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 Second Quarter Results; Production From Continuing Operations Up 34%; Production Mix 54% Liquids; Wattenberg Production Increased 40%

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

Second Quarter 2013 Highlights:

  • Net Income of $20 million
  • Production up 34% from Q2 2012 to 18,100 barrels of oil equivalent per day ("Boe/d")
  • Closed sale of non-core Colorado natural gas assets; net proceeds of ~$178 million
  • Product mix of 54% liquids
  • Wattenberg production and liquids increased 40% from Q2 2012
  • Third horizontal rig began drilling in Wattenberg
  • TD'd the Garvin & Neill wells in southern Utica (Washington County); completions expected in August

James Trimble, Chief Executive Officer and President, commented, "We had a very solid second quarter for 2013 with production levels consistent with our forecast, which anticipated high line-pressures in the Wattenberg Field. Through the first six months of the year, we exceeded our production forecast. Drilling in all three basins is progressing well and we are on pace for a strong production increase in the second half of the year. We expect initial production from our Washington County Utica Shale wells and down-spaced Wattenberg Field drilling to occur late in the third quarter of this year."

Second Quarter 2013 Results

Net income for the second quarter of 2013 was $20 million, or $0.64 per diluted share, compared to net income of $12 million, or $0.46 per diluted share, in the second quarter of 2012. Adjusted net income, a non-GAAP financial measure defined below, was $7 million for the second quarter of 2013 compared to an adjusted net loss of $2 million for the same 2012 period. Net cash used in operating activities was $2 million for the second quarter of 2013, compared to net cash from operating activities of $25 million for the same 2012 period. Adjusted cash flows from operations, a non-GAAP financial measure that excludes changes in assets and liabilities, were $46 million for the second quarter of 2013, compared to $30 million in the same 2012 period.

1 of 4

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 17,279.74 +13.75 0.08%
S&P 500 2,010.40 -0.96 -0.05%
NASDAQ 4,579.7890 -13.6380 -0.30%

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