Diversified Energy Share Discussion Threads

[spawny100] 19/12/2023 10:01

Bought a few. Think buys being shown as sells right now.

[topazfrenzy] 19/12/2023 09:59

That's the article, nothing new really ..

[topazfrenzy] 19/12/2023 09:58

House Democrats Probe Gas Producer Diversified Energy
Energy and Commerce Committee members send letter to CEO
Inquiry focuses on methane emissions and abandonment risk

By Zachary Mider and Rachel Adams-Heard
18 December 2023 at 15:51 GMT
Updated on 18 December 2023 at 17:23 GMT

House Democrats opened an inquiry into Diversified Energy Co., the largest owner of US oil and gas wells, warning that the company’s unusual business model poses risks to taxpayers and the global climate.

On Monday, members of the House Energy and Commerce Committee led by New Jersey Democrat Frank Pallone sent a nine-page letter to Diversified Chief Executive Officer Rusty Hutson Jr. requesting documents and information about the company’s methane emissions and business practices.

Diversified specializes in buying old, minimally productive wells and keeping them in operation as long as possible. In the letter, the Democrats said Diversified eventually might walk away from thousands of wells, leaving billions of dollars of cleanup costs to state governments in Pennsylvania, West Virginia, Ohio and Kentucky. Old wells are also prone to leak methane, the main component in natural gas and a powerful contributor to climate change.

“Diversified Energy’s strategy of leaving thousands of marginal wells unplugged for decades and potentially underestimating future cleanup costs could undermine important efforts to fight climate change,” the members wrote. Because Republicans hold the committee majority, the Democrats don’t have the power to issue subpoenas.

Douglas Kris, a senior vice president at Diversified, said in an emailed statement that the company was reviewing the request for information. “Diversified’s actions to equip each well tender with hand-held methane detectors, routinely conduct LiDAR emissions surveys, and vertically integrate well retirement operations are some examples, among many, of how our smarter asset management program drives emissions improvement and operational efficiencies in the assets we responsibly manage,” he said.

The House letter cites a 2021 Bloomberg Green investigation into the environmental risks of Diversified’s business model, as well as subsequent reports by the Ohio River Valley Institute, an Appalachia-focused organization that advocates for a shift away from fossil fuels.

Diversified owns about 65,000 wells from Pennsylvania to Texas, far more than any other US company. According to a report commissioned by the Clean Air Task Force based on Environmental Protection Agency estimates, it was the fourth-largest methane emitter among oil and gas producers in 2022, despite being only the 22nd-biggest gas producer. The company is based in Birmingham, Alabama, and shares trade on both the London and New York stock exchanges.

[scepticalinvestor] 19/12/2023 09:56

Bght a few 1000 at 1132

[cassini] 19/12/2023 09:54

V. similar to that Ph.D thesis(?) attack on DEC well capping a few years ago or the Bloomberg 'Green' attack on DEC methane emissions ~18 months back.

[justiceforthemany] 19/12/2023 09:53

Malcy will have been on the phone today.
See what he says.

[scepticalinvestor] 19/12/2023 09:52

Incredible how congress members cannot be charged for insider trading. Mind boggling corruption.

[topazfrenzy] 19/12/2023 09:52

Biden is going to end up in jail anyway

Trump will win and change the entire energy policy of the US

[topazfrenzy] 19/12/2023 09:51

That news regarding plugging the wells was already well known and in fact getting sorted

short attack to coincide with the NY listing ... yes it's all one big scam the market

[topazfrenzy] 19/12/2023 09:49

I just hope it's not Hindenburg!

I doubt it however as they only concentrate on scam companies.

[lord gnome] 19/12/2023 09:46

You have to admire whoever masterminded this bear attack. They certainly did a great job. I'm in too deep to think about getting out so I will just have to wait and ride it out. It will pass.

[justiceforthemany] 19/12/2023 09:46

greygeorge on LSE was working with the short sellers. Needs to be investigated

[topazfrenzy] 19/12/2023 09:44

Well the buybacks will be at a cheaper price at least ..

[action] 19/12/2023 09:41

Bears are in full control. Another PFC

[action] 19/12/2023 09:40

Why insider trading is norm

[topazfrenzy] 19/12/2023 09:36

Dividend yield soon to hit 25% lol

[action] 19/12/2023 09:27

I do not understand the drop. Should have avoided altogether

[scepticalinvestor] 19/12/2023 09:27

Now 60p old money

[scepticalinvestor] 19/12/2023 09:21

Rusty must be apoplectic. This is so obvs a dirty hack job

[scepticalinvestor] 19/12/2023 09:20

The company need to release a statement

[pogue] 19/12/2023 09:18

Well if u r in the Democratic party you could put the shorts on immediately.
Sit back take the divis it will pass it's all part of being in the US.

[scepticalinvestor] 19/12/2023 09:08

Incredible how well prepared these shorters are. Almost as tho they were aware of this hack job a few days ago.

[renewed1] 19/12/2023 09:05

And of course...insider dealing by American politicians isnt illegal!!

[kipper999] 19/12/2023 08:52

Anyone who has ever watched Billions should not be surprised at all
An investigation on the very same day as DEC list on the NYSE!!

It's just Chuck Rhodes (Democrats) messing with his old enemy Bobby Axlerod (Rusty)

Good buying oppertunity, as Dollar Bill would say......

[stevensupertrader] 19/12/2023 08:51

This is a materialistic world , everything needs money to survive . There is a saying No Money No Talk