Diversified Energy Company PLC (DEC)

[idpickering]

Q2 2021 Dividend Exchange Rate

Diversified Energy Company PLC (LSE: DEC), the US based owner and operator of natural gas, natural gas liquids and oil wells and midstream assets, announced on 5 August 2021 a dividend in respect of the second quarter to 30 June 2021 of 4.00 cents per share ("Q2 2021 Dividend"). The Company will pay the Q2 2021 Dividend on 17 December 2021 to those shareholders on the register on 26 November 2021.

The Company announces that Shareholders who have elected to receive their dividends in GBP sterling will receive an equivalent payment of 2.99 pence per share, based on the 2 December 2021 exchange rate of GBP 0.74864=US $1.00.

https://www.investegate.co.uk/diversifi ... 00095956U/

[idpickering]

Final Results for the Year Ended 31 December 2021

Key Highlights

• Full-year production up 19% to 119 MBoepd (711 MMcefpd) (2020: 100 MBoepd) and December exit rate production(a) up 35% to 139 MBoepd (833 MMcfepd) (2020: 103 MBoepd)

• Peer-leading ~9% consolidated corporate annual decline rate(b) underpins durable dividends

• Consistent Cash Margins(c) of ≥50% in 2021 and 2020

• Hedged Adjusted EBITDA(d) up 14% y/y to $343 million (2020: $301 million)

• Net loss of $325 million (2020: net loss of $23 million) inclusive of $485 million (2020: $181 million) tax-effected, non-cash unsettled derivative fair value adjustments

• Adjusted Total Revenue(e) up 24% to $687 million (2020: $553 million) net of $321 million commodity cash hedge payments (2020: included $145 million of commodity cash hedge receipts)

• Total Revenue up 147% to $1 billion (2020: $409 million)

• Dividends per share up 8% to $0.1650 (2020: $0.1525); Total dividends paid up 31% to $130 million (2020: $99 million)

• Recommending a final quarterly dividend of $0.0425/share up 6% over final 2020 dividend of $0.0400/share

• Adding hedges in improving commodity price environment positioning for margin expansion; recent 2022 and 2023 NYMEX hedges added at an average floor of $4.55/Mcf(f) and $3.71/Mcf(f), respectively, representing a 50% premium and 30% premium, respectively, to the Company's portfolio as at 31 December 2021

• Adjusted G&A(g) per unit down 9.0% to $1.21/Boe ($0.20/Mcfe) (2020: $1.33/Boe)

• Pro forma year-end liquidity(h) of >$400 million, adjusted for two successful Asset Backed Securitisation ("ABS") refinancings of Credit Facility borrowings with fixed rates <5%; Available for significant non-dilutive growth

• Net Debt(i) of $1,010 million resulting in Net Debt-to-Pro Forma TTM Hedged Adjusted EBITDA ("Leverage") of 2.1x(i) at 31 December 2021

https://www.investegate.co.uk/diversifi ... 00075744F/

[idpickering]

2021 Sustainability Report Published.

Diversified Energy Company PLC (LSE: DEC) is pleased to announce the publication of its 2021 Sustainability Report. The updated report, available on the Company's web site ( div.energy ), provides comprehensive insight into Diversified's programs and progress across a range of environmental, social, and governance ("ESG") focus areas. The Company featured several highlights of its 2021 Sustainability Report on 22 March 2022 in its full year results release and 2021 Annual Report.

Key Highlights:

• Expanded emissions reduction activities:

◦ Project Fresh initiative improves accuracy of emissions-producing asset inventory using measured emissions, reducing reliance on default, often much higher, theoretical factors

◦ Deployment of 600 handheld leak detection devices enhances ability to identify and remediate unintended emissions, primarily in upstream assets

◦ Successful pilot and expanded use of light detection and ranging (LiDAR) aerial surveillance to detect and drive emission reductions, primarily in midstream assets.

https://www.investegate.co.uk/diversifi ... 00088779H/

[idpickering]

First Quarter 2022 Trading Statement.

https://www.investegate.co.uk/diversifi ... 02065322L/

First Quarter Dividend Announcement;

https://www.investegate.co.uk/diversifi ... 00075351L/

Ian.

[idpickering]

Q4 2021 Dividend Exchange Rate.

Diversified Energy Company PLC (LSE: DEC), announced on 22 March 2021 a dividend in respect of the fourth quarter to 31 December 2021 of 4.25 cents per share ("Q4 2021 Dividend"). The Company will pay the Q4 2021 Dividend on 30 June 2022 to those shareholders on the register on 27 May 2022.

