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DGOC reports US$289.8mln of revenue as acquisitive growth continued through 2018

“The near-term objective will be to leverage the scale of our expanded footprint to extract maximum operating synergies and cost efficiencies.”
oil and gas operations
It completed almost US$1bn of deals in 2018

Diversified Gas & Oil PLC (LON:DGOC) revealed it generated some US$289.8mln of revenue during 2018 as it continued to expand its business through acquisition.

It completed four deals during the year, with US$938mln of transaction value.

WATCH: DGOC reports US$289.8mln of revenue as acquisitive growth continued through 2018

Proved reserves totalled 474mln barrels oil equivalent at the end of the year, with a value of US$1.6bn.

Production averaged 41,000 barrels of oil equivalent per day, compared to 6,600 boepd in 2017, and, it measured an exit rate 70,000 boepd as of December 31.

Earnings (adjusted EBITDA) was reported at US$161.9mln, up 910% from the US$16mln reported for last year.

DGOC began its quarterly dividend payments, with the third quarter payment (3.30 US cents per share) due on 29 March and the fourth quarter payment (3.40 cents per share) will be due on 28 June. It will pay a total of 11.225 cents per share for the whole year.

"These results reflect a year of rapid growth as the company continued to capitalise on opportunities in Appalachia to complete a number of material acquisitions consistent with our stated growth strategy,” said Rusty Hutson, DGOC chief executive.

“Despite the strength of these financial results, they only partially reflect the financial capabilities of the business going forward.”

Hutson added: “DGO is now a substantial producer generating strong free cash flow that enables us to maintain a healthy balance sheet, invest in organic growth and deliver exceptional value to our shareholders through our reliable quarterly dividend.”

“The near-term objective will be to leverage the scale of our expanded footprint to extract maximum operating synergies and cost efficiencies.”

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