By Anthony O. Goriainoff
Diversified Energy Co. said Tuesday that its 2022 full-year production rose 14% and that its results for the year were in line with market expectations.
The FTSE 250 gas producer said full-year production was 135,000 barrels of oil equivalents a day. The company said it maintained strong cash margins in the year by vertically integrating acquired assets and realizing synergies.
The company said it had retired over 200 wells in the period and that this was ahead of its 2023 target.
Diversified Energy said it started 2023 on solid footing with around 85% of its gas production hedged at an average floor price of $3.63 per 1,000 cubit feet of natural gas.
Shares at 0906 GMT were up 0.30 pence, or 0.3%, at 110.30 pence.
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