Diversified Energy (DEC) Company Report

Analyst Coverage

Research analysts who have asked questions during Diversified Energy earnings calls.

Charles Meade

Johnson Rice & Company L.L.C.

2 questions for DEC

Also covers: APA, BRY, COP +17 more

David Round

Stifel Financial Corp

2 questions for DEC

Also covers: KOS

Jonathan Mardini

KeyBanc Capital Markets

2 questions for DEC

Also covers: BKV, GPOR, KRP +1 more

Paul Diamond

Citigroup

2 questions for DEC

Also covers: AR, CHRD, CRK +9 more

Tim Moore

EF Hutton

2 questions for DEC

Also covers: AMPS, AMSC, ARQ +11 more

Latest news

Recent press releases and 8-K filings for DEC.

Diversified Energy closes $400 million ABS financing for Canvas Energy acquisition

DEC

M&A

Debt Issuance

New Projects/Investments

Diversified Energy Corporation (DEC) successfully closed a $400 million ABS financing for its Canvas Energy acquisition on December 3, 2025.
Legado Capital Advisors served as the Structuring Agent and Debt Financial Advisor for the transaction.
The financing involved a $400 million ABS XI note structured as a master trust, with A tranche notes priced at a blended coupon of 5.97%.
This ABS financing was used directly for the acquisition, strengthening DEC's capital structure and providing long-term, low-cost funding.

Dec 3, 2025, 3:25 PM

Press Release

Diversified Energy Company to list on London Stock Exchange and NYSE, completes Canvas Energy acquisition

DEC

M&A

Delisting/Listing Issues

Dividends

Diversified Energy Company (DEC) is undergoing a corporate reorganisation to establish a new Delaware-incorporated holding company, with its shares expected to commence trading on the London Stock Exchange's Main Market on November 24, 2025, and on the NYSE under the symbol "DEC".
The company anticipates completing the acquisition of Canvas Energy, Inc. for approximately $550 million on or around November 24, 2025, involving the issuance of up to 3,894,776 new shares.
The Board expects to declare a quarterly dividend of $0.29 per share, amounting to $1.16 annually. For the financial year ended December 31, 2024, the Group paid $1.16 per Existing Share, and approximately $40 million in dividends for the six months ended June 30, 2025.
As of September 30, 2025, the Group's total current debt was $230,748,000, total non-current debt was $2,465,176,000, and total equity stood at $1,493,816,000.

Nov 20, 2025, 12:58 AM

6-K

Diversified Energy Company Outlines Growth Strategy and NYSE Listing Transition

DEC

M&A

Share Buyback

Delisting/Listing Issues

Diversified Energy Company (DEC) is an independent energy producer focused on acquiring and optimizing mature, cash-flow-generating assets, having completed 30 accretive acquisitions in the PDP space over the last seven years.
The company has achieved significant scale, with production exceeding 1 Bcf/d and annualized EBITDA over $1 billion.
DEC employs a disciplined capital allocation strategy, including share repurchases of $61 million through Q3 this year (approximately 6% of shares outstanding year-to-date) and a fixed dividend yielding 7-8%.
A key growth driver is a $2 billion partnership with Carlyle for acquisitions, with Carlyle contributing $400 million to the recent $550 million Canvas Energy acquisition.
DEC is transitioning its primary listing to the New York Stock Exchange and will become an SEC filing company by December 1, which is expected to attract new investors and gain index eligibility.

Nov 19, 2025, 3:15 PM

Transcript

Diversified Energy Company (DEC) Discusses Acquisition Strategy, Capital Allocation, and NYSE Listing

DEC

M&A

Delisting/Listing Issues

Dividends

Diversified Energy Company (DEC) is an independent energy producer focused on acquiring and optimizing mature producing (PDP) energy assets across 11 U.S. states, leveraging scale and vertical integration.
The company has completed 30 accretive acquisitions over the past seven years, primarily financed through an ABS structure with an overall cost of capital around 6-6.5%.
DEC's capital allocation framework includes share repurchases of approximately 6% of shares outstanding year-to-date through Q3 2025 ($61 million) and a fixed dividend yielding 7-8%.
By December 1, 2025, DEC will complete its migration to a primary listing on the New York Stock Exchange and become an SEC filing company, which is anticipated to broaden its investor base and index eligibility.
The company guides to $440 million in free cash flow for 2025 and has generated over $1 billion in annualized EBITDA.

Nov 19, 2025, 3:15 PM

Transcript

Diversified Energy Company (DEC) Outlines Growth Strategy, Capital Allocation, and NYSE Listing Transition

DEC

M&A

Dividends

Delisting/Listing Issues

Diversified Energy Company (DEC) is an independent energy producer focused on acquiring and optimizing mature producing assets, with a production mix of approximately 72% natural gas.
The company's capital allocation framework includes almost $61 million in share repurchases year-to-date through Q3, a fixed dividend yielding 7-8% (approximately $90 million annually, representing 20% of $440 million guided free cash flow for 2025), and debt paydown through amortizing asset-backed securities.
DEC is migrating its primary listing to the New York Stock Exchange by December 1, becoming an SEC filing company and using GAAP accounting, which is expected to open up new investor opportunities and index eligibility.
The company has achieved significant growth, with over $1 billion in annualized EBITDA and over a B of production, driven by 30 acquisitions over the past seven years, all accretive on a per-share basis.
Carlyle has committed $2 billion to invest with DEC, financing $400 million of the recent $550 million Canvas Energy acquisition.

