Diversified Energy Company PLC (LON:DEC; NYSE: DEC) has announced its final audited results for the year ended December 31, 2023. Additionally, the Company is pleased to announce that it has entered into a conditional agreement with Oaktree Capital Management, L.P. for the strategic acquisition of working interests in certain assets operated in the Central Region. Further, the Company also announces a revised capital allocation framework designed to strengthen the balance sheet and provide sustainable shareholder returns.
FY 2023 Final Results: Operating and Financial Highlights
• Record average net daily production: 821 MMcfepd (137 MBoepd)
◦ December exit rate of 775 MMcfepd(a) (129.2 MBoepd)
◦ Peer-leading consolidated corporate production decline rate of ~10%(b)
• Year end 2023 reserves of 3.8 Tcfe (642 MMBoe; PV10 of $3.2 billion(c))
• Net income of $760 million, inclusive of $688 million tax-effected, non-cash unsettled derivative fair value adjustments
