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(Alliance News) - Diversified Energy Co PLC on Wednesday outlined several plans at its Capital Markets Day, including additional investments to reduce methane emissions and a continued evaluation of an additional listing in the US.
For 2022, the Birmingham, Alabama-based energy producer announced a plan to deploy new equipment for detecting methane emissions, as well as a multi-year plan to reduce emissions from pneumatic devices and increase Diversified Energy's ability to detect and reduce fugitive emissions.
These investments into reducing methane emissions is expected to come to USD15 million.
Beyond this, Diversified has targeted a reduction in scope one methane emissions intensity by 30% in 2026 compared to levels seen in 2020. By 2030, the company aims to reduce scope one methane emissions by 50% compared to 2020, and achieve carbon neutrality by 2040, a decade earlier than its initial target of 2050.
In addition to reducing emissions, Diversified intend to increase the rate of wells it retires annually to at least 200 by 2023, reflecting more than triple of what is required under current state agreements.
Also, Diversified said it is continuing to review the possibility of a listing in the US, in addition to its current listing on the London Stock Exchange. The company expects that a dual listing could improve its access to high-quality investors and enhance its liquidity.
"We are providing an in-depth look at our strategy for acquiring long-life, low-decline producing assets with an emphasis on the important work we do to improve our environmental stewardship in all facets of our operations," said Chief Executive Officer Rusty Hutson.
"Looking ahead, we will continue to generate substantial free cash flow that will fund today's announced ESG commitments in addition to our consistent dividends, debt reduction and accretive reinvestment to sustain our business," Hutson added.
Shares in Diversified Energy were up marginally at 104.81 pence on Wednesday in London.
By Dayo Laniyan; dayolaniyan@alliancenews.com
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