Key Takeaways - Diversified Energy Company (DEC) has completed the acquisition of Canvas Energy, enhancing its production capacity and operational scale through the addition of significant assets and acreage in Oklahoma [1][2] Acquisition Details - The acquisition adds approximately 147 million cubic feet equivalent of natural gas per day to DEC's net production, increasing its output by roughly 13% [2] - The purchase price for the assets is around $550 million, valuing them at approximately 3.5 times the expected next-twelve-month EBITDA [2] - DEC gains nearly 1.6 million net acres in Central Oklahoma, which enhances operational overlap and creates new optimization opportunities [2] Financial Structure - To finance the acquisition, DEC utilized a $400 million asset-backed securitization (ABS) structure, supported by Carlyle-managed funds and co-investors [3] - The ABS XI issuance features an investment-grade "A" tranche with a blended coupon of 5.97%, allowing DEC to maintain financial discipline while expanding its asset base [3] Share Issuance - As part of the transaction, DEC issued 3,720,125 new common shares to former Canvas equity holders, bringing the total number of shares outstanding to 80.4 million [4] - Each share carries one vote, resulting in a total of 80.4 million voting rights in the company as of November 24, 2025 [4] Company Overview - DEC is focused on natural gas and liquids production, transport, marketing, and well retirement, currently holding a Zacks Rank 3 (Hold) [5]

Core Points - Decade Resources Ltd. has successfully closed a private placement, raising total gross proceeds of $1,170,000 [1] - The private placement consisted of two types of units: flow-through units and non-flow-through units [2][3] Flow-Through Units - A total of 24,250,000 flow-through units were issued at a price of 4 cents per unit, generating gross proceeds of $970,000 [2] - Each flow-through unit includes one common share and one warrant, with the warrant exercisable at $0.06 per share for a period of 24 months [2] - Proceeds from flow-through units will be allocated to Canadian exploration expenses and critical mineral mining expenditures on the company's B.C. properties [4] Non-Flow-Through Units - A total of 5,000,000 non-flow-through units were issued at a price of 4 cents per unit, generating gross proceeds of $200,000 [3] - Each non-flow-through unit consists of one common share and one warrant, with the warrant exercisable at $0.06 per share for a period of 36 months [3] - Proceeds from non-flow-through units will be used for general working capital [4] Additional Information - The company paid cash finder's fees totaling $86,800 and issued 2,170,000 warrants to finders, which are exercisable for a 24-month period [5] - All securities issued are subject to a statutory hold period of four months, expiring on March 22, 2026 [5]

Group 1 - The company disclosed transactions in its own shares conducted from November 20 to November 21, 2025, to the French Financial Markets Authority on November 24, 2025 [1] - The disclosure document is available to the public on the company's website [1] - For further inquiries, the Head of Investor Relations can be contacted via phone or email [1] Group 2 - JCDecaux reported 2024 revenue of €3,935.3 million and H1 2025 revenue of €1,868.3 million [5] - The company is the number one out-of-home media company worldwide, reaching a daily audience of 850 million people across more than 80 countries [5] - JCDecaux operates 1,091,811 advertising panels globally and is present in 3,894 cities with populations over 10,000 [5] - The company employs 12,026 people and is listed on the Eurolist of Euronext Paris, part of the SBF 120 and CAC Mid 60 indexes [5] - JCDecaux's carbon reduction trajectory has been approved by the SBTi, and it is part of the Euronext Paris CAC® SBT 1.5° index [5] - The company has received high ratings for its extra-financial performance, including CDP (A), MSCI (AAA), and Sustainalytics (11.9), and has achieved Gold Medal status from EcoVadis [5] - JCDecaux is a leader in self-service bike rental schemes and is recognized as a pioneer in eco-friendly mobility [5] - The company holds the number one position in street furniture with 629,737 advertising panels and in transport advertising with 157 airports and 257 contracts in various transport modes [5] - JCDecaux is the leading outdoor advertising company in Europe, Asia-Pacific, Latin America, and Africa, with significant numbers of advertising panels in each region [5]

