane intensity improves by ~13%, a 56% reduction since 2020
Improved personal safety performance across the Company, including a 30% reduction in TRIR from 2023
Activities contributed $1 Billion to state GDPs for a third consecutive year
BIRMINGHAM, Ala. — Diversified Energy Company PLC (LSE: DEC) (NYSE: DEC) is excited to announce the release of its sixth annual Sustainability Report, titled Winning Through Collaboration. This report outlines the Company's commitment to sustainable practices, showcasing how it effectively manages proved, developed, and producing (PDP) assets. As the sole publicly traded entity focused on this strategy, Diversified employs operational scale, vertical integration, and proprietary technology to enhance efficiency and create lasting value.
With a dedicated Smarter Asset Management strategy, Diversified is poised to tackle modern energy challenges effectively. By harnessing the benefits of natural gas, the Company ensures a reliable, lower-carbon energy supply that meets rising demands. The Sustainability Report emphasizes ongoing advancements in operational excellence, environmental stewardship, and employee safety through several key highlights:
Environmental Protection Initiatives
Reducing Methane Emissions
In a significant achievement, Diversified has managed to lower its methane intensity by approximately 13% year-over-year, bringing it down to 0.7 MT CO2e per MMcfe. This marks a 56% decrease from the baseline of 1.6 MT CO2e per MMcfe established in 2020. The Pneumatics Task Force, along with individual field teams, played a crucial role by eliminating or converting 459 pneumatic devices and pumps into non-emitting alternatives.
Moreover, the Company conducted around 152,000 voluntary emission detection surveys, maintaining an impressive company-wide no-leak rate of about 98% on surveyed assets. For the third consecutive year, Diversified achieved the Oil and Gas Methane Partnership 2.0 (OGMP) Gold Standard.
Enhancing Employee Safety
Commitment to Safety
Diversified has significantly improved personal safety performance, achieving a 30% reduction in Total Recordable Incident Rate (TRIR) in 2024. This achievement coincides with a notable 52% reduction in the number of contractors with elevated TRIR scores. The Company's 2024 report lists a motor vehicle incident rate of 0.34 incidents per miles driven, also reflecting a 38% decrease, even with an 11% increase in total miles driven.
To further support its workforce, Diversified has introduced new physical and mental wellness programs aimed at fostering a healthier work environment.
Community Engagement Efforts
Strengthening Local Economies
The Company’s impact extends beyond its operations, as it has contributed over $1 billion to state GDPs for three consecutive years. Diversified has enhanced its community outreach initiatives, providing $2.1 million in grants, contributions, and support programs. Notably, over 25% of these outreach efforts were allocated to socio-economically disadvantaged regions, showcasing the Company's dedication to uplifting local communities.
CEO Perspective on Sustainability
CEO Rusty Hutson, Jr. commented on the report, stating, “Diversified Energy is unwavering in its commitment to delivering reliable, affordable, and sustainable energy. Our OneDEC culture has thrived, empowering employees to innovate and collaborate effectively. This report encapsulates our focus on responsible operations, which entails emission reductions, safe well retirements, and community support. We take pride in being the publicly traded PDP Champion, focusing on enhancing producing assets at the Right Time, where critically needed energy and sustainability intersect.”
About Diversified Energy Company PLC
Diversified stands out as a leading publicly traded energy enterprise dedicated to producing, transporting, and marketing natural gas and liquids. Its differentiated strategy revolves around acquiring long-term, existing assets, followed by investment to improve their environmental and operational performance until the safe and secure retirement of these assets. Recognized for its sustainability leadership, Diversified's stewardship approach positions it as the Right Company at the Right Time, capable of producing energy responsibly, delivering reliable cash flow, and generating substantial shareholder value.
Frequently Asked Questions
What highlights are present in the recent Sustainability Report?
The report emphasizes a significant reduction in methane intensity, improved safety metrics, and substantial economic contributions to state GDPs.
How does Diversified Energy demonstrate its commitment to the environment?
Diversified Energy focuses on reducing methane emissions and enhancing operational efficiency, achieving noteworthy sustainability certifications.
What safety measures are in place for employees?
The Company has implemented various safety programs that have significantly reduced incident rates while improving overall worker wellness.
What community initiatives has Diversified Energy undertaken?
Diversified has contributed significantly to community welfare, with funds channeled towards socioeconomic upliftment and support programs.
How has the Company positioned itself in the energy market?
Diversified Energy operates as a unique publicly traded PDP Champion, leveraging innovation and sustainability to meet modern energy demands.
