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 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

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 $93.70 0.00%
FB $101.91 0.00%
GOOG $683.11 0.00%
TSLA $150.47 0.00%
YHOO $26.76 0.00%


Chart of I:DJI
DOW 15,660.18 -254.56 -1.60%
S&P 500 1,829.08 -22.78 -1.23%
NASDAQ 4,266.8370 -16.7550 -0.39%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs