Diversified Energy Share Discussion Threads

[laurence llewelyn binliner] 24/2/2024 15:35

#Grahamg8, we recently doubled the size of the plugging capability with the Tanos deal so it is an expanding part of the business, and will continue as demand for the service picks up, we win 3rd party plugging contracts and now do Gov owned orphan/abandoned well contracts they want plugged too..

The period of maximum productivity may be in the first ten years, but we buy up old wells past their best and can keep them ticking over for decades..

We are part of the solution not the problem - right place, right time sweeping up the mess (for a price).. ;o)

[grahamg8] 24/2/2024 12:11

Until now I've rather dismissed the LVL Energy business as being a bit of a side line. Nice to have, reduces retirement costs by keeping the work in house, and a bit of pocket money on the side from services to third parties.

I think my interpretation is right that FY2023 568 wells were processed, 384 in house and 184 external. But if DEC have 60,000 wells and their life is 10 years then the retirement capability needs to ramp up accordingly. In the presentation to WV Energy Committee it was stated that there were 6000 orphan wells in the State. And now the Client Earth article is suggesting there are 2.1m abandoned and unplugged wells in the USA.

Sounds like "Right Company, Right Time" has it just about ........Right.

[tag57] 24/2/2024 10:43

FT story about abandoned wells in the US. DEC gets a mention.

[sbb1x] 24/2/2024 08:09

Yes it will be.

[elpirata] 23/2/2024 21:33

linking into above (and 4 yrs & 6 yrs respectively since the EQT acquisitions) this surely gives the lie to the bear case as DEC ramp up plugging out of cashflow while providing a profitsble 3rd party plugging to WV State amongst others



The plaintiffs allege that, instead of plugging the wells, the company knowingly sold them to a privately owned Texas shell company that was designed to go bankrupt and shed the cleanup liability....The plaintiffs argue the transfers of these oil and gas wells to a small private company deliberately designed to go bankrupt was fraudulent, and consequently the responsibility for plugging the wells must remain with the previous owner

[elpirata] 23/2/2024 21:25

An unintended consequence of the McEvoy plaintiffs action is to draw into the litigation a number of 'intervenor defendants' who are mineral rights owners in the allegedly abandoned & orphaned wells, and whose rights to any future royalties would be terminated if the wells were to be plugged by order of the Court, even if the wells were dormant and required rehabilitation.

The motion to cojoin with DEC & EQT as defendants was opposed by the McEvoy plaintiffs

eg In the Third Amended Class Action Complaint [Doc.322], for example, plaintiff Joan Medley alleges that according to the Office of Oil and Gas, the well's operator has not reported natural gas production in any amount since 2018 for well 047- 039-02361.
According to the Office of Oil and Gas, the well 047-039-02361 has not produced oil since 2018.
Without any mineral production on those wells, there is no purpose and no legal justification for the continued presence of the wells or their associated equipment

The Court granted Judgement for the intervenor defendants thus

The Intervening Defendants all have mineral interests in Well 047-039-02361. The WV DEP Office of Oil and Gas website lists Well 047-039-02361 as an "Active
Well." Moreover, plaintiff Medley's allegation that the well has not reported gas production in any amount since 2018 is simply untrue. As the chart shows below,
Well 047-039-02361, even if only marginally, produced 18mcfg of gas in 2022.

Plaintiffs filed the Third Amended Complaint on June 16, 2023. Upon further review, some of the allegations concerning some wells in the Third Amended Complaint appear to be unsupported

Its not a good look for the class action lawyers if they cant even get their facts right before (if) it even goes to full trial!

[97peter] 23/2/2024 18:05

Yes and state the obvious, but then it will recover. Especially whenQ4 divi announced same rate as Q3, plus annual results put to rest the shorters and de-dampers false news and scaremongering!! Them and you can then crawl back under the de-tampers and shorters unscrupulous rock.

[bountyhunter] 23/2/2024 17:44

On it's way up again in New York, only 3 trading days left before XD 87.5c.

[laurence llewelyn binliner] 23/2/2024 17:41

#Elpirata, indeed, and waiting for it.. :o)

[sbb1x] 23/2/2024 15:46

Could see new 52 week low next week after exdiv day

[bulltradept] 23/2/2024 12:29

No big buyers out there from what I can see atm.

[marksp2011] 23/2/2024 12:27

Justice
There is no volume buy 1000 and you will move the price.

[justiceforthemany] 23/2/2024 11:27

Shorts illegally crashing the price again, FCA AWOL.

[bulltradept] 23/2/2024 09:11

Nice gap close on the daily..

[pogue] 22/2/2024 18:49

This_is_me
so you claim you cant see anyone shorting the shares but you dont look at the short tracker. I think I see the problem.

[bountyhunter] 22/2/2024 18:19

Can't you divide by 20?! Whatever next. Maybe the text is the wrong color for you?

[neilyb675] 22/2/2024 17:43

you don't have a dog and bark yourself.....I think the header should include a current vs old price converter

[bountyhunter] 22/2/2024 17:42

Divide by 20

[neilyb675] 22/2/2024 17:32

in old money what is todays DEC price ?

[bountyhunter] 22/2/2024 17:05

$12.69 in NY as I type = £10.04

[justiceforthemany] 22/2/2024 17:02

Blatant heavy clamp and market rigging hy the short selling hedge funds.
Name and shame.

[aleman] 22/2/2024 16:43

Jumped to 1010p as soon as UK closed. Is this going to happen every day?