Diversified Energy
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 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.
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
External links
- Diversified Gas & Oil website