Diversified Energy delivers 'strong' H1 results

15th Aug 2024 09:19

(Sharecast News) - Gas and oil production company Diversified Energy delivered strong H1 results on Thursday.

Diversified Energy said average daily production was 746.0m cubic feet of gas, or 124,000 barrels of oil equivalent, and said it had exited the half at a significantly higher rate of 855.0m, or 143,000 boepd.

The London-listed group stated underlying earnings came to $218.0m for the six months ended 30 June, while adjusted EBITDA margins were 50%. Free cash flow was $121.0m, excluding the impact of working capital. Net income came to $16.0m, bolstered by significant tax benefits.

Chief executive Rusty Hutson said: "We remain committed to our balanced capital allocation framework, with the diversity and strength of our asset base providing a solid foundation for accretive growth and value creation for our shareholders while maintaining our position as the right company at the right time to responsibly manage long-life, mature producing assets."

As of 0910 BST, Diversified Energy shares were down 1.78% at 1,049.0p.

Reporting by Iain Gilbert at Sharecast.com