Diversified Energy Co PLC on Thursday reported a decline in production amid a sharp fall in profit due to fair value adjustments.
The US-focused natural gas producer said net profit dived to $15.7 million in the first half of 2024 from $630.9 million a year prior.
Notably, it reported a loss on fair value adjustments of unsettled financial instruments of $80.1 million, swung from a gain of $760.9 million.
Average net daily natural gas production fell 12% to 746 million cubic feet equivalent per day from 852 million reported a year prior
Diversifed Energy declared a second quarter dividend of 29 US cents per share, up sharply from 4.38 cents a year prior.
Chief Executive Officer Rusty Hutson Jr said ‘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.’
Diversified Energy shares were 1.2% lower at 1,055.00 pence each on Thursday morning in London.
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