Earnings Releases·Nov 4, 2026, 4:24 PM ET

Diversified Energy — Third Quarter 2026 Earnings Summary

Q3 2026 Adjusted EBITDA declined to $256 million from $285 million in Q3 2025, while Year-to-Date Adjusted EBITDA rose to $782 million from $702 million; Net Loss was $(202) million, inclusive of a $(348) million non-cash loss on unsettled derivatives.
The Company is reiterating Full Year 2026 guidance for Adjusted EBITDA ($960–$1,010 million) and Adjusted Free Cash Flow (~$440 million), excluding the pending Birch acquisition.
The Birch acquisition is on schedule to close in Q4 2026, expected to increase pro forma Adjusted EBITDA by 55% and Adjusted Free Cash Flow by over 100%, creating a top-15 U.S. independent oil & gas company.
Capital return activity included $94 million in share repurchases and $63 million in fixed dividends year-to-date (17% yield), alongside the retirement of $313 million in ABS debt and a credit facility upsizing to $1 billion.
Leverage ratio increased to 2.66x as of September 30, 2026, from 2.42x the prior year, with a full-year target of 2.0x to 2.5x.