Diversified Energy released 2022 operating and financial highlights on Jan. 31, saying production and financial expectations were in line with market expectations.
The U.S. E&P, which is listed on the London Stock Exchange, reported that annual production was up 14% from 2021 to 135 Mboe/d as Diversified continued growth in Appalachia. The company said its cash margins remained at 50% despite economic trends, including recession and volatility.
"In 2022, we navigated a challenging inflationary environment while maintaining strong cash margins by vertically integrating the assets we acquire and realizing synergies, including establishing our Next LVL asset retirement business,” said CEO Rusty Hutson Jr.
Diversified highlighted recent ESG measures in the press release, including execution by its plugging and abandonment (P&A) business. Diversified retired over 200 wells in 2022, up 47% compared to 2021. Overall, the company’s 2022 performance exceeded the 150 orphan wells it had targeted for P&A operations in 2023.
Next LVL Energy, Diversified’s well retirement subsidiary, has been contracted by third-party operators and state programs to retire another 150 wells in 2023.
Taking Care of Orphans: Diversified Eyes Growth, Innovation of P&A Services
"We recognize that energy-company stakeholder expectations continue to evolve and now include energy security and affordability in harmony with expectations around ESG, and Diversified remains committed to and has a track record of responsibly and sustainably producing our assets,” said Hutson.
Diversified also reported completing emission surveys of Appalachia upstream wells and repaired approximately 75% of confirmed leaks of its midstream assets.
“Our investments in emissions measurement and tracking technologies were integral to Diversified being awarded the Gold Standard from the United Nations Oil and Gas Methane Partnership,” Hutson said.
Diversified will release full-year results and host an earnings call on March 21.
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