London Stock Exchange today welcomes Diversified Gas and Oil

London Stock Exchange today welcomes Diversified Gas and Oil (“DGO” or the “Company”) to the premium segment of the London Stock Exchange Main Market following the completion of its transition from the Alternative Investment Market (“AIM”).

Since its initial IPO on AIM in February 2017, DGO has grown its portfolio of stable, primarily natural gas producing assets and complementary midstream systems, becoming the largest independent gas and oil producer by volume on the London Market. With its focus on mature, long-life, low decline producing assets in the Appalachian Basin of the north-eastern US, DGO has amassed a large portfolio of upstream and midstream assets, exiting year end 2019 with production of more than 94,000 barrels of oil equivalent per day. With some 99% of its production comprised of clean-burning natural gas and natural gas liquids and a strategy grounded in wisely stewarding the industry’s existing producing assets and minimising the industry’s footprint in the region, DGO has created a strong ESG platform relative to most development-oriented industry peers. Unique to the E&P market, DGO’s model focuses on low-cost and low-risk cash flow with a commitment to value-creation and consistent returns to shareholders. Reflective of its success, DGO has paid nearly $120 million in dividends since its AIM IPO and repurchased $68 million in shares under its 2019-2020 repurchase program.

Rusty Hutson, Founder and Chief Executive Officer of Diversified Gas and Oil, said: “We are delighted to have completed our move to the Main Market of the London Stock Exchange today, representing a significant milestone in the Company’s growth journey. AIM provided a perfect springboard for DGO and, in just over three short years, we have grown significantly with nearly $1.5 billion of value-accretive acquisitions, establishing ourselves as a leading gas and oil company on the London market.

“The current environment creates a robust set of opportunities for us such that a move to the Main Market is the next logical step in our progression as we seek to elevate the profile of the business and strength of our business model, broaden our access to high-quality investors and enhance the trading liquidity of our shares. In preparation for the Main Market Listing, we have taken significant steps to enhance the overall governance of the business. Over the last year, we expanded the composition, independence and experience of our Board and established a new Sustainability and Safety Committee to support our sustainability and stewardship efforts.

“With our low operating cost structure, strict cost discipline and commitment to maintain a healthy balance sheet, we have designed DGO to not only prosper – but to thrive – in a low commodity price environment. Our cash-flow-centric message and disciplined investment thesis sets us apart from our peers, and this is exemplified by our unwavering commitment to reliable shareholder returns at a time when industry peers are reducing or cancelling dividends.  We are confident that our compelling story and proven track record for value creation will resonate with the wider global investor audience, and we look forward to maintaining our growth momentum onto the Main Market.” 

Read the AIM company story for Diversified Gas & Oil.

Quick facts

Track
Market: Main Market
Instrument market cap (£m)
744.05
Listing/Admission to trading
03 Feb 2017
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