Diversified Energy reports Q3 net loss of $1m

Gas and oil production company Diversified Energy reported a net loss of $1.0m for the three months ended 30 September amid a continued focus on debt repayments and additional undeveloped land sales.

Diversified Energy said Q3 average production came to 138.0m barrels of oil equivalent per day, while its September exit rate hit 142.0m boepd.

Operating cash flow was $102.0m, free cash flow came to $47.0m and adjusted underlying earnings were $115.0m for the quarter.

Chief executive Rusty Hutson Jr said: "Our results this quarter demonstrate the underlying strength of our business to deliver consistent cash flow and our commitment to operational excellence.

"We continue to execute on our long-term strategic plan - investing in the growth of our core business, driving operational excellence, and maintaining a disciplined approach to allocating capital to foster the strengthening of the balance sheet and create shareholder value."

As of 0955 GMT, Diversified Energy shares were up 1.51% at 995.80p.

Reporting by Iain Gilbert at Sharecast.com