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Diversified Gas & Oil Well-Positioned As Production Growth Continues

Wed, 24th Jul 2019 12:53

(Alliance News) - Diversified Gas & Oil PLC on Wednesday reported a surge in first-half performance, leading to strong interim earnings.

Production in the six months to June averaged 76,000 barrels of oil equivalent per day, net to DGO, just under quadrupled year-on-year. The exit rate production at the end of June was over 90,200 barrels.

Earnings before interest, tax, depreciation, and amortisation on an adjusted basis for the period was USD131 million, with USD24 million coming in June.

Chief Executive Rusty Hutson said: "As we entered 2019, we set the expectation our smarter well management programme would continue to offset natural declines within our portfolio and hold production flat excluding acquisitions.

"I'm pleased to report production from the wells we owned prior to those purchased from HG Energy averaged 70,000 barrels a day, marking a full year we've successfully delivered on our objective and highlighting the effectiveness of our efficient field operations. Strong production and a robust hedge portfolio underpin our healthy cash flows that position us to weather periods of commodity price volatility. Our portfolio retains an ample opportunity set for continued organic production optimisation which we will continue to exploit."

"Wise stewardship of capital remains a top priority as do our efforts to reduce our unit-level operating and general & administrative expenses. Our emphasis on controlling costs and commitment to maintaining an effective hedge portfolio are reflected in strong cash margins near 55% despite a period of lower natural gas and natural gas liquids prices," Hutson continued.

"We now enter the second half of 2019 with approximately USD335 million of liquidity, well-positioned to respond to market dynamics and opportunities to create long-term shareholder value."

Shares were 1.9% lower on Wednesday afternoon at 111.90 pence each.

More News
4 Dec 2018 14:35

Diversified Gas Inks Well Decommissioning Pact With West Virginia

LONDON (Alliance News) - Diversified Gas & Oil PLC said Tuesday it signed a 15-year well decommissioning agreement with West Virginia Department of Environmental Protection.Under the -

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4 Dec 2018 10:27

Diversified G&O strikes decommissioning deal with West Virginia

(Sharecast News) - Diversified Gas and Oil has agreed to plug, return to production or dispose of at least 50 gas and oil wells per year in the US state of West Virginia over the next 15 years.

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3 Dec 2018 12:44

Diversified Gas & Oil Shares Up As Expects 2018 Results Ahead Of Views

LONDON (Alliance News) - Diversified Gas & Oil PLC on Monday said it expects 2018 results to be materially ahead of current market expectations, thanks to its newly acquired Core Appalachia on

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3 Dec 2018 08:22

Diversified Gas and Oil expects results 'materially ahead' of expectations

(Sharecast News) - US-based production outfit Diversified Gas and Oil now anticipates full-year results to be "materially ahead" of expectations.

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18 Oct 2018 14:41

DIRECTOR DEALINGS: Diversified Gas & Oil Vice President Buys Shares

LONDON (Alliance News) - Diversified Gas & Oil PLC said Vice President of Finance Bryan Berry purchased 67,000 shares at a price of USD1.39 per share on Tuesday.This USD92,956 entire in

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16 Oct 2018 16:01

TCFII Core Now Holds 6.5% Stake In Diversified Gas & Oil (ALLISS)

LONDON (Alliance News) - Diversified Gas & Oil PLC said Tuesday TCFII Core LLC now holds a 6.5% stake in the company.TCFII Core's holding in the company, if any, prior to was not an

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11 Oct 2018 10:06

Diversified Gas & Oil Buys Core Appalachia For USD183 Million (ALLISS)

LONDON (Alliance News) - Diversified Gas & Oil PLC said Thursday that it acquired US natural gas producer Core Appalachia Holding Co LLC from TCFII Core LLC for USD183 million.The for a

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11 Sep 2018 17:17

Diversified Gas & Oil Interim Profit Down On Derivatives, Hikes Payout

LONDON (Alliance News) - Diversified Gas & Oil PLC on Tuesday said its profit fell in the first half of the year due to a substantial loss on derivative financial instruments.The more A

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10 Aug 2018 09:55

Diversified Gas & Oil Progresses On Assets Integration, Opens New Unit

LONDON (Alliance News) - Diversified Gas & Oil PLC on Friday said it is on track to meet market forecasts for 2018, as it progressed on Appalachian basin assets integration and launched a new

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19 Jul 2018 12:24

Diversified Gas & Oil Secures USD1 Billion Facility With 11 Banks

LONDON (Alliance News) - Diversified Gas & Oil PLC said Thursday that it closed a deal for a USD1 billion five-year senior secured revolving credit facility.The facility, which is by 11

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18 Jul 2018 17:21

BlackRock Builds 5.45% Stake In Diversified Gas & Oil (ALLISS)

LONDON (Alliance News) - Diversified Gas & Oil PLC said Wednesday that BlackRock Inc raised its stake in the company to 5.45%.BlackRock's holding prior to the deal was in the of oil

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3 Jul 2018 17:51

HSBC Cuts Stake In Diversified Gas & Oil To Below Notifiable Level (ALLISS)

LONDON (Alliance News) - Diversified Gas & Oil PLC said Tuesday that HSBC Holdings PLC has taken its stake in the company below the notifiable threshold.HSBC held a 5.0% interest in the

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14 Jun 2018 13:14

Diversified Gas & Oil Shares Suspended With Planned Asset Acquisition (ALLISS)

LONDON (Alliance News) - Shares in Diversified Gas & Oil PLC were suspended on Thursday as the company signed a non-binding letter of intent to acquire a network of gas and oil producing in a

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30 Apr 2018 12:55

Acquisitions Transform Diversified Gas & Oil In Pivotal 2017

LONDON (Alliance News) - Diversified Gas & Oil PLC on Monday posted a strong increase in 2017 revenue in what it described as a "transformational" year which began with a listing on

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23 Apr 2018 16:05

UK Earnings, Trading Statements Calendar - Next 7 Days

Tuesday 24 April St James's PlaceTrading Statement London Stock Exchange update on Year

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