DEC on NYSE
Diversified Energy Co
During our semi-annual redetermination in October 2025 , the borrowing base was reduced to $825 million ;.4 From its latest annual report
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Last updated Oct 19, 2026.
Overview
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- TickerDEC on NYSE2
- IndustryCrude Petroleum & Natural Gas2
- HeadquartersBirmingham, United States2
- Incorporated inDE3
- Business address1600 Corporate Drive, Birmingham, Al 352423
- Filer categoryLarge accelerated filer3
- Legal formCorporation2
- LEI529900XTQ3OKXR6P0H742
- StatusActive2
- LEI statusIssued and current2
- Registered addressc/o The Corporation Trust Company, Corporation Trust Center, 1209 Orange Street, 19801 Wilmington, United States2
- Registered withDivision of Corporations, Department of State, 103598772
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During our semi-annual redetermination in October 2025 , the borrowing base was reduced to $825 million ;4 From its latest annual report
Financials
From the company’s reports to the SEC. Every number links to the filing it came from.
Key numbers, fiscal 2025
29.2%Operating margin5
18.6%Net margin5
141.5%Revenue growth, 20255
34.7%Return on equity5
2.76×Debt to equity5
$280.0MFree cash flow5
What sells
Revenue by product, business segment and region, as the company reports it to the SEC.
Products and services
Natural Gas brought in 52% of the revenue Diversified Energy Co broke down this way in fiscal 2025.
Products and services by year
| Products and services | 2023 | 2024 | 2025 |
|---|---|---|---|
| Natural Gas | $557.2M | $464.6M | $830.2M |
| Oil and Condensate | $103.9M | $117.1M | $500.7M |
| Natural Gas and Natural Gas Liquids (NGL) | $141.3M | $150.5M | $207.9M |
| Natural Gas, Midstream | $30.6M | $32.5M | $40.5M |
| Product and Service, Other | $35.3M | $30.0M | $32.1M |
Where the money goes
Where each dollar of revenue went, fiscal 2025
- Other costs79¢$1.4B
- Income tax2¢$40.5M
- Profit19¢$341.1M
Out of $1.8B in revenue.5
Where each dollar of operating cash went, fiscal 2025
- Capital spending40¢$184.6M
- Dividends paid18¢$85.0M
- Kept or used elsewhere42¢$195.0M
Out of $464.6M of cash from operations.5
Financial statements
Every line of the income statement as filed: the last 3 fiscal years (annual) or 4 quarters (quarterly), latest first.5
| Period ending | 2025-12-31 | 2024-12-31 | 2023-12-31 |
|---|---|---|---|
| Gain (loss) on derivatives | $217.7M | -$37.6M | $1.1B |
| Revenues | $1.8B | $757.3M | $1.9B |
| Lease operating expense | -$457.6M | -$231.7M | -$213.1M |
| Production taxes | -$86.7M | -$36.0M | -$61.5M |
| Midstream operating expense | -$79.2M | -$72.1M | -$71.3M |
| Transportation expense | -$115.3M | -$90.5M | -$96.2M |
| Accretion of asset retirement obligation | -$48.6M | -$28.5M | -$23.9M |
| General and administrative expense | -$167.6M | -$129.7M | -$128.6M |
| Depreciation, depletion and amortization | -$412.5M | -$292.0M | -$273.3M |
| Gain (loss) on natural gas and oil properties and equipment | $73.4M | $26.1M | $28.1M |
| Total operating expense | -$1.3B | -$854.4M | -$839.8M |
| Income (loss) from operations | $535.0M | -$97.1M | $1.1B |
| Gain (loss) on sale of equity interest | $0 | $0 | $11.1M |
| Interest expense | -$210.0M | -$136.8M | -$130.9M |
| Loss on debt extinguishment | $27.0M | $16.4M | $0 |
| Other income (expense) | -$3.3M | -$2.3M | -$385.0K |
| Income (loss) before taxation | $301.3M | -$247.9M | $989.6M |
