Business
Interim Results for the 6 Months Ended 30 June '23
Interim Results for the 6 Months Ended 30 June '23.
About this update from Diversified Energy Company
[{"type":"text","content":"\n\n1 September 2023\n \nDiversified Energy Company PLC\n(\"Diversified,\" \"DEC\" or the \"Group\")\n \n \nInterim Results for the Six Months Ended 30 June 2023\n \nDiversified Energy Company PLC (LSE: DEC) is pleased to announce its Interim Results for the six months ended\n30 June 2023 and other recent highlights.\n \nDelivering Reliable Results\n• Record avg. net daily production: 852 MMcfepd (142 Mboepd); +4.4% vs 1H22: 816 MMcfepd (136 Mboepd)\n◦ June 2023 exit rate of 864 MMcfepd (144 Mboepd)\n• Maintained industry-leading consolidated corporate decline rate of ~10%\n• Increased 1H23 Adjusted EBITDA(a) of $283 million (+26% vs 1H22: $224 million)\n◦ 1H23 Adjusted Cost per Unit of $1.66/Mcfe ($9.96/Boe); -10% vs 2H22: $1.84/Mcfe ($11.04/Boe)(b)\n◦ 1H23 Adjusted EBITDA Margin(c) of 52% (1H22: 48%)\n• Net Income of $631 million, which includes $761 million (pre-tax) of non-cash hedge valuation gain\n• Annualized Free Cash Flow Yield of 32%(d), excluding the impact of working capital\n• Leverage ratio of 2.4x(e)\n• Liquidity of ~$103 million\n \nExecuting Strategic Objectives\n• Generated $62 million (net) in liquidity through the monetization of non-core assets(f)\n• Completed $262 million acquisition of complementary Central Region upstream assets(g)\n• Declared 2Q23 interim dividend of $0.04375 per share (2Q22: $0.04250 per share, +3%)\n• Paid $84 million of dividends to shareholders through 2Q23\n \nCreating Value Through Stewardship\n• Increased MSCI sustainability rating to AA\n• Achieved Project Canary Gold rating for low methane emissions on specific Central Region assets\n• Completed >120,000 upstream surveys, with a post-inspection no-leak rate on ~97% of assets\n◦ Included initial inspections for ~75% of Central Region\n• Conducted aerial emissions surveys on ~6,300 miles of midstream systems\n• ...