This Day On The Street
Continue to site right-arrow
ADVERTISEMENT
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

Stocks in this article: PDCE

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.

2 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!

Markets

DOW 18,053.71 +23.50 0.13%
S&P 500 2,088.77 +6.89 0.33%
NASDAQ 4,806.8590 +33.3870 0.70%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto

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