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
Stocks Under $10 with 50-100% upside potential - 14 days FREE!

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

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.

1 of 7

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 17,113.54 +61.81 0.36%
S&P 500 1,983.53 +9.90 0.50%
NASDAQ 4,456.0160 +31.3120 0.71%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto
Advertising Partners

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