Diversified Gas & Oil PLC on Monday reported a loss for 2020, but it raised the dividend and said that the outlook for U.S. natural gas is positive.
The U.S.-focused gas producer booked a net loss of $23.5 million last year, swinging from a $99.4 million profit a year earlier.
Performance was hurt by losses of $94.4 million on derivative financial instruments, driven by the improved natural gas pricing outlook.
Hedged-adjusted Ebitda rose 10% to $300.6 million during the year.
The company declared a final dividend of $0.04 a share, bringing the full-year distribution to $0.1525–up from $0.1392 in 2019.