Diversified Energy Company PLC (LSE:DEC, OTCQX:DECPF) has increased its borrowing base up to US$425 million via a semi-annual review process.
The company, in a statement, said its sustainability-linked revolving credit facility was increased from US$375 million with 100% approval across all lenders in its 14-bank syndicate.
It now has some US$120 million of liquidity, the company added.
"We thank all the members of our lending syndicate for their continued support and confidence in Diversified's strong reserves base and sustainability practice,” said chief executive Rusty Hutson.
“The expanded borrowing base reflects the quality and value of our asset base and the economics associated with our investments in the business."
Earlier this month, the company’s interim results highlighted a 4% increase in production.
DEC, which is focused on Appalachia in the US, said production during the six months to end of June 2023 averaged 142,000 barrels of oil equivalent a day (136,000) and ended the period at a run rate of 144,000.
A 52% decline in received oil and gas prices, however, meant revenue fell 45% to US$487 million though DEC said that inclusive of settled hedging revenues rose by 17% to US$542 million.
Underlying profits (adjusted EBITDA) rose 26% to US$283 million while net income swung to US$631 million from a loss of US$935 million due to a substantial hedging gain.
The company, at the time, noted the resilience and consistency of its performance.