Business
Interim Results for the 6 Months Ended 30 June '24
Interim Results for the 6 Months Ended 30 June '24.
About this update from Diversified Energy Company
[{"type":"text","content":"\n\nAugust 15, 2024\n \nDiversified Energy Company PLC\n(\"Diversified,\" \"DEC\" or the \"Group\")\n \n \nDiversified Reports Solid 2024 Interim Financial Results and Robust Cash Flow from Operations\n \nDelivering Reliable Production with Low Capital Intensity, Sequential Cost Improvement and Consistent Cash Margins\n \n \nDiversified Energy Company PLC (LSE: DEC) is pleased to announce it is trading in line with expectations and provides its Interim Results for the six months ended June 30, 2024 and other recent highlights.\n \nDelivering Reliable Results\n• Average net daily production: 746 MMcfepd (124 Mboepd);\n◦ Reflects effectively flat production volumes since 4Q2023, on a normalized basis(a)\n◦ June 2024 exit rate of 855 MMcfepd (143 Mboepd), including the impact of the Oaktree Acquisition\n• Net Income of $16 million, inclusive of approximately $98 million in tax benefits\n• 1H24 Adjusted EBITDA(b) of $218 million\n◦ 1H24 Adjusted EBITDA Margin(c) of 50%\n◦ 1H24 Adjusted Cost per Unit(d) of $1.68/Mcfe ($10.08/Boe)\n• Free Cash Flow of $121 million, excluding the impact of working capital(e)\n◦ Annualized Free Cash Flow Yield (excl. working capital) of 38%(e)\n• Leverage ratio of ~2.8x(f), excluding Oaktree transaction, leverage ratio of 2.6x(g)\n• Undrawn credit facility capacity and unrestricted cash of ~$120 million\n \nExecuting Strategic Objectives and Achieving Milestones\n• Accretive Acquisitions:\n◦ Announced $516 million (gross) of high-margin, low-decline asset and working interest acquisitions\n◦ Includes the $410 million acquisition of Oaktree working interests and $106 million for assets to be acquired from Crescent Pass\n• Sustainable Capital Return:\n◦ Declared 2Q24 interim dividend of $0.29 per share\n◦ Paid $55 million of dividends 1H24 and returned a total of $65 million, including share repurchases of ~2% of shares outstanding(i)\n• ...