Diversified Energy Company PLC (LON:DEC; NYSE:DEC) has announced it is trading in line with expectations and provides the following update on its business activity for the year ended December 31, 2023.
Delivering Reliable Results
• 2023 average net daily production: 821 MMcfepd (136.8 Mboepd)
◦ 4Q 2023 average production of 777 MMcfepd (129.5 Mboepd)
◦ December 2023 exit rate production of 775 MMcfepd (129.2 Mboepd)
◦ Maintained peer-leading consolidated corporate production decline rate of ~10%(a)
◦ Marketed 100% of our produced natural gas with our internal marketing team, utilizing industry delivery, settlement, compliance, and confirmation standards while providing improved margins
• Estimated Adjusted EBITDA(b) of $540 to $545 million
◦ Adjusted Operating Cost per Unit of $1.69/Mcfe ($10.14/Boe)(c) down 3% versus FY22
◦ Adjusted EBITDA Margin(d) of 51%
