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Diversified Energy Acquires Plugging Company in West Virginia, USA.

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MANews-(C)2009-2022

US-based independent energy company Diversified Energy Company plc (LSE: DEC) has acquired the well services and plugging assets and operations of US-based Contractor Services Inc. of West Virginia, the company said.

This represents the company's third acquisition of an Appalachian asset retirement operator during 2022.

Located in Spencer, West Virginia, ConServ is a privately held business led by David and Scott Freshwater that was formed in 1970 and has become an established Appalachian plugging and well services provider.

The acquisition enhances Diversified's ability to retire more wells, scales the business to drive further efficiencies in the company's internal well plugging program, and provides additional third-party revenues from other operators and state agencies to offset Diversified's own well retirement costs.

As part of the acquisition, Diversified will add the ConServ well services and plugging division to the existing Next LVL Energy asset retirement platform.

Diversified's plugging programme now includes 15 well plugging rigs (+70% vs 1Q22) and an expanded portfolio of services that enhance the company's ability to retire wells and perform related site preparation and reclamation activities.

The...

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