Diversified Energy 'unaware' of reason for recent share price decline

(Sharecast News) - Oil and gas production company Diversified Energy Company said on Thursday that it was "unaware of any operational or company-specific reason" for the recent decline in its share price. Diversified confirmed there has been "no material change" in its financial or operational condition.

The FTSE 250 firm also said its third-quarter 2023 production results were anticipated to be in the range of 134-138.0m barrels of oil equivalent per day, in line with expectations.

Diversified said that given "the current equity market dynamics", it was no longer pursuing its previously communicated desire to list shares in the US. The company will continue to execute share repurchases under its previously announced share repurchase program.

As of 0825 BST, Diversified Energy shares were up 2.75% at 68.94p.

Reporting by Iain Gilbert at Sharecast.com