Diversified Energy Co., the largest owner of US oil and natural gas wells, is being targeted by a short seller claiming the company may not have enough money to meet obligations to plug inactive wells.
Snowcap Research, a London-based activist investor focused on environmental, social and governance matters, said in a 39-page report released Tuesday that Diversified may struggle to meet plugging obligations as soon as 2036. The company’s debt load may hurt its ability to pay dividends within the next 12 months, Snowcap said. “A dividend cut looks imminent,” it said.
Shares of Diversified closed down 3% ...
