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(Alliance News) - Diversified Energy Co PLC said on Monday its production in the first quarter was in line with internal expectations and has upped its quarterly dividend.
Diversified Energy is a US onshore upstream and midstream natural gas assets firm.
In March, the company's exit rate production was 136,000 barrels of oil equivalent per day, which it noted was in line with its expected 8% to 9% annual decline.
Average net daily production in the first quarter, covering the three months to March 31, was 134,000 boepd, unchanged from the fourth quarter of 2021.
In April this year, the company acquired upstream assets and related facilities in East Texas from a private seller for USD50 million in cash.
Diversified declared an interim dividend of 4.25 cents per share, up 6% from 4.00 cents in the same period last year.
The company also joined the Oil & Gas Methane Partnership 2.0 to further advance the company's commitment to reducing emissions.
Chief Executive Officer Rusty Hutson said: "With our investments in emissions measurement technology gaining traction and giving us the capability to proactively detect, measure and repair fugitive emissions across our upstream and midstream asset base, I am increasingly confident in our ability to hit our committed targets of lowering methane emissions intensity by 30% by 2026 and 50% by 2030 on our path to net-zero greenhouse gas emissions by 2040."
It also said it is progressing the "evaluation" of a potential US dual-listing.
"Diversified believes its strategy of consistent cash flow generation and meaningful dividend distributions supports demand for a dual US-listing as the company executes its stewardship strategy and increases its market capitalisation and enterprise value," it added.
Diversified shares were up 0.1% at 120.42 pence each on Monday morning in London.
By Xindi Wei; xindiwei@alliancenews.com
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