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PDC Energy Announces 2013 Fourth Quarter And Year-End Results: 35% Annual Production Growth From Continuing Operations And 40% Increase In Crude Oil And NGL Volumes

Stocks in this article: PDCE

DENVER, February 20, 2014 (GLOBE NEWSWIRE) -- PDC Energy, Inc. ("PDC" or the "Company") (Nasdaq:PDCE) today reported its 2013 fourth quarter and year-end financial and operating results from continuing operations.

2013 Highlights

  • Achieved 35% production growth over 2012 to 20,400 barrels of oil equivalent per day ("Boe/d"), or 7.4 million barrels of oil equivalent (MMBoe) for the year.  
  • Increased crude oil and NGLs production 40% over 2012; liquids accounted for 53% of 2013 production.  
  • Realized strong production from the Company's Wattenberg Field 16-wells per section downspacing project (Waste Management pads).  
  • Booked first Utica Shale proved reserves of 14 MMBoe and established solid initial production; over 200 gross projects targeted for horizontal drilling.  
  • Increased total proved reserves 38% to 266 MMBoe from year-end 2012.  
  • Increased proved, probable and possible ("3P") reserves 45% to 854 MMBoe from year-end 2012.  
  • Completed two strategic divestitures of non-core dry gas assets.  
  • Raised approximately $276 million from the sale of common stock, which is partially funding the Company's capital programs.

James Trimble, Chief Executive Officer and President, commented, "2013 was an excellent year for PDC as we once again achieved double digit growth in production and reserves, while divesting of non-core dry gas assets and increasing our crude oil and NGLs production mix. We intend to continue to focus on the accelerated development of our Wattenberg Field and Utica Shale properties in 2014 through execution of our drilling program, optimization of well performance and continued cost saving initiatives. These properties are generating excellent returns for PDC and our shareholders, and provide significant potential for growth."

Financial Results

Full Year 2013 Results

Net loss for 2013 was $22.3 million, or $0.69 per diluted share, compared to a net loss of $130.7 million, or $4.72 per diluted share, for 2012. Adjusted net income, a non-GAAP financial measure defined below, was $0.5 million for 2013, compared to an adjusted net loss of $120.1 million for 2012. Adjusted net income for 2013 includes the impact of $53.4 million of pre-tax impairments primarily related to the sale of non-core dry gas assets in 2013 compared to $168.1 million of pre-tax impairments in 2012. Adjusted net income for 2012 also includes the impact of a pre-tax loss on extinguishment of debt of $23.3 million. Net cash from operating activities was $159.2 million for 2013, compared to net cash from operating activities of $174.7 million for 2012. Adjusted cash flows from operations, a non-GAAP financial measure defined below, were $207.8 million for 2013, compared to $163.9 million in 2012.

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