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PDC Energy Announces 2013 Third Quarter Results: Solid Wattenberg Production; Initial Production From Wattenberg 16-Wells Per Section Downspacing Project Outperforming Type Curves; Strong Production From First Horizontal Washington County Utica Well

Stocks in this article: PDCE

Production for the third quarter of 2013 increased 29% to 18,600 Boe/d, from 14,400 Boe/d in the third quarter of last year. The increase in production was primarily due to ongoing successful horizontal drilling in the Wattenberg Field and Marcellus Shale plays.

Crude oil, natural gas and NGLs sales revenues were $82.1 million compared to $52.3 million in the third quarter of 2012. The average realized sales price was $47.91 per Boe for the third quarter of this year, compared to $39.61 per Boe for the third quarter of 2012, excluding the impact of derivative transactions.

Commodity price risk management activities for the third quarter of 2013 resulted in a net loss of $23.6 million. The loss was comprised of a $1.5 million net realized loss and a $22.1 million net unrealized loss. Unrealized losses in the third quarter of 2013 were primarily the result of the upward shift in crude oil forward curves.

Production costs, which include lease operating expenses ("LOE"), production taxes and certain production and engineering staff-related overhead costs, as well as other costs to operate wells and pipelines, were $19.0 million, or $11.12 per Boe, for the third quarter of 2013 compared to $15.8 million, or $11.97 per Boe, for the third quarter of last year. LOE on a per Boe basis for the third quarter of 2013 increased 14% to $5.96 per Boe, compared to $5.21 per Boe for the third quarter of last year.

General and administrative ("G&A") expense for the third quarter of 2013 increased to $16.1 million, up from $13.7 million in the third quarter of 2012, primarily due to an increase in stock-based compensation, and payroll and employee benefits. G&A expense decreased 10% on a per Boe basis to $9.38 for the third quarter of 2013, compared to $10.38 per Boe for the third quarter of 2012 due to the increase in production volumes.

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