The Company announces that Shareholders who have elected to receive their dividends in GBP sterling will receive an equivalent payment of 3.43 pence per share, based on the 10 June 2022 exchange rate of GBP 0.80620

https://www.investegate.co.uk/diversifi ... 00075616O/

Ian.

[idpickering]

Interim Results for the Six Months Ended 30 June 2022.

Period Highlights

• Declared 2Q22 interim dividend of $0.0425 per share (2Q20: $0.0400 per share, +6%)

• Paid $72 million of dividends to shareholders

• Record average net daily production: 136 MBoepd (+29% vs 1H21: 106 MBoepd), exit rate of 139 MBoepd

• Maintained industry-leading consolidated corporate decline rate of ~8.5%(a)

• Achieved 1H22 Adjusted EBITDA(b) of $224 million (+48% vs 1H21: $151 million) with Cash Margin(c) of 48%

• Net Loss of $935 million which includes $1.2 billion (pre-tax) of non-cash hedge valuation losses

• Free Cash Flow Yield(d) of 22%

• Leverage ratio of 2.2x(e) (Adjusted Net Debt of $1.1 billion(e))

• Completed $970 million in Asset Backed Securitisations ("ABS") at a blended fixed rate of 5.3%(f)

• Liquidity of ~$469 million

• Closed ~$60 million in complementary Central Region upstream and midstream acquisitions(g)

• Recently announced $240 million (gross) upstream acquisition from ConocoPhillips in Central Region

https://www.investegate.co.uk/diversifi ... 02061700V/

Issued separately for some reason?

Second Quarter Dividend Announcement.

Diversified Energy Company PLC (LSE:DEC) is pleased to announce that the Board has declared an interim dividend of 4.25 cents per share in respect of 2Q22 for the six month period ended 30 June 2022, consistent with 1Q22 and a 6% increase over 2Q21 (4.00 cents).

https://www.investegate.co.uk/diversifi ... 00071698V/

Ex Div 24 Nov 22, Paid 28 Dec 22.

Ian.

[idpickering]

Q1 2022 Dividend Exchange Rate.

Diversified Energy Company PLC (LSE: DEC), announced on 16 May 2022 a dividend in respect of the first quarter to 31 March 2022 of 4.25 cents per share ("Q1 2022 Dividend"). The Company will pay the Q1 2022 Dividend on 26 September 2022 to those shareholders on the register on 02 September 2022.

The Company announces that Shareholders who have elected to receive their dividends in GBP sterling will receive an equivalent payment of 3.66 pence per share, based on the 13 September 2022 exchange rate of GBP 0.86142=US $1.00.

https://www.investegate.co.uk/diversifi ... 00115151Z/

Ian.

[idpickering]

Diversified Wins Sustainability Reporting Award.

Diversified Energy Company PLC (LSE:DEC) is pleased to announce that ESG Investing awarded Diversified the Best Sustainability Reporting Award within the Basic Materials category as part of its 2022 ESG Investing Awards.

This recognition of Diversified's 2021 Sustainability Report reflects the Company's commitment to incorporate sustainability into the fabric of its financing and operating strategies, and highlights the Company's commitment to ESG reporting transparency within its Sustainability and Annual Reports.

ESG Investing praised the report for its well organized and clearly defined approach to address a wide range of significant ESG issues in meaningful detail. Diversified also had the strongest TCFD report in the category, with the most robust use of scenario analysis and the clearest content indices for SASB and GRI.

Teresa Odom, Vice President of ESG and Sustainability, commented:

"At Diversified, sustainability is integral to the Company's DNA, supported by our skilled team at all levels of the organization. We have actively increased the quantitative content of our reporting as we progress our efforts to identify, improve and monitor our ESG performance. We appreciate ESG Investing recognizing our comprehensive sustainability reporting. I want to thank our Diversified family for their persistent stewardship mindset as we manage our assets to benefit all of our stakeholders."

Diversified released its 2021 Sustainability Report in April of 2022, which can be accessed at https://div.energy/sustainability

https://www.investegate.co.uk/diversifi ... 02045691Z/

Ian.

[idpickering]

Further Details of Share Buyback Programme.

Diversified Energy Company PLC (LSE:DEC) announces further details regarding the parameters of the Share Buyback Programme (the "Programme") previously announced on 26 September 2022.

As previously announced, the Company's Board of Directors (the "Board) has approved the terms of the Programme to buy back the Company's ordinary shares of 1p each (the "Shares"). Under the Programme, the Company, at its discretion and on occasion, may (subject to applicable law) purchase its Shares in open market transactions depending on market conditions, share price, trading volume and other factors. The Board believes that the Programme, if and when implemented, will represent an appropriate use of the Company's cash resources relative to its net asset value.

The Company intends to conduct the Programme concurrent with the following parameters:

• The maximum number of Shares repurchased shall not exceed 85,004,655 Shares

• The total consideration of Shares repurchased under the Programme shall not exceed an aggregate market value of £108million

• The Programme will expire at the earlier date of the 01 June 2023 or the Company's 2023 Annual General Meeting of its Shareholders

Diversified will execute the Programme on the London Stock Exchange within the limitations of the shareholder authority granted at the annual general meeting held on 26 April 2022 and within the parameters of the Market Abuse Regulation 596/2014/EU and the Commission Delegated Regulation 2016/1052/EU (in each case, as it forms part of UK law pursuant to the European Union (Withdrawal) Act 2018) and Chapter 12 of the Financial Conduct Authority's Listing Rules. The Company will hold as treasury shares any Shares repurchased in accordance with the provisions of the Companies Act 2006 and will cancel the Shares thereafter. Diversified will make appropriate disclosures during the buyback period of the number of Shares that the Company has repurchased.

https://www.investegate.co.uk/diversifi ... 00172628B/

Ian.

[idpickering]

Diversified Closes Securitised Financing.

Diversified Energy Company PLC (LSE: DEC) is pleased to announce that on 27 October 2022 Diversified and Oaktree Capital Management, L.P. ("Oaktree) jointly closed an ESG-aligned asset backed securitisation ("ABS") of certain co-owned producing natural gas and oil assets located in Oklahoma (the "Assets"). This fourth ESG-aligned financing in 2022 is linked to key performance indicators ("KPI") based on emissions reduction targets. Diversified had previously pledged its portion of the Assets as collateral under the Company's Sustainability-Linked Loan ("SLL")(a). Diversified will use its ABS proceeds to repay all outstanding borrowings under its SLL and for general corporate purposes, resulting in current liquidity of approximately $300 million(b), inclusive of the financing of the ConocoPhillips acquisition announced on 28 July 2022.

https://www.investegate.co.uk/diversifi ... 02045700E/

Ian.

[88V8]

Diversified Closes Securitised Financing.

Good.
So no more dilution.
One of my biggest holdings.

V8

[idpickering]

Diversified Achieves OGMP Gold Standard Pathway.

Diversified Energy Achieves Gold Standard Pathway in United Nation's Oil & Gas Methane Partnership 2.0 for Ambitious Methane Reduction Plan

Diversified Energy Company PLC (LSE: DEC) is pleased to announce that the Oil & Gas Methane Partnership 2.0 (OGMP 2.0) awarded Diversified its Gold Standard Pathway, recognising the Company's commitment to reduce its methane emissions and provide measurement-based transparent reporting to the highest OGMP 2.0 standard available.

OGMP 2.0, a voluntary and multi-stakeholder initiative co-sponsored by the United Nations Environment Program, Environmental Defense Fund, and the Climate and Clean Air Coalition, is the only comprehensive, measurement-based reporting framework created to accurately and transparently report methane emissions for the oil and gas industry. By awarding the Gold Standard Pathway, the OGMP 2.0 recognises the recipient has demonstrated its commitment to set aggressive and achievable multi-year plans designed to accurately measure and significantly reduce methane emissions.

https://www.investegate.co.uk/diversifi ... 00098226E/

Ian.

[idpickering]

Notice of Third Quarter 2022 Trading Statement.

Diversified Energy Company PLC (LSE: DEC) is pleased to announce that the Company will publish a trading statement with respect for the third quarter of 2022 on Monday, 14 November 2022. Diversified will also publish a supplementary corporate presentation to accompany the trading statement and an updated asset retirement supplement presentation on its website at ir.div.energy/presentations .

https://www.investegate.co.uk/diversifi ... 00104551F/

Ian.

[idpickering]

Third Quarter Dividend Announcement.

Diversified Energy Company PLC (LSE:DEC) is pleased to announce that the Board has declared an interim dividend of 4.375 cents per share in respect of 3Q22 for the three month period ended 30 September 2022, an increase of 3% over the 2Q22 and and 3Q21 dividends of 4.250 cents per share, respectively.

Ex div 03 Mar 23, paid 28 Mar 23.

https://www.investegate.co.uk/diversifi ... 00072230G/

Ian.

[idpickering]

Third Quarter 2022 Trading Statement.

Recent Strategic Highlights;

• Declared 3Q22 dividend of 4.375¢ per share, an annualised increase of ~3%

• Announced share repurchase program for up to 10% of outstanding shares

◦ Purchased ~8 million shares since announcement

◦ Acquired shares at attractive value given the strength of the US dollar

• Closed $210 million acquisition of ConocoPhillips assets, increasing Central Region operational scale

• Closed $215 million net ABS securitisation, Diversified's fourth securitization in 2022

• Converted the revolving Credit Facility to a Sustainability-Linked Loan ("SLL")

◦ Completed its semi-annual redetermination with a borrowing base of $250 million

• Published an updated Asset Retirement Supplement with an illustrative 50-year model

◦ Generates significant cash flow to cover current plugging liabilities

◦ Illustrates potential ~$5 billion of dividends (base and excess) equal to ~4x current market capitalisation

https://www.investegate.co.uk/diversifi ... 01032228G/

Ian.

[idpickering]

Diversified Energy Company's 'pretty simple model' pays off for shareholders.

https://www.investegate.co.uk/diversifi ... 1938EOTSU/

Ian.

[idpickering]

Q2 2022 Dividend Exchange Rate.

Diversified Energy Company PLC (LSE: DEC), announced on 8 August 2022 a dividend in respect of the second quarter ended 30 June 2022 of 4.25 cents per share ("Q2 2022 Dividend"). The Company will pay the Q2 2022 Dividend on 28 December 2022 to those shareholders on the register on 25 November 2022.

The Company announces that Shareholders who have elected to receive their dividends in GBP sterling will receive an equivalent payment of 3.45 pence per share, based on the 12 December 2022 exchange rate of GBP 0.81150=US $1.00.

https://www.investegate.co.uk/diversifi ... 00045884J/

Ian.

[idpickering]

Update to Third Quarter Dividend Timeline.

Diversified Energy Company PLC (LSE:DEC) is providing a correction to the key dividend dates for the interim dividend of 4.375 cents per share in respect of 3Q22 for the three month period ended 30 September 2022, previously announced on 14 November 2022.

Ex Div 02 Mar 23, paid 28 Mar 23.

Full details here; https://www.investegate.co.uk/diversifi ... 00055585K/

I don't hold DEC.

Ian.

[idpickering]

Board of Director Updates.

Diversified Energy Company PLC (LSE: DEC) is pleased to announce that its Board of Directors (the "Board") has appointed Kathryn Klaber as an independent non-executive director, effective 1 January 2023. The appointment is part of its previously announced transition of current Board member Melanie Little effective 31 December 2022, and will maintain the size of the Board at eight members, and diversity composition including 63% independent and 37% female directors.

Kathryn's more than 30 years of experience with a focus on energy development and environmental, health and safety ("EHS") compliance complements the Board's collective experience. Kathryn currently serves as the Managing Director of The Klaber Group, which provides strategic consulting services to businesses and organizations with a focus on energy development in the United States and abroad.

https://www.investegate.co.uk/diversifi ... 00089759K/

Ian.

[idpickering]

Trading Statement and Annual Results Call Details.

Diversified Energy Company PLC (LSE:DEC) is pleased to announce the following operations and trading update confirming 2022 results are in line with market expectations. Diversified will release its 2022 full-year results and host an investor call on 21 March 2023.

Recent Operating and Financial Highlights

• Annual production of 135 Mboepd (808 MMcfepd), up 14% vs. 2021

◦ 4Q22 average of 134 Mboepd (805 MMcfepd), which included weather-related downtime

◦ 4Q22 average of 138 Mboepd (826 MMcfepd) excluding weather-related downtime(a)

◦ December 2022 exit rate of 141 Mboepd (846 MMcfepd) excluding weather-related downtime(a)

• Total Cash Expenses(b) per unit of $10.41/Boe ($1.73/Mcfe)

• Full Year Cash Margins(c) of 50%

• ~85% of 2023 production hedged(d) at an average natural gas price of $3.63/Mcf(e)(f)

◦ Represents ~27% price premium and ~70% increase in coverage from year-end 2021

◦ Average hedge price ~3% above current NYMEX strip for 2023(g)

• ~2.3x Net Debt / Adjusted EBITDA(h) leverage ratio as of 31 December 2022, pro forma for recent acquisitions

https://www.investegate.co.uk/diversifi ... 00093330O/

Ian (No holding).