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Diversified Energy Company (LSE: DEC) announced the closing of a $445 million asset-backed securitization (ABS) on May 27, 2022, encompassing upstream natural gas and oil assets. This marks the company’s third ESG-aligned ABS of the year, linked to emissions reduction targets. Proceeds will repay debt under the Revolving Credit Facility (RBL), enhancing liquidity to approximately $500 million as of March 31, 2022. The ABS features a fixed coupon of 5.78% and a BBB rating from Fitch Ratings, with a maturity date in December 2030.
Diversified Energy Company PLC (LSE:DEC) announced an interim dividend of 4.25 cents per share for Q1 2022, a 6% increase year-over-year. The company acquired East Texas assets and a midstream processing facility, enhancing operational scale and cash margins. Q1 average production stood at 134 Mboepd, with a realized cash margin of 48%. The company hedged significant volumes for 2023 and 2024, locking in higher average prices. Environmental initiatives progressed, with commitments to reduce methane emissions by 30% by 2026 and 50% by 2030, while expanding well-plugging capacity.
Diversified Energy Company PLC has announced an interim dividend of 4.25 cents per share for the first quarter of 2022, marking a 6% increase from 4Q21 and consistent with 4Q21. Key dates include the ex-dividend date on September 1, 2022, the record date on September 2, 2022, and the payment date on September 26, 2022. CEO Rusty Hutson highlighted the company’s strong cash flow generation from recent asset acquisitions, facilitating approximately $450 million in dividends and significant stakeholder distributions.
Diversified Energy Company has announced the acquisition of East Texas upstream assets for $50 million, funded through cash and credit facility borrowings. This acquisition provides Diversified with a 52.5% working interest and is expected to be 10% accretive to its 2021 Hedged Adjusted EBITDA. The assets include 18 MMBoe reserves and current production of 3.7 MBoepd, enhancing operational synergies in the Central Region. This marks Diversified's fifth acquisition in the area, demonstrating successful sourcing of quality assets.
Diversified Energy Company PLC recently announced the acquisition of advanced emissions measurement devices, including the OpGal EyeCGas 2.0 and Semtech Hi-Flow 2 sampler. These technologies, the first of their kind in the U.S. for natural gas upstream operations, enhance methane leak detection and quantification. This initiative aligns with the Company’s commitment to reduce methane emissions by 30% by 2026 and achieve net-zero greenhouse gas emissions by 2040. The investment is part of a $15 million commitment made in November 2021.
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Diversified Energy Company PLC has reported its annual results for the year ended December 31, 2021. Key highlights include:
- Production increased by 19% to 119 MBoepd.
- Adjusted EBITDA rose 14% to $343 million.
- Total revenue jumped 147% to $1 billion.
- Net loss widened to $325 million due to non-cash derivative adjustments.
- Dividends per share increased by 8% to $0.1650.
- Pro forma liquidity exceeded $400 million.
The company also focused on ESG initiatives, reducing methane emissions and investing in sustainability projects.
Diversified Energy Company has successfully closed its second sustainability-linked asset-backed securitization (ABS) of Barnett Shale assets in North Texas, totaling $160 million. This marks the company’s fourth ABS since late 2019, underlining growing investor interest. The proceeds will reduce the company's Revolving Credit Facility borrowings, boosting liquidity to over $400 million as of December 31, 2021. With a fixed coupon of 4.95% and a BBB rating from Fitch, this transaction strengthens Diversified's financial position and reflects its commitment to ESG integration.
Diversified Energy Company PLC (LSE:DEC) announced its 2021 results inline with market expectations, highlighting significant operational growth and strategic expansions. In 2021, production reached 119 Mboepd, a 19% increase from 2020, with a December exit rate of 139 Mboepd. The company completed $516 million in acquisitions, enhancing production capabilities. Diversified maintained a 50% cash margin and secured $365 million through a BBB-rated securitization. Additionally, it reported strong ESG commitments, exceeding well retirement targets by 70%, and achieving a quarterly dividend increase for the tenth consecutive year.
Diversified Energy Company announced the closing of a sustainability-linked asset-backed securitization (ABS) on February 4, 2022, involving its Appalachian assets. The ABS, amounting to $365 million with a fixed coupon rate of 4.875%, will be utilized to reduce its Revolving Credit Facility borrowings and increase liquidity. The transaction has received a BBB rating from Fitch Ratings and demonstrates investor support for its financing strategy. The company aims to pursue further acquisitions without new equity issuance, aligning its financing with ESG performance through Moody's ESG Solutions.