WTI $81.93 +66c, Brent $83.43 +69c, Diff -$1.50 +3c, NG $5.43 -9c, UKNG 193.97 -6.03

Oil price

Oil is flat today, very little movement and not many influences on the price, the market remains tight which should keep crude in the current trading range.

Diversified Energy Company

Diversified Energy announced today that it will deploy an additional 500 methane emissions detection devices to its Appalachian upstream field operations team as part of the company’s ongoing commitment to environmental stewardship. This investment follows the results of a pilot project that deployed 100 devices across Appalachia and proved to be effective in identifying small emissions for trained well tenders to eliminate at little-to-no incremental cost.
As a result, Diversified will use 600 hand-held methane emissions detection devices in its Appalachia operating area, demonstrating the Company’s operational focus on environmental stewardship. Portable methane emission detection devices empower the Company’s highly skilled personnel to identify and remediate emissions otherwise undetectable using traditional techniques like AVO or Audio, Visual and Olfactory.

Diversified’s investment in monitoring, effectively managing, and reducing its emissions is part of the Company’s existing Smarter Asset Management programmes and broader environmental, social and governance initiatives that will be discussed at its upcoming 17 November Capital Markets Day.

Importantly, the Company designed its SAM programmes with an emphasis on sustainability and operational excellence, which enables unique and necessary investments into the region’s legacy assets. Reflecting its ongoing commitment to these initiatives, the Company continues to evaluate complementary emission reduction investments as it integrates its recently acquired Central Region assets and continues to optimise its Appalachian assets.

In accordance with its longstanding zero-tolerance policy regarding unintended methane emissions, Diversified is committed to repairing all emissions and to documenting and publicly disclosing the results of its emissions detection and repair activities. By enhancing its measurement processes and capabilities, the Company is designing its emissions reduction programmes to exceed existing state and federal regulatory requirements governing methane emissions including the U.S. Environmental Protection Agency’s most recent proposed methane emissions guidelines.

Rusty Hutson, Jr., CEO of the Company, commented:
“We are actively accelerating investments in emerging environmental technology that will greatly expand our field operations team’s ability to detect and repair methane emissions in Appalachia and across our broader asset base. Respecting environmental stewardship in making business decisions is a core value for our employees. Diversified remains committed to the continuous improvement of our environmental performance and to outpacing the expectations of our stakeholders. We look forward to discussing this programme and others at our upcoming Capital Markets Day event in Houston on 17 November 2021.”

For DEC to be making these moves it shows the clear commitment for them to be addressing this important issue and I expect to hear much more next week at the Capital Markets Day, which I will be attending. Having spoken to them in the past, their adherence to ESG is extremely strict and they would expect to be industry leading players in this regard. 

I am expecting this to be at the forefront of next weeks presentations in addition to reminding shareholders of the success that DEC has had operationally and through acquisition which has made an enormously valuable company and one I expect to continue to grow faster than its peer group. 

Union Jack Oil

Union Jack will be holding a question and answer forum with Proactive Investors, the week commencing 15 November 2021.

Please submit questions to the Union Jack Twitter account @unionjackoilplc orinfo@unionjackoil.com
by close of business 12 November 2021.

At this really important time on many fronts for UJO I notice that they have announced a Q&A session for shareholders next week. It is with Andrew Scott at Proactive so will be properly conducted, I strongly advise shareholders to take part. If possible I will partake in the Q&A from Texas where I will be on the DEC visit.   

And finally…

Eddie Howe, formerly of Bournemouth has been appointed manager of The Magpies, all they need to do now is to stay up this season, if not I worry very much…