Shares of Diversified Energy tanked 15% this week after Bloomberg Green published an article on the company’s oil and gas wells, which are reportedly leaking toxic methane into the atmosphere.
Bloomberg’s report describes the harmful environmental effects of unattended oil and gas wells leaking methane — the article highlights both lawmakers’ and companies’ (like Diversified) environmentally harmful practices:
“Indeed, state and federal policies—from plugging regulations to tax subsidies—encourage companies to do exactly what Diversified is doing: Keep almost dead assets on life support as long as possible, no matter how much they may damage the planet.”
Natural gas is a cleaner energy alternative to fossil fuels when burned. But, if left unattended, natural gas leaks methane which actually has the potential to cause 80x more warming in the atmosphere than carbon dioxide. 😬
Diversified Energy responded to Bloomberg’s criticism, saying Bloomberg’s report fails to “reflect the positive environmental, social and economic benefits stemming from the Company’s investment into – and stewardship of – its assets within communities in which the Company operates.”
Could methane be cooking the planet?? Only time (and more research) will tell. $DECPF closed at $1.50.