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Diversified Gas & Oil PLC has officially changed its corporate name to Diversified Energy Company PLC, effective May 7, 2021. This change received overwhelming shareholder approval on April 27, 2021. The company's Ordinary Shares will now trade under the new ticker DEC on the London Stock Exchange. The rebranding aligns with the company's 20th Anniversary, aiming to reflect its growth and strategy focused on clean energy. The new website will be www.div.energy, redirecting from the previous URL.
Diversified Gas & Oil PLC announced a conditional acquisition of Cotton Valley upstream assets in Louisiana for $135 million, representing its first strategic entry into a new Central Regional Focus Area. This acquisition, anticipated to close in May 2021, is expected to be accretive to the company's Adjusted EBITDA by 13%. The acquisition includes approximately 50 MMBoe in proved-developed-producing reserves and current production of 16 MBoepd. The transaction is financed through borrowings on the company’s Revolving Credit Facility, maintaining a Net Debt to Adjusted EBITDA ratio of 2.3x.
Diversified Gas & Oil PLC (LSE:DGOC; OTCQX:DGOCF) has declared an interim dividend of 4.00 cents per share for Q1 2021, reflecting strong financial performance. The ex-dividend date is set for September 2, 2021, with a record date of September 3, 2021, and payment scheduled for September 23, 2021. Shareholders have the option to receive dividends in US dollars or sterling, with a currency election deadline of September 6, 2021. The sterling value will be confirmed a week before payment. This marks DGO's commitment to returning value to shareholders.
Diversified Gas & Oil PLC (LSE:DGOC) has announced that its lending group led by KeyBank National Association has reaffirmed its $425 million borrowing base for the senior secured credit facility. This decision reflects the company's robust portfolio of stable-producing wells and midstream assets. CEO Rusty Hutson, Jr. acknowledged the bank group's support amid pandemic challenges, emphasizing the company’s liquidity and ongoing potential for portfolio expansion. The next borrowing base redetermination is scheduled for Q4 2021.
Diversified Gas & Oil PLC (LSE:DGOC) reported its annual results for the year ending December 31, 2020. Key highlights include a production increase to 103 MBoepd, up 8% from 2019. Hedged Adjusted EBITDA reached $301 million, a 10% rise from the previous year. Adjusted Net Income surged 83% to $175 million, while total revenue, including cash hedge settlements, was $553 million, reflecting an 8% increase. The company also announced a final quarterly dividend of $0.04/share, a 10% rise from 2019, supported by strategic acquisitions and effective cost management.
Diversified Gas & Oil PLC (DGOCF) has announced that its bank lending group, led by KeyBank, has reaffirmed its existing $425 million borrowing base as part of the semi-annual redetermination of the Credit Facility. There are no changes to pricing or covenants. DGOC's liquidity exceeds $220 million and the Net Debt to Adjusted EBITDA ratio stands at approximately 2.2x, below the debt covenant threshold. CEO Rusty Hutson Jr. highlighted the company's strong production profile and its ability to increase dividends by over 14% during the pandemic, showing resilience in the current market.
Diversified Gas & Oil PLC has declared an interim dividend of 4.00 cents per share for 3Q20, marking a 14% increase from 3Q19 and a 7% increase from 2Q20. Key dates include the ex-dividend date on March 4, 2021, record date on March 5, 2021, and payment date on March 26, 2021. Shareholders have the option to receive dividends in U.S. dollars or sterling. This increase is positioned as a demonstration of the company's resilient business model amidst economic challenges.
Diversified Gas & Oil has signed a definitive participation agreement with Oaktree Capital Management to jointly fund proven developed producing (PDP) acquisition opportunities, enhancing capital access in a favorable market.
Oaktree commits up to $1 billion over three years for acquisitions valued over $250 million. DGO will operate these assets, benefiting from initial and reversion promotes that increase shareholder value. The partnership is positioned to leverage the current market conditions, with CEO Rusty Hutson emphasizing the sustained dividend commitment of $165 million since the 2017 IPO and over $25 million recently.
Diversified Gas & Oil PLC (LSE:DGOC) announced its upcoming inclusion in the FTSE 250 Index and the FTSE All-Share Index, effective on September 21, 2020. This milestone follows DGO's move to the Main Market in May 2020 and is expected to enhance the company's market exposure and broaden its investor base. CEO Rusty Hutson, Jr. expressed optimism, highlighting DGO's commitment to sustainable growth and reliable dividends, as well as its status as the largest independent producer by volume listed on the LSE.
