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Diversified Energy Company reports solid first quarter, updates on Black Bear facility

Diversified Energy Company PLC (LON/NYSE: DEC) has announced it is trading in line with expectations and provides the following operations and trading update for the quarter ended March 31, 2024. In addition, the Company is providing an update on its Black Bear processing facility.

Year-Over-Year Absolute Debt Reduction and Expense Improvements

Black Bear Facility Strengthens the Company’s Midstream Value Chain and Integrates Complementary Long-life Infrastructure Assets

Delivering Reliable Results

•     Recorded average 1Q24 production of 723 MMcfepd (121 Mboepd)

◦     Exit rate of 742 MMcfepd (124 Mboepd)

◦     Production essentially flat from 4Q23 adj. production of 725 MMcfepd (121 Mboepd)(a)

•     Operating Cash Flow of $107 million, and Net loss of $15 million inclusive of non-cash unsettled derivative fair value adjustments, and non-cash depreciation, depletion and amortization

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