08/08/2022 | Press release | Distributed by Public on 08/08/2022 05:09
BIRMINGHAM, AL / ACCESSWIRE / August 8, 2022 / Diversified Energy Company PLC (LSE:DEC) ("Diversified", "DEC", or the "Group") is pleased to announce its Interim Results for the six months ended June 30, 2022 and other recent highlights.
Period Highlights
Environmental, Social and Governance ("ESG")Highlights
Commenting on the results, CEO Rusty Hutson, Jr. said:
"During first half of 2022, we continued to expand our successes by delivering on a number of key strategic initiatives in line with our long-term growth strategy. Our recent accretive acquisition of low decline, high margin upstream assets complements our existing Central Region operations, allowing us to build scale, improve margins and harvest synergies. In Appalachia, our acquisition and vertical integration of multiple plugging companies expands our asset retirement program to 15 plugging rigs and enables us to achieve our target of plugging 200 wells per year, while also reducing our effective retirement costs as we earn revenue by retiring wells for others."
"We remain committed to tangible shareholder returns, and are delighted to once again declare an additional $0.0425 dividend of the second quarter, which will add ~$36 million to the more than $72 million we already have paid so far this year. Our balance sheet remains healthy as we continue into the second half of 2022 with ample Liquidity, cash generation and financing capacity to fund further complementary growth opportunities."
"Importantly, in addition to the expansion of our asset retirement teams, we continue to make significant progress on a number of focused ESG initiatives, having surveyed over ~49,000 unique wells and flown over 6,000 miles of our midstream assets. This progress is consistent with our 2022 target of ~5-10% methane emissions reduction and with our longer term 2026, 2030 and 2040 targets. Our OGMP partnership further affirms our commitment to these initiatives with a pathway to Gold Standard reporting by 2023."
Posting of 2022 Interim Results Report and Presentation
Diversified has published the Company's 2022 Interim Report on it's website at https://ir.div.energy/financial-info and has also made available a supplementary 2022 Interim Results Presentation at https://ir.div.energy/presentations.
Conference Call
DEC will host a conference call today at 8:00am BST (3:00am EST) to discuss these results. The conference call details are as follows:
US (toll-free) |
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1 877 836 0271 |
UK (toll-free) |
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44 (0)800 756 3429 |
Web Audio |
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Replay Information |
Footnotes:
For Company-specific items, refer to the Glossary of Terms and/or Alternative Performance Measures found in the Company's 2022 Interim Report
For further information, please contact:
Diversified Energy Company PLC
+1 205 408 0909
Doug Kris
[email protected]
www.div.energy
FTI Consulting
[email protected]
US & UK Financial Public Relations
About Diversified Energy Company PLC
Diversified Energy Company PLC is an independent energy company engaged in the production, marketing and transportation of primarily natural gas related to its synergistic US onshore upstream and midstream assets.
SOURCE: Diversified Energy Company PLC
Released August 8, 2022