Diversified Energy Company PLC (LON:DEC) has announced it is trading in line with expectations and provides its Interim Results for the six months ended June 30, 2024 and other recent highlights.
Delivering Reliable Results
• Average net daily production: 746 MMcfepd (124 Mboepd);
◦ Reflects effectively flat production volumes since 4Q2023, on a normalized basis(a)
◦ June 2024 exit rate of 855 MMcfepd (143 Mboepd), including the impact of the Oaktree Acquisition
• Net Income of $16 million, inclusive of approximately $98 million in tax benefits
• 1H24 Adjusted EBITDA(b) of $218 million
◦ 1H24 Adjusted EBITDA Margin(c) of 50%
◦ 1H24 Adjusted Cost per Unit(d) of $1.68/Mcfe ($10.08/Boe)
• Free Cash Flow of $121 million, excluding the impact of working capital(e)
◦ Annualized Free Cash Flow Yield (excl. working capital) of 38%(e)
• Leverage ratio of ~2.8x(f), excluding Oaktree transaction, leverage ratio of 2.6x(g)
• Undrawn credit facility capacity and unrestricted cash of ~$120 million
