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Diversified Energy DEC Midstream — Revenue, excluding gain (loss) on derivatives

Other product segments

Oil
$254.19M+70.4%
Natural gas (MMbtu)
$163.7M-15.2%
NGLs (MBbls)
$85.81M+63.0%

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NAKADerivatives — Revenue
$1.07M

Other financials

Income statement

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Revenue$811.9M+38.4%
Operating income$471.8M+61.9%
Net income$246.9M-17.1%
EPS (diluted)$3.31-9.8%

Balance sheet

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Cash & equivalents$103.4M-18.5%
Total debt$3.0B
Total equity$950.7M+40.2%
Total assets$6.1B

Cash flow

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Operating cash flow$88.8M+10.6%
CapEx$40.4M-34.1%
Free cash flow$48.4M+154%

Valuation

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Market cap$954.68M+6.1%
Enterprise value$3.81B
P/E2.1×
P/S0.5×-0.4×

Profitability

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Operating margin32.6%+27.2pp
Net margin22.6%+18.1pp
FCF margin15.6%+1.3pp

Returns & leverage

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Return on equity55.6%
Debt / equity3.1×
Current ratio0.6×

Where this comes from

Reported directly by Diversified Energy in its filing.

Tagged under the XBRL concept us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax.

The source filing: Diversified Energy’s 10-Q, filed August 5, 2026.

Filed
Aug 5, 2026, 4:27 PM EDT
Fiscal quarter
Q2 FY2026
Calendar quarter
Q2 2026
Accession
0001922446-26-000067
(In thousands, except share and per share data)Three Months Ended / June 30, 2026Three Months Ended / June 30, 2025Six Months Ended / June 30, 2026Six Months Ended / June 30, 2025
Oil254,191149,186435,290202,001
Total commodity revenue$503,700$394,768$1,061,336$724,187
Gain (loss) on derivatives291,034169,071(257,349)(115,213)
Midstream10,10111,60221,86522,200
Other7,07311,25613,20018,038
Total revenue$811,908$586,697$839,052$649,212
Operating expense
Lease operating expense$(141,242)$(131,184)$(274,210)$(204,623)

Item 1. Financial Statements

FAQ

What is Diversified Energy's midstream — revenue, excluding gain (loss) on derivatives?
Diversified Energy (DEC) reported midstream — revenue, excluding gain (loss) on derivatives of $10.1M in Q2 2026.
How has Diversified Energy's midstream — revenue, excluding gain (loss) on derivatives changed year-over-year?
Diversified Energy's midstream — revenue, excluding gain (loss) on derivatives decreased by 12.9% year-over-year, from $11.6M to $10.1M.
What does midstream — revenue, excluding gain (loss) on derivatives mean?
This metric represents the total operating revenue generated by midstream infrastructure assets, such as pipelines, gathering systems, and processing facilities, before accounting for the impact of financial hedging activities. It reflects the core commercial performance of the segment's service-based business model, including fees collected for the transportation and processing of third-party or company-owned hydrocarbons. By excluding derivative gains or losses, it provides a clearer view of the underlying operational scale and demand for midstream services.

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