RE: Decline Rates1 Sep 2023 09:20
Diversified Energy Company production rises in first half
Published: 07:52 01 Sep 2023
“These results reflect the resilience and consistency of our business”
“ Diversified Energy Company PLC (LSE:DEC, OTCQX:DECPF) (DEC) saw production increase by 4% in its latest half-year, which included the acquisition of the Tanos II assets.
DEC, which is focused on Appalachia in the US, said production during the six months to end of June 2023 averaged 142,000 barrels of oil equivalent a day (136,000) and ended the period at a run rate of 144,000.
A 52% decline in received oil and gas prices, however, meant revenue fell 45% to US$487 million though DEC said that inclusive of settled hedging revenues rose by 17% to US$542 million.
Underlying profits (adjusted EBITDA) rose 26% to US$283 million while net income swung to US$631 million from a loss of US$935 million due to a substantial hedging gain.
“These results reflect the resilience and consistency of our business,” said Rusty Hutson Jr, chief executive.
“The execution of our disciplined strategic plan and the strength of our operational performance translated directly into strong financial results and allowed the company once again to generate robust cash margins despite lower natural gas prices.”
Net debt at the end of the half-year was US$1.51 billion against US$1.44 billion a year ago.
DEC added it permanently retired 174 wells in Appalachia, including 87 Diversified wells with 66 of 87 external wells retired in conjunction with state orphan well programs.”
https://www.proactiveinvestors.co.uk/companies/news/1025210/diversified-energy-company-production-rises-in-first-half-1025210.html
Pretty good summary from proactive…
Trek
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