| Income tax benefit (expense) | $40.5M | $144.8M | -$239.2M |
| Net income (loss) | $341.9M | -$103.1M | $750.4M |
| Other comprehensive income (loss) | $352.0K | -$1.8M | -$270.0K |
| Total comprehensive income (loss) | $342.3M | -$104.9M | $750.1M |
| Net income (loss) | $341.1M | -$104.4M | $748.7M |
| Noncontrolling interest | $784.0K | $1.3M | $1.7M |
| Basic (in usd per share) | $4.67 | -$2.17 | $15.87 |
| Diluted (in usd per share) | $4.58 | -$2.17 | $15.76 |
| Basic (in shares) | 73.0M shares | 48.0M shares | 47.2M shares |
| Diluted (in shares) | 74.5M shares | 48.0M shares | 47.5M shares |
| Period ending | 2025-12-31 | 2025-09-30 | 2025-06-30 | 2025-03-31 |
|---|---|---|---|---|
| Revenues | $666.5M | $499.8M | $600.3M | $62.5M |
| Income (loss) from operations | $250.9M | $180.9M | $291.4M | -$188.1M |
| Net income (loss) | $195.5M | $171.1M | $297.7M | -$323.2M |
| Basic (in usd per share) | $2.54 | $2.22 | $3.77 | -$5.52 |
| Diluted (in usd per share) | $2.48 | $2.14 | $3.67 | -$5.52 |
Every line of the balance sheet as filed: the last 5 fiscal years (annual) or 5 quarters (quarterly), latest first.5
| Period ending | 2025-12-31 | 2025-11-30 | 2024-12-31 | 2023-12-31 | 2022-12-31 |
|---|---|---|---|---|---|
| Cash and cash equivalents | $29.7M | $6.0M | $3.8M | ||
| Restricted cash | $21.8M | $11.4M | |||
| Accounts receivable, net | $408.4M | $234.4M | |||
| Derivatives | $153.2M | $33.8M | |||
| Prepaid expenses and other current assets | $37.2M | $18.7M | |||
| Total current assets | $650.2M | $304.3M | |||
| Proved natural gas and oil properties | $5.8B | $3.8B | |||
| Unproved natural gas and oil properties | $19.8M | $7.3M | |||
| Accumulated depletion | -$1.3B | -$981.7M | -$747.2M | -$530.4M | |
| Natural gas and oil properties, net | $4.5B | $2.8B | $2.4B | ||
| Property, plant, and equipment, net | $446.0M | $425.8M | $442.1M | ||
| Restricted cash | $93.7M | $34.8M | |||
| Deferred tax assets | $287.1M | $271.2M | |||
| Other assets | $184.2M | $87.5M | |||
| Total assets | $6.2B | $4.0B | |||
| Accounts payable | $81.8M | $35.0M | |||
| Accrued liabilities | $193.7M | $95.4M | |||
| Revenue to be distributed | $240.1M | $172.3M | |||
| Current portion of long-term debt, net | $236.6M | $209.5M | |||
| Derivatives | $156.0M | $163.7M | |||
| Other current liabilities | $167.5M | $101.3M | |||
| Total current liabilities | $1.1B | $777.1M | |||
| Asset retirement obligations | $863.8M | $619.2M | $463.4M | ||
| Long-term debt, net | $2.7B | $1.5B | |||
| Derivatives | $440.6M | $608.9M | |||
| Other liabilities | $78.4M | $44.2M | |||
| Total liabilities | $5.2B | $3.5B | |||
| Common stock ($0.01 par value; 350,000,000 shares authorized; 76,979,625 and 50,649,844 shares issued and outstanding) | $769.0K | $14.6M | |||
| Additional paid in capital | $1.5B | $1.1B | |||
| Accumulated other comprehensive income (loss) | -$583.0K | -$935.0K | |||
| Retained earnings (accumulated deficit) | -$507.8M | -$759.5M | |||
| Total stockholders' equity attributable to DEC | $984.1M | $400.1M | |||
| Noncontrolling interests | $10.9M | $11.9M | |||
| Total stockholders' equity | $995.0M | $412.0M | $537.7M | -$189.7M | |
| Total liabilities and stockholders' equity | $6.2B | $4.0B | |||
| Common stock, par value (in dollars per share) | $0.01 | $0.20 | $0.01 | ||
| Common stock, shares authorized (in shares) | 350.0M shares | 350.0M shares | |||
| Common stock, shares issued (in shares) | 77.0M shares | 50.6M shares | |||
