Diversified Energy: Difference between revisions
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In April [[2019]] Diversified closed on another acquisition of 107 wells in Pennsylvania and West Virginia for $400 million from HG Energy II Appalachia LLC. | In April [[2019]] Diversified closed on another acquisition of 107 wells in Pennsylvania and West Virginia for $400 million from HG Energy II Appalachia LLC. | ||
In October [[2020]] Diversified reached a joint venture agreement with OakTree Capital Management of Los Angeles, California. | |||
==References== | ==References== | ||
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* Rebman, Stephanie (November 12, 2018) "Birmingham public company completes $183M acquisition." {{BBJ}} | * Rebman, Stephanie (November 12, 2018) "Birmingham public company completes $183M acquisition." {{BBJ}} | ||
* Rebman, Stephanie (April 24, 2019) "Birmingham energy company completes $400M acquisition." {{BBJ}} | * Rebman, Stephanie (April 24, 2019) "Birmingham energy company completes $400M acquisition." {{BBJ}} | ||
* Rebman, Stephanie (October 6, 2020) "Diversified Gas & Oil lands major joint venture with Oaktree Capital Management." {{BBJ}} | |||
==External links== | ==External links== | ||
Revision as of 16:13, 6 October 2020
Diversified Gas & Oil PLC is a publicly-traded company founded in 2001 by banker Rusty Hutson to acquire and operate oil and natural gas wells, primarily in the Appalachian Basin. He was joined by Robert Post in 2003, and took the company public on the London Stock Exchange in 2017.
In 2016 Diversified Gas & Oil moved its headquarters offices to 1100 Corporate Drive, in Hoover's Meadow Brook Corporate Park. Most of the company's production work is centered in Pittsburgh, Pennsylvania.
After raising $50 million in capital through the London exchange, Diversified purchased 550 wells in central Ohio from NGO Development Corp. for $3.1 million. In February 2018, with capital from additional stock offerings, the company bought the Alliance Petroleum Company of Canton, Ohio for $95 million, and the Appalachian natural gas portfolio of CNX Resources for another $85 million. In July of the same year it announced that it had acquired another 11,000 wells in Kentucky, Virginia and West Virginia from EQT Corp. for $575 million. The purchase increased Diversified Gas & Oil's workforce to around 750 employees. In November, Diversified Gas & Oil acquired a portfolio of 5,000 wells and 4,100 miles of pipeline in Kentucky, West Virginia and Virginia froom TCFII Core LLC for $183 million. Many of those properties adjoin assets that the company acquired from EQT, allowing the company to bank on additional efficiencies.
In April 2019 Diversified closed on another acquisition of 107 wells in Pennsylvania and West Virginia for $400 million from HG Energy II Appalachia LLC.
In October 2020 Diversified reached a joint venture agreement with OakTree Capital Management of Los Angeles, California.
References
- Rebman, Stephanie (March 1, 2018) "How Rusty Hutson quietly built a publicly traded company in Birmingham." Birmingham Business Journal
- Rebman, Stephanie (March 6, 2018) "Why this Birmingham company went public in London." Birmingham Business Journal
- Van der Bijl, Hanno (July 24, 2018) "Birmingham oil and gas company makes $575M acquisition." Birmingham Business Journal
- Rebman, Stephanie (November 12, 2018) "Birmingham public company completes $183M acquisition." Birmingham Business Journal
- Rebman, Stephanie (April 24, 2019) "Birmingham energy company completes $400M acquisition." Birmingham Business Journal
- Rebman, Stephanie (October 6, 2020) "Diversified Gas & Oil lands major joint venture with Oaktree Capital Management." Birmingham Business Journal
External links
- Diversified Gas & Oil website