12th Nov 2024 14:37
(Alliance News) - Diversified Energy Co PLC on Tuesday reported an increase in third-quarter production figures as it remains "well positioned for additional opportunities".
In its third-quarter the Alabama-based and US-focused natural gas producer recorded a 3.0% increase in average production to 138 million barrels of oil equivalent per day from 134.0 mboepd the year prior.
Diversified said that net daily production continued to benefit from its shallow-decline profile coupled with the recent acquisition of Crescent Pass Energy in August for USD106 million.
September also saw an improved on-year exit rate by 5.7% to 142 mboepd from 134.4 mboepd the year prior.
Revenue for the period grew 2.9% to USD186.3 million from USD181.1 million, but with adjusted earnings before interest, tax, depreciation and amortisation down by 18% to USD115.0 million from USD 139.9 million.
Diversified shares were up 1.1% at 992.00 pence on Tuesday afternoon in London.
The firm kept its third-quarter interim dividend flat with its second-quarter declaration at 29 cents per share.
Diversified Chief Executive Rusty Hutson said: "Our results this quarter demonstrate the underlying strength of our business to deliver consistent cash flow and our commitment to operational excellence.
"Strong financial and operational performance during the third-quarter, supported by our strategic hedging program positions which provided hedge protection of USD53 million in the quarter and USD130 million, year-to-date, and acquisition-related synergies, provide momentum heading into the remainder of the year.
"Looking ahead, we expect continued strong performance across our operations and we are well positioned for additional opportunities to add to the diversity of revenue generation streams".
By Christopher Ward, Alliance News reporter
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