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

Stocks in this article: PDCE

First Quarter 2013 Results

Net loss for the first quarter of 2013 was $39 million, or $1.30 per diluted share, compared to net income of $16 million, or $0.66 per diluted share in the first quarter of 2012. Adjusted net loss, a non-GAAP financial measure defined below, was $20 million for the first quarter of 2013 compared to adjusted net income of $15 million for the same 2012 period. In the first quarter of 2013, the Company recorded an after-tax impairment charge of $29 million, or $0.96 per diluted share. The impairment represents the Company's pro rata share related to shallow Devonian assets that were classified as held for sale in its Appalachia Basin joint venture. Net loss per diluted share for the first quarter of 2013 also reflects the issuance of 6.5 million additional shares of common stock in May 2012. In the first quarter of 2012, the Company recorded an after-tax gain of $13 million, or $0.53 per diluted share, related to the divestiture of its Permian Basin assets. Net cash flows from operating activities were $44 million in the first quarter of 2013, comparable to $44 million in the first quarter of 2012. Adjusted cash flows from operations, a non-GAAP financial measure defined below, was $52 million for the first quarter of 2013, compared to $50 million in the same 2012 period.

Production from continuing operations for the first quarter of 2013 increased 19% to 18,500 Boe per day, from 15,593 Boe per day, in the first quarter of last year. The increase in production was primarily due to continued successful horizontal drilling and a 2012 asset acquisition in the Wattenberg Field of Colorado, with a small contribution from initial production in the Utica Shale play in Ohio for a portion of the first quarter of 2013.

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