Member Info for TerryM1

Jim800

You realty don't get it, I care about total shareholder return, SP down to under half while piers are flying, we don't need a 5% or even 50% to keep up we need 300% - 500% just to keep up. All the HH rises and Trump premium showing elsewhere but DEC still well down and you think a 5% rise from these lows is good. You say it will rise, when been down for 5 years now.

So after losing over 50% of SP in the best market for many many years and dividends trashed by 2/3s you are happy with 5% rise and overall losses. Not the best investment strategy.

If DEC is doing so well why do they not reinstate the old dividend, just put us back to where we used to be even ignoring inflation.

Aa I have said many times in the past stay away from me and I will stay away from you, you arguments are pointless and boring however I will call you to task only when you have a go at me.

Https://www.globenewswire.com/news-release/2026/02/26/3246147/0/en/Diversified-to-Acquire-Complementary-High-Quality-Low-Decline-Producing-Assets.html

The same press release wording they used 2 years ago, did not work then not working now.

"Purchase price of $245 million in cash before anticipated, customary purchase price adjustments"

This is why Rusty was after another $200m, same old same old, markets already knew about this which is why BBs stopped and SP has been hit just around the time the $200m loan was taken out. This company is behind it's piers by 3 to 5 times since this buy fest started and no signs it will stop so SP stuck in the gutter.

Interesting they released this just before results, make your own mid up why.

The Ex Dividend date can be different in the UK and US due to how the recoded date and settlement is handled in the 2 counters, T1 for US, T2 for UK, record date is the same UK as US, 27 Feb so Ex Div US 1 day latter than UK. This agrees with HL as it is 26 FEB for UK but from other info it is 27 Feb for US.

Https://finance.yahoo.com/news/diversified-energy-company-plc-dec-225002448.html

For the full year, the Zacks Consensus Estimates project earnings of $1.69 per share and a revenue of $1.95 billion, demonstrating changes of -13.33% and +145.46%, respectively, from the preceding year.

Message received from HL.

"I have raised this with the registrars of the company, who confirmed that the amount paid was a rate rounded at the point of payment to a final rate of 7.8p per share, and this rate was applied equally to all eligible shareholders."

I have replied this was already know as it is what I told them, I have asked what are they going to do about it.

I guess if we all got the same as we own the company there is no loss but all in all a very poor show when they cannot either report or apply the exchange rate correctly.

Https://www.bez-kabli.pl/pennon-share-price-near-a-52-week-high-what-could-move-the-uk-water-stock-next-week/

Sorry posted part way through, not sure how that happened, must of hit a wrong key.

Jim800

"My point was (and is) you’re using whichever combination of numbers suit your narrative"

NO, ASOLUTELY NOT, I HAVE ALWAYS USED THE METRIC OF FCF WITHOUT ONE OFFS. SHOW ME WHERE I USED FCF WITH ONE OFFS!

It is quite simple I am looking at the recurring FCF for the business without sales which is the only useful comparison across accounts for the same quarter each year, i.e. income from O&G, interest on bank deposits etc less costs like interest payments administration costs etc. I am comparing the core business of the company. One off sales do noting to access how the core business is running.

"Terry I know that - land sales are not a one off"

It is very simple once you sold some land you cannot sell it again, there can be a number of one offs as each land sale takes place.

Anyway you carry on accessing how DEC is doing from FCF with one offs and see how that works out.

Jim800

"My point was (and is) you’re using whichever combination of numbers suit your narrative"

NO, ASOLUTELY NOT,

It is quite simple I am looking at the recurring FCF for the business without sales which is the only useful comparison across account for the same quarter each year, i.e. income from O&G, interest on bank deposits etc less costs like interest payments administration costs etc. I am comparing the core business of the company. One off sales do noting to access how the core business is running.

"Terry I know that - land sales are not a one off"

It is very simple once you sold some land you cannot sell it again and land sales do not ma

More B shares

https://www.londonstockexchange.com/news-article/ADIG/b-share-scheme-distribution/17455614

14.5p per share but a very strange way to arrange this, 2 set of 5 B shares per share and 9 B shares per 2 shares all on the same day.

Ex date 25 Feb

Payment date 9 Mar

Jim800

I have no idea what you are saying, look at the accounts for the FCF without one off which I have put on here for you a number of times which are

You say

"go back to your calculations and use the correct figures and you’ll see."

Straight from accounts no manipulation

FCF / share for Q3 2025 =$ 69.564m, FCF / share for Q3 2024 = $46.723

Then see the number of shares in issue from DEC and divided the FCF by number of shares

FCF / share for Q3 2025 =$ 69.564m/78 =$0.891

FCF / share for Q3 2024 = $46.723/48 =$0.973

Which is correct without manipulation or errors which you have been repeating.

You have bee looking at

Adj. FCF(c) (millions) $144 $56 157%

But you need to read (c)

(c) Adjusted Free Cash Flow represents net cash provided by operating activities less expenditures on natural gas and oil properties and equipment and cash paid for interest, and includes PROCEEDS FROM DIVESTITURES; For more information, please refer to the Non-IFRS reconciliations as set out below.

