This Day On The Street
Continue to site
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

PDC Energy Announces Increases In 2013 Capital Budget And Estimated Net Production, And Signing Of Midstream Agreement In The Utica Shale

DENVER, March 18, 2013 (GLOBE NEWSWIRE) -- PDC Energy, Inc. ("PDC" or the "Company") (Nasdaq:PDCE) today announced an increase in the Company's capital budget and estimated net production for 2013. The Company also announced the signing of an agreement for the provision of midstream services in the Utica Shale.

PDC's capital budget increased from $365 million to $443 million, 85% of which is allocated to accelerate development of liquid-rich projects in the Wattenberg Field and Utica Shale. The Wattenberg Field budget increased $26 million to $280 million to accommodate the projected start-up of a third rig in May, 2013. For the year, the Company expects to drill a total of 69 horizontal wells in the liquid-rich Niobrara and Codell formations.

The Company also increased its budget for the Utica Shale from $53 million to $96 million to maintain a one-rig drilling program throughout 2013 and drill a total of 11 horizontal wells. The Utica budget includes approximately $7 million for leasehold acquisitions. The full-year drilling program was facilitated by the execution of long-term agreements with a subsidiary of MarkWest Energy Partners, LP (NYSE:MWE) ("MarkWest") to provide midstream services, including gas gathering, processing, fractionation, and marketing to support PDC's Utica operations in Guernsey County in southeast Ohio. PDC expects MarkWest to begin gathering its Guernsey County gas by the end of the second quarter of 2013 and marketing its residue gas and natural gas liquids at the tailgate of the MarkWest processing facilities.

The remaining $9 million increase is related to the Company's joint venture ("PDCM") in the Marcellus Shale to reflect the startup of its 2013 horizontal drilling program in January rather than March as originally budgeted. PDCM's capital budget is expected to be funded largely by the joint venture's cash flow and borrowings under the joint venture's revolving credit facility.

1 of 3

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Real Money

More than 30 investing pros with skin in the game give you actionable insight and investment ideas.

Product Features:
  • Access to Jim Cramer's daily blog
  • Intraday commentary and news
  • Real-time trading forums
Only $49.95
14-Days Free
14-Days Free
AAPL $95.03 0.21%
FB $116.73 0.00%
GOOG $691.02 0.00%
TSLA $249.50 0.72%
YHOO $36.59 0.00%


Chart of I:DJI
DOW 17,830.76 -210.79 -1.17%
S&P 500 2,075.81 -19.34 -0.92%
NASDAQ 4,805.2910 -57.85 -1.19%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs