LONDON (ShareCast) - (Sharecast News) - Shares in Diversified Energy moved sharply higher on Tuesday, after the gas producer boosted full-year guidance following a strong third quarter.
Average net daily production at the FTSE 250 firm, which is also listed in New York, jumped 36% in the three months September end, to 1,127m cubic feet of gas equivalent per day.

Revenues surged 105% to $500m, while adjusted earnings before interest, tax, depreciation and amortisation rocketed 149% at $286m.

Rusty Hutson, chief executive, said: "Our growing portfolio of high-quality assets continued to deliver exceptional results this quarter, demonstrating Diversified's ability to generate substantial value in volatile markets.

"Given our momentum on synergy capture, numerous portfolio optimisation opportunities and strong third-quarter performance, we are raising our financial guidance ranges for the fiscal year."

Diversified is now forecasting full-year adjusted EBITDA of between $900m and $925m, up from previous guidance of between $825m and $875m. Its adjusted free cash flow target was increased to $440m from $420m.

As at 0830 GMT, Diversified's London-listed shares had jumped 10% at 1,056.17p. In New York, they had put on 2% in pre-market trading.

Diversified is currently in the process of switching its primary listing to New York.

Hutson said: "We continue to believe that our proposed re-domestication to the US and the change in our primary listing, which includes full SEC reporting for domestic issuers, beginning with the year-end 2025 results, will offer several benefits that are in the best interest of all shareholders."

Diversified's assets, employees and operational headquarters are all based in America.

Diversified published its third-quarter numbers on Monday evening, after London had closed.

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