Diversified Energy Company (DI) (DEC)

Down
Share Price:
1,044.00p
Market Cap:
£738.74m
Change Today:
-10.00p
Sector:
Energy Producers

Diversified Energy delivers 'strong' H1 results

By Iain Gilbert

Date: Thursday 15 Aug 2024

LONDON (ShareCast) - (Sharecast News) - Gas and oil production company Diversified Energy delivered strong H1 results on Thursday.
Diversified Energy said average daily production was 746.0m cubic feet of gas, or 124,000 barrels of oil equivalent, and said it had exited the half at a significantly higher rate of 855.0m, or 143,000 boepd.

The London-listed group stated underlying earnings came to $218.0m for the six months ended 30 June, while adjusted EBITDA margins were 50%. Free cash flow was $121.0m, excluding the impact of working capital. Net income came to $16.0m, bolstered by significant tax benefits.

Chief executive Rusty Hutson said: "We remain committed to our balanced capital allocation framework, with the diversity and strength of our asset base providing a solid foundation for accretive growth and value creation for our shareholders while maintaining our position as the right company at the right time to responsibly manage long-life, mature producing assets."

As of 0910 BST, Diversified Energy shares were down 1.78% at 1,049.0p.











Reporting by Iain Gilbert at Sharecast.com

Note 1: Prices and trades are provided by Digital Look Corporate Solutions and are delayed by at least 15 minutes.

 

DEC Market Data

Currency UK Pounds
Price 1,044.00p
Change Today -10.00p
52 Week High 1,410.00p
52 Week Low 930.00p
Volume 28,004
Shares Issued 70.76m
Market Cap £738.74m

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