Nov 19, 2025, 3:15 PM

Transcript

Diversified Energy Company PLC Reports Strong Q3 2025 Results and Raises 2025 Guidance

DEC

Earnings

Guidance Update

Dividends

Diversified Energy Company PLC reported strong Q3 2025 results, with Total Revenue (including settled hedges) of $500 million, Adjusted EBITDA of ~$286 million, and Adjusted Free Cash Flow of ~$144 million.
The company raised its 2025 financial guidance, with Adjusted EBITDA now projected between $900 million and $925 million and Adjusted Free Cash Flow at ~$440 million.
A Q3 2025 dividend of $0.29 per share was declared, contributing to over $146 million returned to shareholders year-to-date through dividends and repurchases.
Diversified improved its leverage ratio to 2.4x Net Debt to Adjusted EBITDA, a ~20% improvement from year-end 2024, achieving its target range ahead of schedule.
The Canvas Energy Acquisition is on track to close in Q4 2025, and the Portfolio Optimization Program generated ~$144 million in year-to-date proceeds from divestitures.

Nov 6, 2025, 12:06 AM

6-K

Diversified Energy (DEC) Announces Strong Q3 2025 Financials and NYSE Listing

DEC

Earnings

Guidance Update

Delisting/Listing Issues

Diversified Energy (DEC) reported strong financial results for Q3 2025, with a record adjusted EBITDA of $286 million on $500 million in total revenue, and $144 million in free cash flow.
The company's balance sheet improved significantly, achieving a leverage ratio within its target of 2 to 2.5 times net debt to EBITDA and maintaining over $400 million in liquidity.
DEC updated its financial guidance, anticipating full-year adjusted EBITDA between $900-$925 million and adjusted free cash flow of more than $440 million, reflecting increases of 7% and 5% respectively.
Strategic capital allocation in the first three quarters of 2025 included reducing debt principal by approximately $203 million and returning $146 million to shareholders through dividends and share repurchases. The company also plans to move its primary equity listing to the New York Stock Exchange, with trading expected to commence on November 24th.

Nov 4, 2025, 1:30 PM

Transcript

Diversified Energy Reports Strong Q3 2025 Results and Strategic Progress

DEC

Earnings

M&A

Delisting/Listing Issues

Diversified Energy reported strong Q3 2025 financial results, including a record adjusted EBITDA of $286,000,000 on approximately $500,000,000 in total revenue, with $144,000,000 in free cash flow.
The company reduced debt principal by approximately $203,000,000 in 2025 and returned approximately $146,000,000 to shareholders through dividends and share repurchases, achieving a leverage ratio within its target of 2 to 2.5 times net debt to EBITDA.
Strategic growth initiatives include significant acquisitions in 2025, such as Maverick Natural Resources and the anticipated closing of Canvas Energy. The company is also moving its primary equity listing to the New York Stock Exchange, with trading expected to commence on November 24, to enhance liquidity and U.S. investor exposure.
Diversified Energy launched an innovative $70,000,000 investment over 20 years in a West Virginia plugging fund, which has the capacity to fund the retirement of approximately 21,000 wells in the state and addresses approximately 30% of its balance sheet liability.
Portfolio optimization efforts generated approximately $74,000,000 in additional cash proceeds in Q3 , with an expected annual baseline of $40,000,000 to $50,000,000. The company emphasizes its attractive valuation at 3.8 EV to EBITDA, 80% year-over-year revenue growth, over 150% year-over-year free cash flow growth, and an approximate 9% dividend yield.

Nov 4, 2025, 1:30 PM

Transcript

Diversified Energy Company PLC to Reorganize with US Primary Listing

DEC

Delisting/Listing Issues

M&A

Accounting Changes

Diversified Energy Company PLC is proposing a reorganisation to establish Diversified Energy Company (NewCo), a Delaware corporation, as the new holding company, with a primary listing on the New York Stock Exchange and a secondary listing on the London Stock Exchange.
The reorganisation is driven by the Group's substantially US-based operations, assets, and shareholder base, with over 65% of shareholders located in the US.
Shareholders will receive one New Share (or depositary interest) in NewCo for each Existing Share (or depositary interest) held, with the Scheme anticipated to become effective around November 24, 2025.
Following the reorganisation, NewCo will align its corporate governance with US domestic issuer standards, including compliance with SEC filings and the Sarbanes-Oxley Act, and the UK City Code on Takeovers and Mergers will no longer apply.

Oct 17, 2025, 8:33 PM

6-K

Diversified Energy Company PLC Announces Proposed Primary Listing Move to NYSE

DEC

Delisting/Listing Issues

Accounting Changes

Diversified Energy Company PLC announced its intention to move its primary listing to the New York Stock Exchange (NYSE), while retaining a secondary listing on the London Stock Exchange (LSE).
The company cited its U.S.-centric operations, employee base, and asset location, along with over 65% of its shares being held by U.S. investors as of June 30, 2025, as key reasons for the proposed change.
This strategic move is expected to enhance trading liquidity, increase investor visibility, and provide better access to U.S. capital markets and equity indices.
Subject to shareholder approval, the change is anticipated to take effect during the fourth quarter of 2025, with the company beginning to file as a U.S. domestic filer with its year-end 2025 financial results.