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
TheStreet Open House

PDC Energy Announces 2013 First Quarter Results; Average Daily Production Increased 19%

DENVER, May 1, 2013 (GLOBE NEWSWIRE) -- PDC Energy, Inc. ("PDC" or the "Company") (Nasdaq:PDCE) today reported its 2013 first quarter financial and operating results.

First Quarter 2013 Highlights:

  • Increased Average Daily Production 19%: Production from continuing operations for the first quarter of 2013 increased 19% to 18,500 barrels of oil equivalent ("Boe") per day from 15,593 Boe per day for the first quarter of 2012.  
  • Reached Company Record Liquids Production: Crude oil and NGL volumes in the quarter set an all-time Company high of 10,073 barrels per day.  
  • Increased Cash Margins Over 75%: PDC's move to a more liquid-rich portfolio resulted in an increase in cash margins (natural gas, NGL and crude oil sales, less general and administrative expense, and production costs) from continuing operations of over $29 per Boe compared to full-year 2012 cash margins from all operations of approximately $16 per Boe.  
  • Signed Utica Shale Midstream Services Agreement: In March 2013, the Company entered into long-term agreements for midstream services including gas gathering, processing, fractionation, and marketing to support its Utica Shale operations in Guernesy County, Ohio.  
  • Announced Sale of Non-Core Assets: In February 2013, PDC announced an agreement to sell its non-core Colorado natural gas assets, effective January 1, 2013, for approximately $200 million (includes separate sale to buyer of certain hedges), positioning the Company to accelerate development of its liquid-rich horizontal programs in the core Wattenberg Field and Utica Shale. Completion of the sale is expected in the second quarter of 2013 and will further strengthen the Company's liquidity position.

James Trimble, Chief Executive Officer and President, commented, "We are very pleased with our first quarter results which demonstrated our focus on transitioning the Company portfolio to a higher percentage of liquids. Our liquid production increase in our Wattenberg Field, along with the planned sale of our non-core natural gas assets, improved our liquids production mix from continuing operations to over 54% this quarter. We continue to focus on our liquid-rich Wattenberg Field in Colorado and the emerging Utica Shale play in Ohio."

1 of 6

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

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
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

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

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, 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
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
DOW 17,067.56 -30.89 -0.18%
S&P 500 2,002.28 -1.09 -0.05%
NASDAQ 4,598.1880 +17.9170 0.39%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs