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In accordance with the Statement of Principles (November 2022) published by the Pre-Emption Group, Diversified Energy Company PLC (LSE: DEC), announces the following post transaction report in connection with the Company's issue of equity securities for cash other than on a pre-emptive basis, as announced on 8 February 2023.
idpickering wrote:Fundraising Post Transaction Report.
MickR wrote:Do you mind me asking why you belive the dividend is so secure.
First Berlin Equity Research has published a research update on Diversified Energy PLC (ISIN: GB00BYX7JT74). Analyst Simon Scholes reiterated his BUY rating and maintained his GBp 180.00 price target.
Abstract:
DEC reported a hedged adjusted EBITDA margin of 50% for 2022 (2021: 50%) - the fifth year in a row in which this figure has been at or above the 50% mark. Including the recent acquisition of assets from Tanos Energy Holdings, we calculate that 83% of DEC's 2023 natural gas production (gas accounts for 88% of output) is hedged at USD3.42/MMbtu - USD0.26/MMBtu above the average level of the futures strip. Last year 90% of production was hedged at USD3.24/MMBtu - USD3.40/MMBtu below the futures strip. Operating costs should fall in 2023 due to below average base lease operating expenses at the acquisition, synergies between the acquisition and nearby DEC assets, and because both production taxes and 3rd party gathering and transportation costs are linked to the commodity price. We expect a positive swing in the realised hedging result as well as lower operating costs to push adjusted EBITDA above the 2022 level and the margin again to reach 50%. Meanwhile, for good measure the stock is currently yielding 14.0%. We maintain our Buy recommendation at an unchanged price target of GBp180.
Diversified Energy Company PLC (LSE: DEC), announced on 14 November 2022 a dividend in respect of the third quarter ended 30 September 2022 of 4.375 cents per share ("Q3 2022 Dividend"). The Company will pay the Q3 2022 Dividend on 28 March 2023 to those shareholders on the register on 03 March 2023.
The Company announces that Shareholders who have elected to receive their dividends in GBP sterling will receive an equivalent payment of 3.61 pence per share, based on the 10 March 2023 exchange rate of GBP 0.82609=US $1.00.
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.
Operating and Financial Highlights
• Record average net daily production: 135 MBoepd (811 MMcfepd)
◦ December exit rate of 141 Mboepd(a) (846 MMcfepd) excluding weather-related downtime
• Year end 2022 reserves of 830 MMboe and $6.1 billion; 61% value increase from year end 2021 (b)
• Adjusted EBITDA of $503 million(c) generating Free Cash Flow of $219 million(d)
• Adjusted EBITDA Margin of 50%(e)
• Net loss of $620 million, inclusive of $668 million tax-effected, non-cash unsettled derivative fair value adjustments
• Total Revenue, Inclusive of Hedges up 49% to $1 billion(f), net of $896 million commodity cash hedge payments
◦ Total Revenue up 90% to $1.9 billion
• Dividends paid per share up 6% to $0.17; Total dividends paid up 10% to $143 million
• Recommending a final quarterly dividend of $0.04375 per share
• ~85% of 2023 production hedged at an average natural gas price of $3.83/Mcf
◦ Represents ~34% price premium and ~70% increase in coverage from year-end 2021
• 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
• 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
• Current liquidity of ~$190 million(g) and Leverage (Net Debt-to-Adjusted EBITDA) of 2.2x(h)
idpickering wrote:Final Results for the Year Ended 31 December 2022.• Dividends paid per share up 6% to $0.17; Total dividends paid up 10% to $143 million
Ian (No holding).
88V8 wrote:My largest holding.
I would be topping up again, with the SP below £1 and gross yield >15%, but there comes a point where even the most ardent enthusiast has to put the brakes on.
V8
88V8 wrote:idpickering wrote:Final Results for the Year Ended 31 December 2022.
Ian (No holding).
My largest holding.
I would be topping up again, with the SP below £1 and gross yield >15%, but there comes a point where even the most ardent enthusiast has to put the brakes on.
V8
Diversified Energy Company PLC (LSE: DEC) published its 2022 Sustainability Report, which details successes that include lower methane intensity, safety wins, and investment in local communities. The 4th annual report, titled Decarbonizing While Delivering and available on the Company's website ( div.energy /sustainability ), presents a comprehensive review of Diversified's ongoing commitment to and significant performance improvements on material environmental, social and governance ("ESG") issues which are important to our stakeholders. Diversified remains a sustainability leader for existing producing and midstream assets, providing transparency through enhanced disclosures of greenhouse gas and air emissions, cyber security, state economic impact analysis across our operating footprint, and a variety of climate-related financial disclosures.
Diversified Energy Company PLC (LSE: DEC) is pleased to announce that the Company will publish a trading statement with respect for the three months ended 31 March 2023 on Tuesday, 9 May 2023. Diversified will also publish a supplementary corporate presentation to accompany the trading statement on its website at ir.div.energy/presentations.
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 1Q23 for the three month period ended 31 March 2023, an increase of 3% over the 1Q22 dividend of 4.250 cents per share.
Diversified Energy Company PLC (LSE:DEC) is pleased to provide the following summary table detailing the Company's previously announced 2022 Final Dividend and 1Q23 Interim Dividend.
For the two dividends detailed below, all dates and values appear as originally published:
Diversified Energy Company PLC (LSE:DEC) ("Diversified" or "the Company") is pleased to announce its successful completion of the Spring 2023 regularly scheduled semi-annual Borrowing Base Redetermination. The Company received 100% approval from its 14-bank lending syndicate of the facility's $375 million borrowing base, which is structured as a Sustainability-Linked Loan ("SLL") and aligned with the Company's commitment to continuous ESG improvement. As previously announced in its first quarter trading statement, the Company ended the quarter with ~$110 million of liquidity.
Rusty Hutson, Jr., CEO of Diversified, commented:
"We are grateful for the unanimous approval from our 14 banks of the $375 million Sustainably-Linked Loan borrowing base. Their support reflects confidence in the quality of our assets and our ability to acquire additional high-quality, mature-producing assets. I continue to be proud of our team's accomplishments and look forward to building on our success in 2023 as we systematically service our amortizing debt to create value for shareholders and optionality for the future. I would like to thank the members of our bank syndicate for their partnership and support of our stewardship strategy."
Diversified Energy Company PLC (LSE: DEC) (the "Company") announced on 21 March 2023 a dividend in respect of the fourth quarter ended 31 December 2022 of 4.375 cents per share ("Q4 2022 Dividend"). The Company will pay the Q4 2022 Dividend on 30 June 2023 to those shareholders on the register on 26 May 2023.
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 15 June 2023 exchange rate of GBP 0.78299=US $1.00.
As previously approved at the Annual General Meeting, the Company has the authority 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 purpose of the Programme is to reduce the issued share capital of the Company. 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.
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