Diversified Energy said gas production rose by 14% in 2022, with output at the end of the year running at 846mln cubic feet or the equivalent of 141,000 oil barrels daily.
Costs averaged US$1.73/Mcf (thousand cubic feet), US-based Diversified added, with 85% of production for 2023 hedged at US$3.63Mcf.
Diversified Energy also said it had retired 200 wells over the year, a 47% increase over 2021 with more than 150 contracted to be closed down in 2023.
Two handheld surveys of 174,000 emissions from its Appalachia-based asset base had revealed no methane leak rates of greater than 95%, it noted.
Rusty Hutson, chief executive, added: "Protecting our cash flow and, in turn, our dividend and debt payments have always been core to our strategy.
“We opportunistically capture higher natural gas prices as we add additional hedge protection. We begin 2023 again on solid footing, with ~85% of our natural gas production hedged at an average floor price of $3.63/Mcf, with downside protection ~27% better or $0.78 higher per Mcf compared to the values reported as of year-end 2021.
“Our investment in expertise and equipment positions us as one of the largest full-service well retirement and related activity providers in Appalachia. Importantly, we safely and efficiently retired over 200 wells during the year and ahead of our 2023 target date to reach this milestone.”
Net debt at the year-end was 2.3 times average underlying profits, the statement said.