Core Viewpoint - Diversified Energy Company has successfully completed the acquisition of Canvas Energy, enhancing its operational capabilities and asset portfolio in Oklahoma, funded through a $400 million asset-backed securitization [2][3]. Acquisition Highlights - The acquisition adds complementary operated producing properties and acreage positions in Oklahoma, with a purchase price of approximately $550 million, reflecting a purchase price multiple of about 3.5x on next twelve months (NTM) EBITDA [7]. - The estimated NTM EBITDA for the combined entities is around $155 million, prior to anticipated synergies, with a proved PV-10 value of approximately $690 million and total reserves of about 200 million barrels of oil equivalent (MMBoe) [7]. - The acquisition is expected to yield significant annual run rate synergies and includes commercially attractive undeveloped acreage, providing options for portfolio optimization [7]. ABS Financing Highlights - To facilitate the acquisition, the company issued 3,720,125 new shares of common stock, which will be listed on the New York Stock Exchange [4]. - The ABS transaction is structured as a master trust, with "A" tranche notes priced at a blended coupon of 5.97%, benefiting from an investment-grade rating [7]. Total Voting Rights - As of November 24, 2025, the total number of shares of common stock in issue is 80,445,793, with each share carrying one vote [6].

Core Points - Diversified Energy Company has received approval to move its primary listing to the New York Stock Exchange while retaining a secondary listing on the London Stock Exchange [1][2] - The High Court of Justice of England and Wales has sanctioned the scheme of arrangement to introduce a new Delaware-incorporated parent holding company for Diversified Energy Company [1][2] - The scheme will become effective on November 24, 2025, with the cancellation of the ordinary shares listing on the FCA's Official List [3] Group 1 - The primary listing of Diversified's common stock on the NYSE is expected to be effective on November 24, 2025, with the last day of dealings on the LSE being November 21, 2025 [2][3] - Following the scheme's effectiveness, Diversified will continue its share buyback program as previously announced [3] Group 2 - Diversified Energy Company is recognized for its sustainability leadership and focuses on acquiring, operating, and optimizing cash-generating energy assets [4]

Core Viewpoint - JCDecaux SE has announced a share buy-back program for up to 1.5 million shares, representing approximately 0.70% of its share capital, to be executed from November 20, 2025, to May 13, 2026 [1][2]. Group 1: Share Buy-Back Program - The share buy-back program is authorized by the Annual General Meeting held on May 14, 2025 [2]. - An investment-services provider has been appointed to facilitate the purchase of shares [2]. - The shares acquired will primarily be used to cover performance share allocations for current or future performance plans [3]. Group 2: Company Overview - JCDecaux reported a revenue of €3,935.3 million for 2024 and €1,868.3 million for H1 2025 [6]. - The company is the number one out-of-home media company globally, with a daily audience of 850 million people across more than 80 countries [6]. - JCDecaux operates 1,091,811 advertising panels worldwide and is present in 3,894 cities with populations exceeding 10,000 [6]. - The company employs 12,026 individuals and is listed on the Eurolist of Euronext Paris, being part of the SBF 120 and CAC Mid 60 indexes [6]. - JCDecaux has received various recognitions for its extra-financial performance, including an A rating from CDP and AAA from MSCI [6].

Summary of Diversified Energy Company FY Conference Call Company Overview - **Company Name**: Diversified Energy Company (NYSE: DEC) - **Industry**: Energy Production - **Focus**: Acquiring and optimizing long-life, low-decline energy assets across the U.S. [1][2] Core Business Model - **Acquisition Strategy**: Focus on mature, cash flow-generating energy assets, specifically PDP (producing developed producing) assets [3][4] - **Cost Structure**: Acquisitions are financed with a lower cost of capital, typically in the sub-10% range, utilizing asset-backed securities (ABS) [3][6] - **Operational Scale**: Operates with a workforce of 2,000 employees across 11 states, enhancing synergies and margin improvements [4][6] Financial Performance - **Production Metrics**: Over $1 billion in annualized EBITDA, with a market cap of approximately $1.1-$1.2 billion [11][9] - **Cash Flow Allocation**: $440 million projected free cash flow for 2025, with 20% allocated to dividends [10][9] - **Share Repurchases**: Approximately $61 million in share repurchases, representing about 6% of shares outstanding [9][10] Growth and Acquisitions - **Acquisition History**: Completed 30 acquisitions in the PDP space over the last seven years, all accretive on a per-share basis [12][4] - **Future Opportunities**: Anticipates $70 billion-$90 billion in assets coming to market over the next couple of years due to industry consolidation [12][16] - **Recent Acquisitions**: Notable acquisition of Canvas Energy for $550 million, with $400 million financed through Carlyle [18][19] Capital Allocation and Financing - **Debt Structure**: Primarily utilizes ABS for financing, with an overall cost of capital around 6-6.5% [39][40] - **Dividend Policy**: Fixed dividend yield of 7-8%, not tied to commodity prices [10][9] Environmental and Regulatory Considerations - **Emissions Management**: Rated AA for emissions performance, with a focus on sustainable asset management [26][27] - **Partnerships**: Collaborates with technology providers for emissions measurement and mitigation [22][23] Market Position and Future Outlook - **Market Transition**: Transitioning to primary listing on the New York Stock Exchange, enhancing access to a broader investor base [30][31] - **Investment Thesis**: Positioned as a best-in-class small-cap investment opportunity with a strong focus on cash flow generation and disciplined capital allocation [32][30] Key Challenges and Considerations - **Operational Risks**: Corporate decline rate estimated at 10%, managed through acquisitions and land sales [41][42] - **Regulatory Environment**: Cautious approach to new basin acquisitions due to regulatory uncertainties, particularly in states like Colorado [36][37] Conclusion - **Strategic Focus**: Diversified Energy Company emphasizes disciplined acquisitions, strong cash flow management, and sustainable practices to enhance shareholder value and position itself for future growth in the energy sector [32][12]