| Common stock, shares outstanding (in shares) | 77.0M shares | 50.6M shares |
| Period ending | 2025-12-31 | 2025-11-30 | 2024-12-31 | 2023-12-31 | 2022-12-31 |
|---|---|---|---|---|---|
| Cash and cash equivalents | $29.7M | $6.0M | $3.8M | ||
| Restricted cash | $21.8M | $11.4M | |||
| Accounts receivable, net | $408.4M | $234.4M | |||
| Derivatives | $153.2M | $33.8M | |||
| Prepaid expenses and other current assets | $37.2M | $18.7M | |||
| Total current assets | $650.2M | $304.3M | |||
| Proved natural gas and oil properties | $5.8B | $3.8B | |||
| Unproved natural gas and oil properties | $19.8M | $7.3M | |||
| Accumulated depletion | -$1.3B | -$981.7M | -$747.2M | -$530.4M | |
| Natural gas and oil properties, net | $4.5B | $2.8B | $2.4B | ||
| Property, plant, and equipment, net | $446.0M | $425.8M | $442.1M | ||
| Restricted cash | $93.7M | $34.8M | |||
| Deferred tax assets | $287.1M | $271.2M | |||
| Other assets | $184.2M | $87.5M | |||
| Total assets | $6.2B | $4.0B | |||
| Accounts payable | $81.8M | $35.0M | |||
| Accrued liabilities | $193.7M | $95.4M | |||
| Revenue to be distributed | $240.1M | $172.3M | |||
| Current portion of long-term debt, net | $236.6M | $209.5M | |||
| Derivatives | $156.0M | $163.7M | |||
| Other current liabilities | $167.5M | $101.3M | |||
| Total current liabilities | $1.1B | $777.1M | |||
| Asset retirement obligations | $863.8M | $619.2M | $463.4M | ||
| Long-term debt, net | $2.7B | $1.5B | |||
| Derivatives | $440.6M | $608.9M | |||
| Other liabilities | $78.4M | $44.2M | |||
| Total liabilities | $5.2B | $3.5B | |||
| Common stock ($0.01 par value; 350,000,000 shares authorized; 76,979,625 and 50,649,844 shares issued and outstanding) | $769.0K | $14.6M | |||
| Additional paid in capital | $1.5B | $1.1B | |||
| Accumulated other comprehensive income (loss) | -$583.0K | -$935.0K | |||
| Retained earnings (accumulated deficit) | -$507.8M | -$759.5M | |||
| Total stockholders' equity attributable to DEC | $984.1M | $400.1M | |||
| Noncontrolling interests | $10.9M | $11.9M | |||
| Total stockholders' equity | $995.0M | $412.0M | $537.7M | -$189.7M | |
| Total liabilities and stockholders' equity | $6.2B | $4.0B | |||
| Common stock, par value (in dollars per share) | $0.01 | $0.20 | $0.01 | ||
| Common stock, shares authorized (in shares) | 350.0M shares | 350.0M shares | |||
| Common stock, shares issued (in shares) | 77.0M shares | 50.6M shares | |||
| Common stock, shares outstanding (in shares) | 77.0M shares | 50.6M shares |
Cash flow is reported year to date, not quarter by quarter, so there are no separate quarterly figures.
Every line of the cash flow as filed: the last 3 fiscal years, latest first.5
| Period ending | 2025-12-31 | 2024-12-31 | 2023-12-31 |
|---|---|---|---|
| Net income (loss) | $341.9M | -$103.1M | $750.4M |
| Depreciation, depletion and amortization | $412.5M | $292.0M | $273.3M |
| Accretion of asset retirement obligations | $48.6M | $28.5M | $23.9M |
| Income tax (benefit) expense | -$40.5M | -$144.8M | $239.2M |
| (Gain) loss on derivatives | -$217.7M | $37.6M | -$1.1B |
| Cash proceeds (payments) on settlement of derivatives | $23.8M | $151.5M | $174.8M |
| Settlement of asset retirement costs | -$28.1M | -$8.4M | -$6.0M |
| Gain (loss) on natural gas and oil properties and equipment | -$73.4M | -$26.1M | -$28.1M |
| (Gain) loss on sale of equity interest | $0 | $0 | -$11.1M |
| Loss on early retirement of debt | $27.0M | $16.4M | $0 |
