Unanimous Approval of Borrowing Base

18 May 2023

 Diversified Energy Company PLC

("Diversified" or the "Company")

Unanimous Approval of Borrowing Base

Diversified Energy Company PLC (LSE:DEC) ("Diversified" or "the Company") is pleased to announce its successful completion of the Spring 2023 regularly scheduled semi-annual Borrowing Base Redetermination. The Company received 100% approval from its 14-bank lending syndicate of the facility's $375 million borrowing base, which is structured as a Sustainability-Linked Loan ("SLL") and aligned with the Company's commitment to continuous ESG improvement. As previously announced in its first quarter trading statement, the Company ended the quarter with ~$110 million of liquidity. 

Rusty Hutson, Jr., CEO of Diversified, commented:

"We are grateful for the unanimous approval from our 14 banks of the $375 million Sustainably-Linked Loan borrowing base. Their support reflects confidence in the quality of our assets and our ability to acquire additional high-quality, mature-producing assets. I continue to be proud of our team's accomplishments and look forward to building on our success in 2023 as we systematically service our amortizing debt to create value for shareholders and optionality for the future. I would like to thank the members of our bank syndicate for their partnership and support of our stewardship strategy."

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About Diversified Energy Company PLC

Diversified Energy Company PLC is an independent energy company engaged in the production, marketing, transportation, and retirement of primarily natural gas related to its US onshore upstream and midstream assets.