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PDC Energy Announces 2013 Second Quarter Results; Production From Continuing Operations Up 34%; Production Mix 54% Liquids; Wattenberg Production Increased 40%

Stocks in this article: PDCE

Production for the second quarter of 2013 increased 34% to 18,100 Boe/d, from 13,500 Boe/d in the second quarter of last year. The increase in production, which was achieved despite ongoing midstream constraints in the Wattenberg Field, was primarily due to continued successful horizontal drilling and a 2012 asset acquisition in the Wattenberg Field.

Crude oil, natural gas and NGLs sales revenues were $78 million compared to $51 million in the second quarter of 2012. The average realized sales price was $47.10 per Boe for the second quarter of this year, compared to $41.73 per Boe for the second quarter of 2012, in each case excluding net realized gains on derivatives.

Commodity price risk management activities for the second quarter of 2013 resulted in a net gain of $25 million. The gain was comprised of a $4 million net realized gain and a $21 million net unrealized gain. Unrealized gains in the second quarter of 2013 were primarily the result of a downward shift in the crude oil and natural gas forward curve.

Production costs, which include lease operating expenses ("LOE"), production taxes, costs of well operations, overhead, and other production expenses were $16 million, or $9.83 per Boe, for the second quarter of 2013 compared to $12 million, or $10.06 per Boe, for the second quarter of last year. Lease operating expenses on a per Boe basis for the second quarter of 2013 decreased 11% to $4.97 per Boe, compared to $5.58 per Boe for the second quarter of last year. The per Boe decreases in both production costs and LOE were primarily due to the increase in second quarter 2013 production volumes.

General and administrative ("G&A") expense for the second quarter of 2013 increased primarily due to an increase in stock-based compensation, and payroll and employee benefits offset partially by a decrease in professional, consulting and legal costs. On a per Boe basis, G&A decreased 18% to $9.58 for the quarter, compared to $11.69 per Boe for the second quarter of 2012.

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