Diversified Energy delivers 'strong' H1 results
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Diversified Energy Company
829.00p
16:35 10/09/24
Gas and oil production company Diversified Energy delivered strong H1 results on Thursday.
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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