Diversified Energy Company PLC (LSE: DEC; NYSE: DEC) is pleased to announce its final audited results for the year ended December 31, 2023. Additionally, the Company is pleased to announce that it has entered into a conditional agreement with Oaktree Capital Management, L.P. ("Oaktree" or "OCM") for the strategic acquisition of working interests in certain assets operated in the Central Region ("Acquisition"). Further, the Company also announces a revised capital allocation framework designed to strengthen the balance sheet and provide sustainable shareholder returns.
FY 2023 Final Results: Operating and Financial Highlights
• Record average net daily production: 821 MMcfepd (137 MBoepd)
◦ December exit rate of 775 MMcfepd(a) (129.2 MBoepd)
◦ Peer-leading consolidated corporate production decline rate of ~10%(b)
• Year end 2023 reserves of 3.8 Tcfe (642 MMBoe; PV10 of $3.2 billion(c))
• Net income of $760 million, inclusive of $688 million tax-effected, non-cash unsettled derivative fair value adjustments
• Adjusted EBITDA of $543 million(d) generating Free Cash Flow of $219 million(e)
• Adjusted EBITDA Margin of 52%(f)
• Total Revenue, inclusive of hedges, grew 2% to $1 billion(g), net of $178 million in commodity cash hedge receipts that supplemented Total Revenue of $868 million
• Year-end liquidity of $139 million(h) and Leverage (Net Debt-to-Adjusted EBITDA) of 2.3x(i)
• Commenced trading on the New York Stock Exchange
• Recommending a final quarterly dividend of $0.29 per share
https://www.investegate.co.uk/announcem ... te/8094027
Ian (No holding).