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The company was established by Robert ('Rusty') Hutson when he bought a gas well in West Virginia in 2001. The management then grew the business over the next decade by acquiring old gas and oil wells that the main producers did not want. It was the subject of a flotation on the Alternative Investment Market in February 2017 and moved to the premium market in May 2020.
On 6 May 2021 the changed its name from Diversified Gas & Oil PLC to Diversified Energy Company PLC and changed its TIDM code from DGOC to DEC.
In December 2021 Diversified Energy acquired the Oklahoma-based Tapstone Energy Holdings, LLC for $174 million.
In April 2022, it was announced that Diversified Energy had acquired "certain East Texas upstream assets and related facilities" from a private seller for $50 million USD in cash.
In September 2022 Diversified Energy acquired certain upstream assets and related facilities from ConocoPhillips Company for $240 million.
In March 2023 Diversified Energy completed an acquisition of certain upstream assets and related facilities in Texas from Tanos Energy Holdings II LLC for $250 million.
Diversified Energy acquired Canvas Energy, an Alabama based company for $550 million in September 2025.
In October 2025, the company announced that it would move its main listing to the New York Stock Exchange.
The company announced in September 2026 it would aquire Birch Energy for $1.8 billion.