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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

Production for 2013 increased 35% to 20,400 Boe/d, from 15,000 Boe/d in 2012. The increase in production was primarily due to ongoing successful horizontal drilling in the Company's three operating areas, the Wattenberg Field in Colorado, the Utica Shale in southeast Ohio and the Marcellus Shale in West Virginia.

Total revenues for 2013 were $411.3 million, a 28% increase from $320.6 million for 2012. Crude oil, natural gas and NGLs sales revenues increased 51% to $359.4 million in 2013 compared to $238.4 million in 2012. The average sales price, excluding net settlements on derivatives, was $48.37 per barrel of oil equivalent ("Boe") for 2013, compared to $43.42 per Boe for 2012.

Net commodity price risk management activities for 2013 resulted in a loss of $23.9 million. The loss was comprised of $12.9 million of positive net settlements on derivatives and a $36.8 million loss in net change in fair value of unsettled derivatives. The positive net settlements were primarily the result of lower natural gas index prices at maturity of our derivative instruments compared to the respective strike prices. The net change in fair value of unsettled derivatives was primarily related to a net asset reduction in the beginning-of-period fair value of derivative instruments that settled during the period and the upward shift in the crude oil and natural gas forward curves.

Production costs for 2013, 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 $73.4 million, or $9.88 per Boe, compared to $54.7 million, or $9.96 per Boe, for 2012. The increase in production costs in 2013 was primarily related to increased production volumes. LOE on a per Boe basis was relatively unchanged as LOE for 2013 was $5.01 per Boe, compared to $5.00 per Boe for 2012.

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