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Diversified Energy Company PLC announced the appointment of Sylvia Kerrigan as an independent non-executive director, effective October 11, 2021. Kerrigan brings over a decade of board experience and extensive expertise in ESG, regulatory, and risk management from past roles, including Executive Vice President at Marathon Oil. Her appointment increases the Board's diversity to 37% female and 63% independent, enhancing the Board's collective skills to support the company's strategic growth. She will also serve on the Board's Nomination Committee.
Diversified Energy Company PLC has agreed to acquire upstream assets from Tapstone Energy Holdings and KL CHK SPV, LLC for $419 million, with a net purchase price of approximately $366 million after adjustments. The acquisition, which includes 660 operated producing wells in the Central Region, is expected to enhance Diversified's Adjusted EBITDA by 80%, raising it to about $214 million. Oaktree Capital Management will invest $192 million for a 48.75% stake in the project. The deal is projected to close in December 2021.
Diversified Energy Company PLC (LSE:DEC)(OTCQX:DECPF) announced the rescheduling of its 2021 Capital Markets Day to November, aimed at increasing accessibility for stakeholders from the UK and Europe. This change follows the US government's announcement of relaxed travel restrictions for fully vaccinated visitors set to commence in early November. The event will now include a tour of recently acquired assets to showcase the Company's Smarter Asset Management and ESG initiatives. The original date was October 6, 2021, in Houston, Texas.
Diversified Energy Company PLC (LSE:DEC)(OTCQX:DECPF) has scheduled a Capital Markets Day on October 6, 2021, at the Four Seasons Hotel in Houston, Texas. The event will start at 8 am local time and will last approximately 4.5 hours. Key management will discuss the company's growth and financial strategies, ESG commitments, and insights into its operations. For those unable to attend, a live audio webcast will be available, along with a replay post-event. Interested analysts and investors can RSVP via Investor Relations.
Diversified Energy Company has successfully amended its senior secured credit facility, increasing the borrowing base by $200 million to $625 million and extending maturity to August 2025. The amendment includes a modified pricing grid and reinforces favorable terms with new financial institutions joining the facility. This development supports the company's growth initiatives following recent acquisitions and enhances its ability to manage production volumes. The CEO expressed gratitude for the banking group's support amidst a challenging lending environment.
Diversified Energy Company PLC has completed the acquisition of Cotton Valley and Haynesville upstream assets in Louisiana and Texas for $154 million. The net cost at closing is approximately $117 million, financed using cash and a revolving credit facility. The assets are estimated to generate $51 million in Adjusted EBITDA and include 40 MMBoe of PDP reserves valued at $201 million. The acquisition allows the retention of 55 Tanos employees, expected to enhance operational efficiencies and create synergies.
Diversified Energy Company PLC announced its interim results for the six months ending June 30, 2021, highlighting a 7% increase in the declared 2Q21 interim dividend to $0.0400 per share. Average net daily production reached a record 106 MBoepd, an 11% rise year-over-year. Hedged Adjusted EBITDA was $151 million, generating Free Cash Flow of $117 million. However, the company reported a net loss of $84 million due to non-cash hedge valuation losses. Strategic acquisitions in the Central Region totaled $342 million and are expected to drive future growth.
Diversified Energy Company has announced the conditional acquisition of Cotton Valley and Haynesville upstream assets in Louisiana and Texas from Tanos Energy Holdings for $308 million. Oaktree Capital Management will co-invest, affirming confidence in Diversified's Central Regional Focus Area. Diversified will fund its share of $154 million in cash, taking on certain hedge contracts valued at $24 million. The acquisition adds approximately 40 MMBoe of reserves and is expected to be accretive to earnings, enhancing the company’s cash flow generation capabilities.
Diversified Energy Company has announced a conditional agreement to acquire upstream assets in the Barnett Shale from Blackbeard Operating for $180 million. The transaction is expected to close in June 2021, subject to due diligence. Notable highlights include a ~3.5x multiple on ~$48 million of estimated NTM Adjusted EBITDA, ~475 Bcfe of PDP reserves valued at ~$238 million, and a 16% increase in production. This acquisition builds on the company's recent purchase from Indigo Minerals, expanding its Central Regional Focus Area and addressing growth opportunities in a mature operating environment.