Diversified Energy reports Q3 net loss of $1m
Diversified Energy Company
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16:44 13/11/24
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.
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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