Nick2723

I think you understand the situation, I look to see which sector I want to be in and then can compare performance of similar companies in that sector. I bought into DEC in different market conditions when interest rates were low and there was a good demand for new shares being issued to buy more assets. Then it changed interest rates went up Rusty did not change and will not change, deal after deal, so when he cannot sell new shares to the market increased debt by a huge amount which now means DEC must pay a high price in interest for new debt, he makes taking DEC shares part of the many deals. This backfired as the largest holder of DEC shares as part of these deals is dumping on the market as a rate of knots, up to recently they have had someone on the BOD so know what is going on. DEC has lost a CFO with no explanation and another BOD member who dumped 0.5m shares on the market immediately. You can add in some sort of shares for dividends deal which kept changing until it was pulled as it broke regulations and the really big one of the largest deal DEC have ever made but they forgot to put the financing in place and had to go to the market for a fire sale of shares crashing the SP. On the good side DEC has a large amount of assets which produce a very good income but as can be seen from the FCF per share have been going down in real terms probably because of the huge amounts of high priced debt.

Now trading DEC has proved very lucrative for me if I add up the amount DEC shares has risen on all trades I get £19.40 (including costs, spread etc), around 2 times the SP, on around 75 trades. However as mentioned I have done this with a much smaller amount that I initially put into DEC so still suffering substantial loses. I have published some of my trades as I make them, i.e. the buy price (posted when I buy) and sell price (posted when I sell). This is not advice but if BBs are running I buy when price is less than BB price (sometimes just below, sometimes a decent amount below depending on how BBs are affecting the price), sell when there is some profit, try to sell on same day so I have the cash to repeat the next day or a few days time but not always. I also trade longer term, buy after a Rusty deal or other drops due to fallout from deals and sell during a period of calm, for me get out when there is a profit don’t hang on too long as DEC shares have been a roller coaster and there seems to be always be another Trusty Rusty cunning plan to trash the SP.

Jim800

It is so simple use the figure without one offs as I have been telling you for a very long time, read the accounts, the figure you use is the one which includes "Proceeds from divestitures" clearly stated in the accounts. This is like comparing your money coming in over 2 years when in the second year you sold your house so perhaps year 1 you earn £50,000 no sales, year 2 you earn £45,000 but you sell your house for £500,000 so year one total money coming in £50,000, year 2 money coming in is £545,000. In you view you are doing better at you job because you use the £545,000 figure.

I am sure this is far too complicated for you given you lack of understanding of very basic accounting but I will give it a try.

“FCF is calculated as Operating Cash Flow minus Capital Expenditures (CapEx). While property sales are part of investing activities on the cash flow statement, they are generally considered non-operating and one-time events. Including them would distort the measure of ongoing cash generation from core business operations.”

In simpler terms don’t use one of sales when comparing performance of the company, in the report it clearly states the FCF then adds in disposal to give the Adjusted FCF which is a meaningless figure for company performance.

What happens is the asset is sold so comes off the balance as the asset and is replaced on the balance sheet by the cash, it affects P&L depending on whether it is a capital gain or loss but in this case the amount of disposals has been added to the FCF to give the adjusted FCF which is the figure you are using to measure performance, totally meaningless. In other words it is a transfer of property to cash and the difference from the book value to the sold value (after costs) is reflected in the P&L that way the books balance. In simpler terms the fact you sold your house for £500,000 and have £500,000 in the bank does not make you any better off and certainly does not mean you have increased your performance in your day job and been paid more, these are 2 separate items. However you seem to think in DECs case selling an asset means DEC is somehow doing far better in its core activities than not selling the asset.

Before you get confused again I should add you also need to take the number of shares in issue as the FCF has increased but the number of shares has increased more, in other words don't compare Q3 2025 =$ 69.564m against Q3 2024 = $46.723 another meaningless figure, factor in the number of shares and you get FCF / share for Q3 2025 =$ 69.564m/78 =$0.891, FCF / share for Q3 2024 = $46.723/48 =$0.973

You just keep investing based on adjusted FCF if you think it is the right thing to do, good luck with that, pile into DEC as you are so confident that these figures mean DEC day to day operations have generated more than a 2 ½ times gain in a year. However the IIs, markets etc don’t think that way otherwise the SP would not be in the gutter after this huge increase

Jim800

No errors just you cannot either read the accounts or do simple arithmetic so I will help you.

You said

“Terry - they actually give the adjusted FCF figures (ie one offs removed) in the Table - just read it. No need for your complex calculations.”

And that is what I have been using all along, in case you cannot understand the word “Proceeds from divestitures” are one offs, or in

simple terms sales to make it easy for you.

Third Quarter 2025 accounts.

