2025-06-13-Jefferies-DEC（DEC）_起亚瓦能源会议评论_7页_109kb

Diversified Energy Company (DEC) is an independent US-focused energy firm primarily in natural gas, producing ~150,000 boe/d since its 2017 IPO. Recent analysis highlights ongoing deleveraging efforts through significant share repurchases, estimated at ~$50mn in 2025 so far, and substantial debt reduction that lowered leverage to 2.7x. Capital allocation balances buybacks and debt repayment, with management expressing potential to sell remaining EIG shares while focusing on strategic shifts toward acquiring PDP assets in Permian and Bakken for liquids-focused growth, driven by favorable commodity price dynamics. Liquidity is robust with $451mn in RBL available opportunistically, and free cash flow is guided at $30mn for debt reduction and $30mn for maintenance; key risks include lower shareholder returns, commodity volatility, and economic uncertainty. The current rating remains Hold with a price target of $1,050, reflecting expectations of market conditions and opex reduction progress.