Diversified Energy says Q1 trading in line

Net income was $400m of a $365m gain on tax-effected, non-cash unsettled derivative fair value adjustments.

Chief executive Rusty Hutson said: "Concurrently and despite the challenging commodity price environment, we reduced per-unit expenses and increased our cash margins to approximately 54% thanks to our disciplined hedging strategy and greater liquids exposure."

"Having responsibly hedged over 85% in 2023, approximately 80% in 2024 and approximately 70% in 2025 of our natural gas production, we continue to opportunistically add to our hedge portfolio where the price curve is higher.”