ACCESS Newswire
30 Jun 2020, 18:08 GMT+10
BIRMINGHAM, AL / ACCESSWIRE / June 29, 2020 / London LSE-quoted Diversified Gas & Oil PLC (LSE:DGOC), the U.S. based owner and operator of natural gas, natural gas liquids, and oil wells as well as midstream assets, is pleased to announce that the Company's bank lending group, led by KeyBank National Association (the 'Bank Group'), has completed the semi-annual redetermination of the Company's senior secured credit facility (the 'Facility') and reaffirmed the existing $425 million borrowing base. The Bank Group also approved amendments enhancing the Company's hedging capabilities. There were no changes to pricing or covenant terms.
DGO expects to complete its next scheduled redetermination in the fourth quarter of 2020.
Following the redetermination, DGO's net debt approximates $756 million and current liquidity approximates $213 million, comprised of cash on hand and availability under the Facility. The Company's current borrowings result in a Net Debt to EBITDA ratio of approximately 2.2x(a), below stated targets and debt covenant thresholds.
Rusty Hutson, Jr., CEO of the Company commented,
'The reaffirmation of our borrowing base in this challenging environment speaks to the quality of our production, reserves and our strategy that is focused on generating steady positive cash flow to reduce debt and maintain a healthy balance sheet while consistently returning cash to shareholders through the dividend. This redetermination, together with other financings completed this year, demonstrates our ability to access competitive capital against a difficult economic backdrop. I would like to thank our 17-member bank group for their continued support as we remain focused on prudent growth in a market with increasing opportunities for those with an ability to transact and a proven record of successful execution.'
Footnotes:
Company Contact: Teresa Odom, VP Investor Relations | [email protected] | 205.408.0909
SOURCE: Diversified Gas & Oil Plc
Get a daily dose of Kansas City Post news through our daily email, its complimentary and keeps you fully up to date with world and business news as well.
Publish news of your business, community or sports group, personnel appointments, major event and more by submitting a news release to Kansas City Post.
More InformationEVERGLADES, Florida: Over the weekend, a diverse coalition of environmental activists, Native American leaders, and residents gathered...
BEIJING, China: China's national soccer team may struggle to stir excitement, but its humanoid robots are drawing cheers — and not...
]LONDON, U.K.: A World Health Organization (WHO) expert group investigating the origins of the COVID-19 pandemic released its final...
DOVER, Delaware: California Governor Gavin Newsom has taken legal aim at Fox News, accusing the network of deliberately distorting...
FRANKFURT, Germany: Germany has become the latest country to challenge Chinese AI firm DeepSeek over its data practices, as pressure...
TORONTO, Canada: Harvard University and the University of Toronto have created a backup plan to ensure Harvard graduate students continue...
NEW YORK, New York - Global stock indices closed with divergent performances on Tuesday, as investors weighed corporate earnings, central...
TORONTO, Canada: Canadian Prime Minister Mark Carney announced late on June 29 that trade negotiations with the U.S. have recommenced...
Vancouver, Canada: A high-stakes legal showdown is brewing in the world of athleisure. Lululemon, the Canadian brand known for its...
LONDON, U.K.: British oil giant Shell has denied reports that it is in talks to acquire rival oil company BP. The Wall Street Journal...
NEW YORK, New York - U.S. stock markets closed firmly in positive territory to start the week Monday, with the S&P 500 and Dow Jones...
WASHINGTON, D.C.: On Friday, President Donald Trump announced that he was halting trade discussions with Canada due to its decision...