Reese Energy Consulting last week shared a profile of Diversified Gas and Oil and its CEO Rusty Hutson, whose focus on drilling older wells with high production volumes has led the company to become one of the largest gas players in the Appalachia region. Ala.-based DGO, which operates 60,000 wells and 12,000 miles of gas gathering pipelines in six states, got a little bigger today with the announcement of two acquisitions. First up is the $125 million purchase of Pa.-based EQT’s upstream and midstream assets, which includes 900 net operated wells and related gathering infrastructure. This marks the second acquisition DGO has completed with EQT. Next comes the $98 million deal with Ky.-based Carbon Energy, which adds 6,100 net conventional wells and 4,700 miles of midstream infrastructure with direct connections to interstate pipelines, large industrial and utility companies, and two gas storage fields with 3.5 BCF of working capacity. Diversified Gas and Oil is traded on the Main Market of the London Stock Exchange.
Posted on May 27, 2020