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Just reported
Q3 2026 results
From Diversified Energy's results release of November 4, 2026; its quarterly report has since been filed.
Revenue
Actual
$108.5M
-78% y/y
-87% q/qGuided
—
No guide given
EPS, GAAP
Actual
-$2.86
Guided
—
No guide given
Operating income, GAAP
Actual
-$235.3M
Guided
—
No guide given
Set against the company's own guidance and the same quarter a year earlier, not analysts' estimates, which we do not hold. Adjusted figures are the company's own non-GAAP measures, as stated in the release.
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The themes Diversified Energy is part of, the highest-graded companies in its industry, and the companies in its sector whose grade rose recently.
Highest-graded in Oil Gas Integrated
Graded A or B and worth $2B or more: A first, then the largest.
CVXChevron Corp$419BA+
IMOImperial Oil Limited$59.7BA+
TGSGas Transporter Of the South Inc.$3.2BA+
EEni SpA$87.9BB
CVECenovus Energy Inc.$53.5BB
Grade rose recently in Energy
Rose to A or B on a filing in the last 90 days, worth $2B or more: largest first.
- CVXChevron CorpNov 5, 2026CAGraded C, now A
MPCMarathon Petroleum CorporationNov 3, 2026BAGraded B, now A- EEni SpAOct 27, 2026DBGraded D, now B
EOGEOG Resources, Inc.Nov 5, 2026BAGraded B, now A
TRPTC Energy CorporationJul 30, 2026BAGraded B, now A
How it makes money
- Natural gas production sales (reserves category)55%
- Oil and condensate sales32%
- Natural gas sales (per-thousand-cubic-feet category)11%
- Natural gas midstream services2%
Shares of revenue are estimates for quarter ended 2026-03-31, not figures from a filing.
Competes with
- EQTEQT CorporationB
- Size
- $33B
- Margin
- 28.4%
- EXEExpand Energy CorporationB
- Size
- $20.5B
- Margin
- 19.8%
- CTRACoterra Energy Inc.
What it sells4
Natural gas
Gas produced from the company’s wells and sold to buyers, typically under month-to-month contracts.
Natural gas liquids
Liquid hydrocarbons separated from natural gas and sold as a commodity.
Oil and condensate
Liquid oil products produced from the company’s wells and sold to buyers.
Marketing and transportation services
The company markets natural gas, natural gas liquids and oil, and manages transportation arrangements and logistics for its production.
Who buys it1
- Buyers of natural gas, natural gas liquids and oil; production is generally sold under month-to-month contracts at prevailing market prices, and no single customer accounted for more than 10% of revenue in 2025.
What it stands on, and what could break it
What the business leans on
- 1Revenue depends on market prices for natural gas, natural gas liquids and oil; the company uses commodity contracts to fix prices for part of its production.
- 2The company relies on third-party pipelines and other infrastructure to gather, process and transport some production.
- 3The business depends on maintaining a large base of existing wells and meeting the costs and requirements of plugging wells when they are retired.
- 4Acquisitions and asset-backed borrowing are part of its growth and financing activities.
What could go wrong
- 1Changes in commodity prices can affect revenue, and hedging contracts can reduce the benefit of price increases or fail to protect against all price movements.
- 2Production from existing wells can decline or be disrupted; equipment maintenance, reserve-estimate uncertainty and the costs of plugging wells can affect operations and cash needs.
- 3Acquisitions may be difficult to integrate or may not deliver the expected value, while borrowing costs and debt restrictions can limit available funds and business choices.
About Diversified Energy Company
The company produces natural gas, natural gas liquids and oil from wells in the Appalachian and Central regions of the United States. It also markets these products and manages some of the pipelines and other infrastructure used to move them to buyers. The company maintains producing wells and plugs wells that have reached the end of their useful life.
- Head office
- Birmingham, Alabama, United States
- Employees
- 1,987 (December 31, 2025, high)
- Listed on
- NYSE
- Financial year ends
- December 31
Built from Diversified Energy Company’s own filings with the U.S. Securities and Exchange Commission (SEC). Figures are as reported, with per-share history restated onto today’s share basis. This describes a business — it is not investment advice and not a recommendation to buy or sell anything.
