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Diversified Gas & Oil raise dividend 'because we can' after 'very good quarter'

Diversified Gas & Oil PLC's (LON:DGOC) Chief Executive Rusty Hutson talks to Proactive London about their third quarter results which Hutson summarises as 'a very good quarter'.

Their decision to raise the dividend was 'because we can, after generating a lot of cash flow'. And production remains very flat and 'predictable'. After already increasing the dividend by 7% last quarter, the dividend will be increased by a further 7%, during a period when many companies across all sectors are facing severe headwinds.

Hutson says despite the 'tremendously challenged quarter in terms of commodity prices' our hedging program was very strong'. For the quarter ended 30 September 2020, adjusted earnings, EBITDA, was $75 million, up from $64 million year-on-year.

Quick facts: Diversified Gas & Oil PLC

Price: 109 GBX

LSE:DGOC
Market: LSE
Market Cap: £771.04 m
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Diversified Gas & Oil hikes dividend 7% and is 'well placed to capitalise on...

Diversified Gas & Oil PLC’s (LON:DGOC) Rusty Hutson tells Proactive that despite the recent volatility in commodity prices – the company is well positioned to capitalise on opportunities. The company produced 109,000 barrels oil equivalent per day (boepd) for the month of June, with the...

on 10/8/20

2 min read