Diversified Energy Regulatory News (DEC)

1 November 2022

 Diversified Energy Company PLC

("Diversified" or the "Company")

Diversified Energy Achieves Gold Standard Pathway in United Nation's Oil & Gas Methane Partnership 2.0 for Ambitious Methane Reduction Plan

Diversified Energy Company PLC (LSE: DEC) is pleased to announce that the Oil & Gas Methane Partnership 2.0 (OGMP 2.0) awarded Diversified its Gold Standard Pathway, recognising the Company's commitment to reduce its methane emissions and provide measurement-based transparent reporting to the highest OGMP 2.0 standard available.

OGMP 2.0, a voluntary and multi-stakeholder initiative co-sponsored by the United Nations Environment Program, Environmental Defense Fund, and the Climate and Clean Air Coalition, is the only comprehensive, measurement-based reporting framework created to accurately and transparently report methane emissions for the oil and gas industry. By awarding the Gold Standard Pathway, the OGMP 2.0 recognises the recipient has demonstrated its commitment to set aggressive and achievable multi-year plans designed to accurately measure and significantly reduce methane emissions.

Rusty Hutson, Jr., CEO of Diversified, commented:

"We built our business on the premise of being responsible stewards of existing natural gas and oil assets, so we value the OGMP's recognition of our work. Their confidence in our comprehensive initiatives and transparent reporting elevate the visibility of this important, integrated element of our business. The Gold Standard Pathway designation complements our already strong ESG actions, highlighting our commitment to transparency and validating the important work we're doing to responsibly produce natural gas while making methane leaks rare."

To reach OGMP 2.0's highest recognition, Gold Standard Compliance, Diversified has set actionable Scope 1 emissions reduction targets driven by its commitment to annual investments in handheld and aerial emission detection and by its initiatives to remove or convert natural gas-driven pneumatic devices. Achieving the Gold Standard Pathway positions Diversified to offer Responsibly Sourced Gas (RSG), a differentiated commodity sought by utilities and Liquified Natural Gas (LNG) buyers for its independently verified low-methane attributes.  

Diversified joins over 80 companies, including EQT Corporation, BP, Royal Dutch Shell, Repsol, and Equinor, in the OGMP Partnership, which represents half of the world's oil and gas production. The United Nation's International Methane Emissions Observatory's (IMEO) recently released "An Eye on Methane" explains that the IMEO views OGMP 2.0 as the standard for transparency, catalyzing collective action amongst member companies to share good practices on methane measurement and management.

The Company joined OGMP 2.0 in May 2022 and its Gold Standard Pathway sets a 3-year timeframe for Diversified to achieve Gold Standard Compliance.

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About Diversified Energy Company PLC

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.