| Derivative modifications | $0 | $0 | $26.7M |
| Non-cash share-based compensation | $10.4M | $8.3M | $6.5M |
| Other | $15.7M | $15.5M | $16.0M |
| Accounts receivable, net | $2.6M | -$18.6M | $107.3M |
| Other assets | -$8.8M | -$7.8M | $4.5M |
| Accounts payable | -$17.0M | -$17.5M | -$38.3M |
| Other liabilities | -$32.5M | -$2.7M | -$167.1M |
| Net cash provided by operating activities | $464.6M | $220.7M | $291.4M |
| Consideration for business acquisitions, net of cash acquired | -$329.7M | $0 | $0 |
| Consideration for asset acquisitions, net of cash acquired | -$477.4M | -$282.3M | -$262.3M |
| Proceeds from divestitures | $171.6M | $68.7M | $92.5M |
| Capital expenditures | -$184.6M | -$52.1M | -$74.3M |
| Deferred consideration payments | $0 | -$1.1M | -$2.6M |
| Net cash (used in) investing activities | -$820.2M | -$266.8M | -$246.7M |
| Repayment of borrowings | -$2.4B | -$1.7B | -$1.5B |
| Proceeds from borrowings | $3.2B | $1.8B | $1.5B |
| Prepayment charge on early retirement of debt | $0 | -$1.8M | $0 |
| Debt issuance costs | -$35.2M | -$20.3M | -$13.8M |
| Hedge modifications associated with ABS Notes | -$171.1M | $0 | -$6.4M |
| Proceeds from equity issuance, net | $117.5M | $0 | $156.8M |
| Proceeds from lease modifications | $0 | $8.6M | $0 |
| Principal element of lease payments | -$15.8M | -$12.5M | -$10.3M |
| Dividends to stockholders | -$85.0M | -$83.9M | -$168.0M |
| Distributions to noncontrolling interest owners | -$1.7M | -$2.0M | -$4.0M |
| Repurchases of common stock (stock repurchase program) | -$76.8M | -$15.9M | -$11.0M |
| Repurchases of common stock by the EBT, net | -$22.7M | -$5.2M | $0 |
| Net cash provided by (used in) financing activities | $448.4M | $58.4M | -$67.4M |
| Net change in cash, cash equivalents and restricted cash | $92.9M | $12.3M | -$22.7M |
No quarter-by-quarter statement was filed.
Leadership
Who has led Diversified Energy Co, and when. Pick a name to see everywhere that person has worked.
Chief executive
President
Chief financial officer
Chief operating officer
- Chief executive officerRobert R. Hutson Jr. Dec 1, 2025 to now10
- PresidentBradley G. Gray Dec 1, 2025 to now11
- Chief financial officerBradley G. Gray Dec 1, 2025 to now11
- Chief operating officerRichard A. Gideon Dec 1, 2025 to now12
Board members and other officers (5)
- EVP - Energy MarketingRon Lee Ridgway Dec 11, 2025 to now13
- Board memberKirk R. Oliver May 26, 2026 to now14
- Board memberKathryn Z. Klaber Dec 1, 2025 to now15
- Board memberRandall S. Wade Dec 1, 2025 to now16
- Board memberRobert R. Hutson Jr. Dec 1, 2025 to now10
Former names
- Diversified Energy Co PLCJun 3, 2022 to Dec 1, 20253
Timeline
Filings
242 filings to the SEC since October 2021: 3 annual reports, 2 quarterly reports, 26 major events, 72 insider forms, 21 large holders, 118 other. The latest 20:
- Oct 1, 20264 EDGAR
- Oct 1, 20264 EDGAR
- Oct 1, 20264 EDGAR
- Oct 1, 20264 EDGAR
- Oct 1, 20264 EDGAR
- Oct 1, 20264 EDGAR
- Oct 1, 20264 EDGAR
- Oct 1, 20264 EDGAR
- Oct 1, 20264 EDGAR
- Oct 1, 20264 EDGAR
- Sep 28, 2026SD EDGAR
- Sep 18, 20268-K/A EDGAR
- Sep 9, 20268-K EDGAR
- Sep 3, 20268-K EDGAR
- Aug 14, 20268-K EDGAR
- Aug 14, 2026SCHEDULE 13G/A EDGAR
- Aug 10, 20268-K EDGAR
- Aug 7, 20264 EDGAR
- Aug 5, 20268-K EDGAR
- Aug 5, 202610-Q EDGAR
The 242 filings since October 2021 can be filtered by form type and year here when JavaScript is on.
Every filing from the last five years, summarized. The full record is on SEC EDGAR.
