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Morning all. Just a reminder about this webinar with CEO Rusty Hutson Jr. and CFO Eric Williams on Wednesday Aug 12, at 4PM. To register please click here:
https://us02web.zoom.us/webinar/register/3015961866342/WN_qT9gtei1SVOy4CQVQafkTw
Love it. Can't believe they increased the divi though. It's like they don't know what to do with all the cash they are making :)
Solid...as usual. Nice dividend increase, I bought a few more, should see this at 1.25-1.30 later this year. Gas prices on a tear and the forward curve now looking very strong, perhaps even some panic buying creeping in.
https://d1io3yog0oux5.cloudfront.net/_b1616ac6ad44027b77399465c996a407/dgoc/db/557/4296/pdf/DGO_2020_Interim_Results_Presentation.pdf
DGOG is killing it!
Declared 2Q20 interim dividend of $0.0375 per share (1Q20: $0.035), an increase of 7% reflecting the Board's confidence in the Company's outlook.
Rusty Hutson, Jr., CEO of Diversified, commented:
"I'm pleased to report another successful period of stable production that recently surpassed the 100 MBoepd milestone, healthy cash generation funding an increasing dividend and prudent growth as we navigate a global pandemic and commodity price volatility. In traditional Diversified fashion, we have remained busy over the past several months, and as an essential services provider, our operations continue without interruption or negative impact from COVID while our teams work diligently to integrate the recent acquisition of assets from EQT and Carbon.
"Our field operations have continued to deliver with production from our Legacy assets essentially flat for the past eight consecutive quarters as they continue to execute our Smarter Well Management programme while they also work diligently to integrate the recently acquired assets from EQT and Carbon. Our finance team successfully funded the recent acquisitions and further strengthened the balance sheet with the closings of two secured, amortising financing transactions and an equity raise which combined totaled nearly $450 million in aggregate. Notably, our teams did all of this while supporting our successful transition from AIM to the Premium Segment of the London Stock Exchange.
En hier gaat het verder:
“Our commitment to an opportunistic yet fiscally disciplined business strategy continues to deliver tangible results for our shareholders with nearly $150 million of adjusted EBITDA during the first half of the year, supported by a robust hedge portfolio and low operating costs that underpin a 55% cash operating margin including operating and all administrative cash costs. While others have been forced to cut or suspend their dividends over the past several months, the strength and durability of our cash flows allow us to not just sustain but to increase our second quarter dividend by 7% to 3.75 cents per share, wholly reflective of the confidence the Board has in the near-medium-term outlook for the business.
"As we enter the second half of 2020 with approximately $220 million of total liquidity, a healthy balance sheet and with a focused and efficient operation, we are well-positioned to capitalise on the opportunities these challenging times create, all with our unrelenting focus on creating long-term value for shareholders."
One word: wow!