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Natural gas company Diversified Gas & Oil raised its dividend after reporting a rise in earnings in the third quarter thanks to higher production and sales.
For the quarter ended 30 September 2020, adjusted earnings before interest, taxes, depreciation and amortisation, or EBITDA, was $75 million, up from $64 million year-on-year.
Daily production averaged 107 MBoepd, up +8% versus 2Q20, and 17% versus 3Q19.
The company declared a dividend of 4 cents for the quarter, representing a 7% increase on the 3.75 cents declared in 2Q20.
'The outlook for natural gas is looking increasingly positive, and while we maintain good visibility of our future cash flows with stable production and a strong hedge position, we continue to monitor the forward price curve and remain opportunistic as we look ahead to further secure and enhance our cash flow profile,' the company said.