Diversified Energy Posts Wider Q1 Net Loss, But Revenue Improves; Backs Annual Outlook

(RTTNews) - Diversified Energy Company Plc (DEC) on Monday reported a wider net loss for the first quarter, mainly due to higher adjusting items. However, the oil company recorded a rise in revenue.

For the three-month period to March 31, the company posted a net loss of $337.391 million, compared with a loss of $15.145 million recorded for the same period last year. Total adjustments stood at negative $475.555 million as against last year's negative $117.228 million.

Excluding items, EBITDA was $138.164 million, higher than $102.083 million. Revenue was $346.903 million, up from $193.624 million a year ago.

Looking ahead, for the full year, Diversified Energy has reaffirmed its outlook. The company still expects to report adjusted EBITDA of $825 million to $875 million.

The energy company continues to expect full-year total capital expenditure to be in the range of $165 million to $185 million. Diversified Energy still anticipates annual total production to be in the range of 1,050 Mmcfe/d to 1,100 Mmcfe/d.