Diversified Energy Company PLC (LSE:DEC, NYSE:DEC) chief executive Rusty Hutson described the operating and financial performance of the business as 'outstanding' as he unveiled a strong set of interim results.
Average daily net production was 746 million cubic feet of gas, or the equivalent of 124,000 barrels. However, it exited the period at a much higher rate - 855 million cubic feet, or 143,00 barrels of oil equivalent.
This generated adjusted underlying earnings (EBITDA) of $218 million in the six months ended June 30 at an EBITDA margin of 50%. Free cash flow was $121 million, excluding the impact of working capital, and the quarterly dividend is 29 cents a share.
As well as making its regular payout to investors it has also managed to pay down $108 million in debt.
Over the period, DEC has unveiled $516 million worth of high-margin, low-decline asset and working interest acquisitions including - principally the purchases of the Oaktree working interests and for assets being bought from Crescent Pass.
"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," said CEO Hutson.