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

Stocks in this article: PDCE

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."

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