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Through its Smarter Asset Management program, Diversified Energy Company is able to more efficiently produce from its wells and midstream assets, all while ensuring less emissions and improving asset health. Paul Espenan, DEC’s Senior Vice President of Environmental Health, Safety and Regulatory, said that Smarter Asset Management is all about efficient production while reducing emissions, and that’s being done at the company in a variety of ways. For one, he said, the company performs “strategic upgrades” to certain wells, especially those that are under-appreciated, as Diversified does not produce new wells as most producers, but instead acquire and optimize existing energy assets. “What we see a lot of times when we acquire these assets is that others don’t have the appreciation of them that we do in terms of what the opportunity is,” Espenan said. “It’s not necessarily part of their core business, but it is our core business. We have a way of evaluating things that perhaps they overlook or had no intention of even looking at.” DEC Senior Vice President of Upstream Operations and Well Retirement Todd Tetrick said that some operators who owned wells before they were acquired by DEC “lost focus” on operating these wells efficiently, but with the wells now under Diversified Energy’s care, they’re seeing new life. Tetrick continued, “Well pressures and fluid production change throughout the life cycle of the well, and the wells can be very sensitive and require adjustment of the lift mechanisms.” “You can go through the last seven or eight years of Diversified owning these assets and see that we have returned to service literally thousands of wells that our predecessor companies were not producing.” Regardless of if they’re new or mature wells, Tetrick said that a lot goes into efficient oil and gas operations. He said that a key metric in measuring efficient production is “lift cost”, or cost incurred by the company during the production operations of the oil and gas wells. “We can become more efficient by focusing on the expense piece, the production or both,” Tetrick said. “We can decrease our lift costs per unit. That’s the whole goal, to produce our wells efficiently, safely and from an environmentally sustainable perspective.” The environmental impact of oil and gas producing is hugely important to Diversified Energy, and a central tenet of Smarter Asset Management. Espenan said that more than two years ago, the company made what others in the oil and gas industry considered an “odd” decision by equipping every well tender with a handheld device that detects methane leaks. Despite what others thought of the plan, Espenan said it has put DEC ahead of the curve when it comes to detecting and limiting emissions. “In 2023, on a facility basis, we were able to attain a 98% leak-free status,” Espenan said. “We did about 246,000 individual inspections in 2023, and by making those leaks rare, we not only put that gas back in the pipe to sell it, but also reduced our emissions. In 2023, we announced that we hit our emissions goal for 2030 seven years ahead of schedule, and the biggest change was making leaks very rare.” Aside from eliminating emissions at wells, Espenan said that DEC has utilized technology from Bridger Photonics to detect methane emissions from the air by using LiDAR, noting that the company has flown over 22,000 miles of its gathering system and 21,000 miles of production facilities to similarly find and eliminate leaks. Additionally, Espenan said that the company is working with a company called Xplorobot, which is developing an entirely new system to detect methane leaks that, he predicted, will overtake the current common method of finding emissions like DVD overtook VHS. “(Their technology) is going to leapfrog over what has been traditionally called optic gas imaging, which uses a camera, to laser-based imaging,” Espenan said. He added that there are federal regulations about to go into effect that will require oil and gas companies to do things to limit emissions that Diversified Energy has been doing for years voluntarily, and he added that a good deal of what DEC does in the future will still be beyond what’s required by regulators. While environmental impact is a huge part of Smarter Asset Management, so, too, is improving the company’s social impact. Tetrick said that taking into account the hundreds of employees that Diversified Energy Company has across its service area, there is a lot of money going into local economies. Espenan said that whatever DEC can do to improve the communities in which it operates, it wants to do so. “We live, work and participate in the communities around us, and we care what the community has to say about us,” Espenan said. “It’s also, in terms of the outreach we perform, charitable or organizational. We care about our reputation and we want to be that good neighbor, so we’re doing a great deal to reduce our impact and emissions and run our operations in a certain way, because we care about the impact to the public. “Our sustainability report in 2022 won an award mostly because of transparency. We talk in great detail about the things we do in the community. The impact we make financially is a big part of that.”Coupang, South Korea Stocks Recover Some Losses As President Lifts Martial Law OrderTribal lands were stolen. What happens when those ancestral territories are returned?
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