Diversified Energy increases dividend as earnings rise
By Sean Farrell
Date: Tuesday 28 Jun 2022
(Sharecast News) - Diversified Energy increased its dividend as the gas and oil company reported a 3% increase in first-half earnings.
Hedged adjusted earnings before interest, tax, depreciation and amortisation rose to $151m from $146m in the six months to the end of June from a year earlier.
The FTSE 250 group had a net loss of $84m including a $278m non-cash mark-to-market valuation loss. A year earlier the equivalent net income was $18m.
Diversified Energy, which owns assets in the US, increased its interim dividend to 4 cents a share from 3.75 cents a share a year earlier.
In May the company announced the $135m acquisition of mainly natural gas assets in Louisiana in April and changed its name from Diversified Gas & Oil in July. The deal added to its operations in the Appalachian region.
Rusty Hutson, chief executive, said: "I am thrilled with the progress we made in this active first half of 2021, successfully delivering on a number of key strategic initiatives in line with our long-term growth strategy.
"Our entry into a new operating region complements our continued focus in Appalachia and introduces a geographic diversity capable of providing improved margins from higher realised pricing and a significant new runway for further value accretive and synergistic opportunities."
Diversified Energy shares fell 1.5% to 104p at 08:37 BST and are down 9% so far in 2021.
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