Three Months Ended

(In thousands) September 30, 2025 September 30, 2024

Net cash provided by operating activities $ 165,672 $ 102,008

LESS: Expenditures on natural gas and oil properties and equipment (48,231 ) (16,854 )

LESS: Cash paid for interest (47,877 ) (38,431 )

Free cash flow $ 69,564 $ 46,723

ADD: Proceeds from divestitures 74,006 8,780

Adjusted FCF $ 143,570 $ 55,503

Now you can see FCF without one off, $69,564,000, same quarter last year $46,723,000, Q3 2025 shares in Issue 78m, Q3 2024 shares in Issue 48m. Now very simple arithmetic (nothing complex except for you)

FCF / share for Q3 2025 =$ 69.564m/78 =$0.891

FCF / share for Q3 2024 = $46.723/48 =$0.973

Just so you can understand $0.973 is larger than $0.891 so it went down, in other word DEC had lower FCF per share (excluding one offs) so for every share you own in Q3 2025 it was lower than Q3 2024.

I went thought this many times before for you and still you seem to think it is in error, you plainly can't grasp it is all too much I guess, perhaps this time you can take it in at least for a short period.

FCF PER SHARE AFTER ONE OFFS WENT DOWN.

Now please give it a rest.

Nick2723

DEC has been a nightmare for most of us including me, as was said by another poster, right area wrong company, it beggars belief how DEC can perform so badly in such a good area/market. I used to get a lot of flake, insults doggy maths etc and people not understanding basic accounting, I have been pointing this out for years now as the greatly reduced DEC fan club has been losing members faster than the Labour part is losing votes. Some others have also done this but sold up DEC and left so rarely hear much from them if at all. You may say why are you still here, a good question, it is because I have been trading DEC a lot with a lot of success and hope one day to break even, the problem is my holding is large (going down over time) and I am not willing to risk too much on trading as Rusty can come up with another one of his cunning plans at any time and as always trash the SP.

As far as Soildcore is concerned I believe we will see a huge rise once they are able to pay dividends again and ultimately relist on a western exchange which will boost the SP even more. However that requires clearing most/all links with Russia for the dividends and an end to the war for relisting. It is a company I believe will gives fantastic returns for those with a lot of patience but with risks, at present I just put in the back of draw.

Worya

I have yet to see any other plausible explanation for why DEC's long term shareholders are suffering these huge losses, in fact nothing at all.

The $200m loan looks like a another Trusty Rusty lie, they said for general cooperate purposes, if this is the case DEC is in very serious trouble as you have said and add on the $74.006m the sale.

If the SP was going to perform around the same as it peers like EQT (there are others) over 5 years it should be 5 times higher than it is now so a few p on the way to the results is no more than a rounding error.

But lets just hope the results are excellent they should be with the HH price, if not this is another serious blunder from DEC.

Jim800

As I stated today and many times to you before you need to remove the one offs otherwise it is meaningless.

In the report it clearly states $69.564m, ADD: Proceeds from divestitures $74.006m you get $14.357m which I guess is your $144m figure. These are one of disposals i.e. once you sold them you cannot sell them again so meaningless for comparisons.

A better question would be why after getting $74.006m did they have to tap the market for $200m more loans for general cooperate purposes and the best they could get was a fixed rate of 9.75%, same as before while interest rates are falling and predicted to fall further.

No matter which way you look at this SP down over half in 5 years, dividend cut by 2/3s other peers in US Gas industry up multiple times in the same period. You can up with any set of figures you like but does not change the large long term shareholders return/losses.

Please try to explain why such losses, is DEC just misunderstood by IIs like Blackrock, was the dividend drop a fantasy or is it Rusty’s running of the company.

Sorry should read

It is very simple compare DEC to similar companies who did not peruse buy all you can at any cost strategy and their SPs are multiple times better than DECs.

Jim800

Of course I mean FCF per share (after one offs) as stated in my post, there is no point in looking at just FCF because this this does not take into account share dilution which DEC has an awful lot or including one off sales ect as you can only sell something once (this is why they are one offs), using this measure.

FCF / share for Q3 2025 =$ 69.564m/78 =$0.891

FCF / share for Q3 2024 = $46.723/48 =$0.973

Going down which is one of the main factors why the SP is in the state it is in, quite simply the accreditive aqucitsions have up to now have not been accreditive even with HH up a lot and resulted in SP over 5 years being probably 1/2 to 1/3 what it should have been (looking at other companies in same business, probably a lot more) and add in trashed dividends. A very sad situation for long term shareholders when market and almost all other factors have been very favourable to DEC.

It is very simple compare DEC to similar companies who did not peruse by all you can buy at any cost strategy and they are doing multiple times better than DEC.

Nick2723

The issue with DEC reports is that it is very difficult to decode and compare to previous reports as there are always new acquisitions which may or may not have been fully integrated. Given this, for me the best measure is FCF per share (after one offs are removed), DEC may be growing but so are the number of shares so this is the best metric to compare reports for value to shareholders. In the last set this was below the comparable period last year which I believe is a clear sign the acquisitions have not been accretive and DEC was going backwards when HH was flying upwards, others may use different measures and disagree.

Soildcore has been good driven by large increase in gold price similar to the increase in HH but the main difference is Soildcore is not hedged like DEC and has not been suffering from large share dilution. However DEC does have other issues like the size of the debt and AROs along with the lack of confidence due to the way Rusty has been running the company which is playing out in the share price.