9th Feb 2022 09:43
(Alliance News) -Â Diversified Energy Co PLC on Wednesday said results for 2021 were as expected, with the firm looking to an improving commodity pricing environment in the year ahead.
The Birmingham, Alabama-based energy producer and distributor recorded full-year production of 119,000 barrels of oil equivalent per day, up 19% on 2020. The firm flagged a December exit rate of 139,000 barrels per day, up 35% on the end of 2020.
Looking ahead, Diversified said it has hedged around 90% of 2022 and 70% of 2023 natural gas production at USD3.17 per thousand cubic feet and USD3.07 per thousand cubic feet respectively.
The firm it is "opportunistically hedged into a rising price environment".
"I am pleased to report that our full-year 2021 results are in line with market expectations as the Diversified team delivered another transformative year. This group led our expansion into a new operating region, which today represents one-third of our consolidated production," said Chief Executive Rusty Hutson.
Hutson added that the firm enters 2022 with "great momentum", bolstered by improving commodity prices.
"With another successful low-cost, fully-amortising securitisation completed last week, we have greater liquidity to pursue additional value accretive growth while responsibly stewarding the operating assets that underpin our stable cash flows, debt reductions, ESG commitments and dividends," he said.
Diversified shares were up 2.2% at 109.92 pence in London on Wednesday.
By Lucy Heming;Â [email protected]
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