Core Points - Diversified Energy Company has received approval from the Financial Conduct Authority (FCA) for its prospectus dated November 19, 2025, related to the admission of its ordinary shares to the Official List and trading on the London Stock Exchange [2] - The prospectus will be available on the company's website and submitted to the National Storage Mechanism, with the scheme expected to become effective around November 21, 2025, and shares anticipated to be listed on the NYSE by November 24, 2025 [3] Company Overview - Diversified Energy Company is a publicly traded energy firm focused on acquiring, operating, and optimizing cash-generating energy assets, recognized for its sustainability leadership [4] - The company employs a differentiated strategy to acquire long-life assets, investing in them to enhance environmental and operational performance before safely retiring them [4]

Core Insights - JCDecaux has successfully completed the roll-out of the world's largest network of self-cleaning public toilets in Paris, marking a significant achievement in urban sanitation [1][3][5] Group 1: Project Overview - The project involved replacing and modernizing public toilet facilities in Paris, initiated in March 2024 after a two-year manufacturing process [2] - A total of 417 toilets were replaced in 18 months, with plans for an additional 18 sites to reach a total of 435 toilets [3] - The installation process was designed to minimize disruption, with work conducted primarily at night and a service continuity rate exceeding 98% [3] Group 2: Usage and Capacity - The new self-cleaning toilets have double the capacity and four times the service availability compared to previous models, leading to a significant increase in usage [4] - Monthly usage across the network reached nearly 2.5 million, with 17.7 million uses recorded in 2024 and 18 million from January to September 2025 [4][7] Group 3: Company Leadership and Expertise - JCDecaux is recognized as the world leader in self-cleaning public toilets, operating over 2,500 units across 28 countries, serving more than 30 million users annually [5] - The company has a strong commitment to urban hygiene, having pioneered the self-cleaning toilet concept in 1980 [8] Group 4: Financial Model and Future Plans - An innovative financing model allows advertising revenue from kiosks to cover installation and maintenance costs, ensuring uninterrupted service at no taxpayer expense [8] - JCDecaux is expanding its presence in the U.S., with plans to install additional self-cleaning toilets in cities like Chicago and New York [11]

Core Insights - Diversified Energy Company PLC (NYSE:DEC) experienced a significant share price increase of 10.5% from November 7 to November 14, 2025, marking it as one of the top-performing energy stocks during that week [1]. Financial Performance - The company reported a remarkable year-over-year revenue increase of approximately 105% and a 157% rise in free cash flow for Q3, indicating strong value generation in volatile markets [3]. - Production growth was recorded at 36% year-over-year, contributing to the overall revenue increase alongside higher pricing [3]. - The FY 2025 adjusted EBITDA guidance was revised upward to between $900 million and $925 million, an increase from the previous range of $825 million to $875 million [3]. Analyst Ratings and Market Sentiment - Following the strong Q3 results, Citi analyst Paul Diamond raised the price target for DEC from $16 to $17 while maintaining a 'Buy' rating, emphasizing the company's robust balance sheet and potential for inorganic growth [4]. - The recent surge in natural gas prices, driven by cold weather forecasts and record LNG exports, has positively impacted DEC's market position [5].