Diversified Energy Reports Robust Q3 2024 Results Amidst Strategic Expansion

Diversified Energy Company PLC has reported a solid financial performance for Q3 2024, recording an average production of 829 MMcfepd (138 Mboepd), culminating in a September exit rate of 851 MMcfepd (142 Mboepd). The company declared an adjusted EBITDA of $115 million and a free cash flow of $47 million.

Despite a net loss of $1 million, attributable to non-cash adjustments, the company maintained an EBITDA margin of 49%, underscoring financial resilience. The firm's strategic initiatives, including the sale of undeveloped land and coal mine methane credit revenue, boosted EBITDA by $8-10 million.

The Gulf Coast LNG facility gas contract represents a significant revenue channel, supplementing a $23 million gain from leasehold divestitures. With plans to retire 200 wells in 2024, Diversified aims to advance environmental stewardship alongside robust market participation.