Diversified Energy Reports Solid 2024 Interim Financial Results and Robust Cash Flow from Operations

Diversified Energy Company PLC has announced its interim results for the first half of 2024, highlighting consistent production and financial stability. The company reported an average net daily production of 746 MMcfepd, reflecting stable production volumes since Q4 2023, and a net income of $16 million, bolstered by $98 million in tax benefits. Adjusted EBITDA stood at $218 million, with a margin of 50%, and free cash flow reached $121 million.

The company also made significant acquisitions, including a $410 million deal for Oaktree working interests. Debt reduction efforts resulted in a principal reduction of $108 million. Diversified's leverage ratio, excluding the Oaktree transaction, is approximately 2.8x.

The company declared a Q2 2024 interim dividend of $0.29 per share and returned $65 million to shareholders. Additionally, Diversified was included in the US Russell 2000 Index and retired 169 wells in Appalachia. The company remains committed to accretive growth and shareholder value creation.