This Day On The Street
Continue to site right-arrow
ADVERTISEMENT
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%

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.

2 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 16,805.41 +127.51 0.76%
S&P 500 1,964.58 +13.76 0.71%
NASDAQ 4,483.7150 +30.9230 0.69%

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