Business
Final Results for the Year Ended 31 December 2022
Final Results for the Year Ended 31 December 2022.
About this update from Diversified Energy Company
[{"type":"text","content":"\n \n \n 21 March 2023\n \n \n \n Diversified Energy Company PLC\n \n \n \n (\"Diversified,\" \"DEC\" or the \"Company\")\n \n \n \n \n \n \n \n \n Final Results for the Year Ended 31 December 2022\n \n \n \n \n \n \n Diversified Energy Company PLC (LSE: DEC) is pleased to announce its Final Results for the year ended 31 December 2022 and other recent highlights. Diversified has published to the Company's website its annual report and accounts for the year ended 31 December 2022 (the \"Annual Report\") and notice of the annual general meeting (\"AGM\") of shareholders (the \"Notice\") along with the form of proxy for the AGM.\n \n \n \n \n \n \n Operating and Financial Highlights\n \n \n \n • Record average net daily production: 135 MBoepd (811 MMcfepd)\n \n \n ◦ December exit rate of 141 Mboepd(a) (846 MMcfepd) excluding weather-related downtime\n \n \n •\n Year end 2022 reserves of 830 MMboe and $6.1 billion; 61% value increase from year end 2021\n \n (b)\n \n \n \n • Adjusted EBITDA of $503 million(c) generating Free Cash Flow of $219 million(d)\n \n \n • Adjusted EBITDA Margin of 50%(e)\n \n \n • Net loss of $620 million, inclusive of $668 million tax-effected, non-cash unsettled derivative fair value adjustments\n \n \n • Total Revenue, Inclusive of Hedges up 49% to $1 billion(f), net of $896 million commodity cash hedge payments\n \n \n ◦ Total Revenue up 90% to $1.9 billion\n \n \n • Dividends paid per share up 6% to $0.17; Total dividends paid up 10% to $143 million\n \n \n • Recommending a final quarterly dividend of $0.04375 per share\n \n \n • ~85% of 2023 production hedged at an average natural gas price of $3.83/Mcf\n \n \n ◦ Represents ~34% price premium and ~70% increase in coverage from year-end 2021\n \n \n • Completed four sustainability-linked ABS transactions totaling $1.2 billion and amended the Company's Credit Facility to include sustainability-linked features, with 70% of total borrowings now sustainability linked\n \n \n • Completed a total of $566 million in recent acquisitions, including Tanos Energy II assets in February 2023 and the upstream, midstream and plugging acquisitions in 2022\n \n \n • Current liquidity of ~$190 million(g) and Leverage (Net Debt-to-Adjusted EBITDA) of 2.2x(h)\n \n \n \n \n \n \n ESG Highlights\n \n \n \n • Awarded OGMP 2.0's Gold Standard for em...