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Diversified Energy delivers 'solid' FY24 performance
(Sharecast News) - Gas and oil production company Diversified Energy said on Tuesday that its FY24 performance had been "solid" and highlighted stable production levels, strong cash flows, and its continued expansion. Diversified Energy said it produced an average of 132,000 barrels of oil equivalent per day in FY24, with Q4 rates reaching 141,000 boepd.
The FTSE 250-listed firm stated it now expects to report adjusted underlying earnings of $470.0m-475.0m, while adjusted free cash flow was pegged to be between $210.0m and $215.0m.
Chief executive Rusty Hutson said: "Our strong results highlight our unique business model that strives to deliver consistent cash flow during the full range and volatility of commodity cycles
"We are optimistic about our future and confident that our current efforts will continue to position us well to have a significant positive impact on shareholder value."
Elsewhere, Diversified Energy also announced its $1.3bn acquisition of Maverick Natural Resources, a move it said added immediate scale, increased liquids production, and created a combined company with long-term free cash flow generation, superior unit cash margins, and a compelling sustainability profile.
As of 0930 GMT, Diversified Energy shares were untraded at 1,366.0p.
Reporting by Iain Gilbert at Sharecast.com
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