Insider trades
1 open-market trades by officers, directors and large owners since October 2021: 0 buys and 1 sales. Grants, option exercises and gifts are left out.
| Date | Who | Trade | Shares | Price | Value | Filing |
|---|---|---|---|---|---|---|
| Jan 9, 2026 | Wade Randall S.Director | Sale | 2,100,000 | $13.28 | $27.9M | Form 4 |
From Forms 4 filed with the SEC.
Major holders
Investors who own more than 5% of the shares must tell the SEC: a 13D if they may seek to influence the company, a 13G if they hold passively.
- BlackRockSCHEDULE 13G/A, 1 filing Jul 28, 202617
- Artemis Investment Management LLPSCHEDULE 13G, 1 filing May 7, 202618
- VANGUARD GROUP INCSCHEDULE 13G/A, 4 filings Jan 30, 2025 to Mar 26, 202619
- EIG Energy Fund XVI, L.P.SCHEDULE 13D/A, 4 filings May 29, 2025 to Mar 13, 202620
- JUPITER ASSET MANAGEMENT LTDSCHEDULE 13G, 2 filings Apr 29, 2024 to Apr 2, 202521
- M&G INVESTMENT MANAGEMENT LTDSC 13G/A, 2 filings Feb 13, 2024 to Oct 3, 202422
Held by these funds
The largest holders among investment managers' 13F reports for the quarter ending Jun 30, 2026, the top 25 of 100. Change is in shares since the quarter before.
| Fund | Shares | Value | Share of the fund | Change |
|---|---|---|---|---|
| BlackRock, Inc. | 5,774,418 | $80.0M | 0.0% | +852,555 |
| Artemis Investment Management LLP | 5,677,235 | $78.5M | 0.7% | +232,357 |
| Ameriprise Financial Inc | 4,570,807 | $63.3M | 0.0% | +50,535 |
| State Street Corp | 3,133,776 | $43.4M | 0.0% | +1,892,420 |
| Jupiter Asset Management Ltd | 3,129,540 | $42.9M | 0.2% | −39,019 |
| Tejara Capital Ltd | 1,828,668 | $25.3M | 10.4% | +158,837 |
| M&g PLC | 1,759,706 | $24.6M | 0.1% | No change |
| Geode Capital Management, LLC | 1,699,673 | $23.6M | 0.0% | +219,467 |
| Man Group plc | 1,677,344 | $23.0M | 0.0% | −360,865 |
| Citadel Advisors LLC | 1,388,337 | $19.2M | 0.0% | −142,698 |
| Millstreet Capital Management LLC | 1,378,421 | $19.1M | 5.2% | No change |
| American Century Companies Inc | 1,228,790 | $16.9M | 0.0% | +509 |
| Barclays PLC | 1,192,263 | $16.5M | 0.0% | −641,218 |
| UBS Group AG | 1,179,531 | $16.3M | 0.0% | +841,399 |
| Charles Schwab Investment Management Inc | 817,197 | $11.3M | 0.0% | +62,629 |
| Vanguard Capital Management LLC | 664,462 | $9.2M | 0.0% | −120,846 |
| Bank of New York Mellon Corp | 654,942 | $9.1M | 0.0% | +37,214 |
| Vanguard Portfolio Management LLC | 607,218 | $8.4M | 0.0% | +243,159 |
| Morgan Stanley | 586,766 | $8.1M | 0.0% | −296,699 |
| First Trust Advisors LP | 577,408 | $8.0M | 0.0% | −27,284 |
| Northern Trust Corp | 566,257 | $7.8M | 0.0% | +86,082 |
| Aqr Capital Management LLC | 453,500 | $6.3M | 0.0% | +284,646 |
| Aberdeen Group plc | 404,163 | $5.6M | 0.0% | −409,898 |
| Prescott Group Capital Management, L.L.C. | 382,058 | $5.3M | 0.5% | +80,000 |
| Wells Fargo & Company/mn | 365,182 | $5.1M | 0.0% | +297,004 |
13F reports cover disclosed long positions in U.S. stocks only.
Sources
The numbers on this page point here. Each one links to the record it came from.
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- 11SEC EDGARBradley G. Gray, President
- 12
- 13
- 14SEC EDGARKirk R. Oliver, Board member
- 15SEC EDGARKathryn Z. Klaber, Board member
- 16SEC EDGARRandall S. Wade, Board member
- 17
- 18
- 19
- 20
- 21
- 22