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[[File:Diversified Gas and Oil logo.png|right|thumb|325px]]
[[File:Diversified Energy logo.png|right|325px]]
'''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 [[2005]], and took the company public on the London Stock Exchange in [[2017]].
'''Diversified Energy''' (formerly '''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.
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 Applalachian 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.
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. It closed the year with revenues of $408.69 million. In May [[2021]] the company adopted its current name and also announced two acquisitions: a $115–135 million purchase of Cotton Valley upstream assets from Indigo Minerals LLC, and a $166–180 million purchase of Barnett Shale assets from Blackbeard Operating LLC. In August the company acquired another $154 million portfolio of Texas and Louisiana oil and gas wells from Tanos Energy Holdings. The addition increased the company's staff to around 1,200 employees.


==References==
==References==
Line 10: Line 14:
* Rebman, Stephanie (March 6, 2018) "Why this Birmingham company went public in London." {{BBJ}}
* Rebman, Stephanie (March 6, 2018) "Why this Birmingham company went public in London." {{BBJ}}
* Van der Bijl, Hanno (July 24, 2018) "Birmingham oil and gas company makes $575M acquisition." {{BBJ}}
* Van der Bijl, Hanno (July 24, 2018) "Birmingham oil and gas company makes $575M 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 (October 6, 2020) "Diversified Gas & Oil lands major joint venture with Oaktree Capital Management." {{BBJ}}
* Rebman, Stephanie (May 28, 2021) "Birmingham public company plans multimillion-dollar acquisition." {{BBJ}}
* Mann, Joshua (September 12, 2021) "Diversified Energy closes $154M Tanos III acquisition." {{BBJ}}


==External links==
==External links==
* [https://www.dgoc.com/ Diversified Gas & Oil] website
* [https://www.div.energy/ Diversified Energy] website


[[Category:Extractive industries]]
[[Category:Extractive industries]]
[[Category:Major corporations]]
[[Category:Public companies]]
[[Category:2001 establishments]]
[[Category:2001 establishments]]
[[Category:Corporate Drive]]
[[Category:Corporate Drive]]

Latest revision as of 18:51, 12 October 2021

Diversified Energy logo.png

Diversified Energy (formerly 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. It closed the year with revenues of $408.69 million. In May 2021 the company adopted its current name and also announced two acquisitions: a $115–135 million purchase of Cotton Valley upstream assets from Indigo Minerals LLC, and a $166–180 million purchase of Barnett Shale assets from Blackbeard Operating LLC. In August the company acquired another $154 million portfolio of Texas and Louisiana oil and gas wells from Tanos Energy Holdings. The addition increased the company's staff to around 1,200 employees.

References

External links

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