Diversified Energy says Q1 trading in line
By Frank Prenesti
Date: Tuesday 09 May 2023
(Sharecast News) - Diversified Energy said it was trading in line with expectations after recording average first quarter production of 139 million barrels of oil per day.
Net income was $400m of a $365m gain on tax-effected, non-cash unsettled derivative fair value adjustments.
Chief executive Rusty Hutson said: "Concurrently and despite the challenging commodity price environment, we reduced per-unit expenses and increased our cash margins to approximately 54% thanks to our disciplined hedging strategy and greater liquids exposure."
"Having responsibly hedged over 85% in 2023, approximately 80% in 2024 and approximately 70% in 2025 of our natural gas production, we continue to opportunistically add to our hedge portfolio where the price curve is higher."
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