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BIRMINGHAM, Ala. - Diversified Energy Company PLC (LSE: DEC) (NYSE: DEC) has reported significant progress in its sustainability efforts for the year 2024, according to its latest annual Sustainability Report. The company, which focuses on managing proved, developed, producing (PDP) assets, has announced a reduction in methane intensity of approximately 13% from the previous year, marking a 56% decrease since 2020.
The report outlined several environmental initiatives, including the elimination or conversion of 459 pneumatic devices and pumps to non-emitting alternatives, and the performance of 152,000 voluntary emission detection surveys, resulting in a maintained no-leak rate of about 98% across surveyed assets. Diversified Energy also achieved the Oil and Gas Methane Partnership 2.0 (OGMP) Gold Standard for the third consecutive year.
In terms of safety, the company improved its personal safety performance, with a 30% reduction in the Total (EPA:TTEF) Recordable Incident Rate (TRIR) and a 52% decrease in contractors with a high TRIR score. The motor vehicle incident rate also saw a significant drop of 38% compared to 2023, despite an 11% increase in miles driven.
The company’s community engagement and economic contributions were also highlighted in the report. For the third year in a row, Diversified Energy’s operations contributed over $1 billion to state GDPs. Community outreach efforts were strengthened, including $2.1 million in community contributions, grants, and support programs, with more than a quarter of these funds directed to socio-economically disadvantaged regions.
CEO Rusty Hutson, Jr. commented on the company’s commitment to delivering sustainable energy and its focus on responsible operations, which include emissions reduction and safe well retirements, as well as support for communities and local economies.
This report, based on a press release statement, underscores Diversified Energy’s strategy of improving currently producing assets while addressing modern energy challenges and striving to provide lower-carbon energy solutions.
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