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PDC Energy Announces 2014 First Quarter Results: Production Growth Of 44%; Crude Oil And NGLs Production Increase Of 57%; Per Boe Production Costs Decreased 7%

Stocks in this article: PDCE

DENVER, May 6, 2014 (GLOBE NEWSWIRE) -- PDC Energy, Inc. ("PDC", the "Company," "we" or "us") (Nasdaq:PDCE) today reported its 2014 first quarter financial and operating results from continuing operations.

2014 First Quarter Highlights Compared to First Quarter 2013

  • Increased production 44% to 26,700 barrels of oil equivalent per day ("Boe/d").  
  • Increased crude oil and NGLs production 57% to 15,800 Boe/d.  
  • Increased crude oil, natural gas and NGLs sales revenues by 63% to $130 million.  
  • Reduced total production costs by 7% per Boe.

James Trimble, Chief Executive Officer and President, commented, "First quarter production growth was strong despite some winter weather challenges in Wattenberg. We are pleased with our initial results from our two Garvin offset wells in the Utica Shale and with our ability to add 6,000 more net acres to our Utica leasehold. We expect strong production growth of 28% to 35% in 2014 compared to 2013 despite normal declines from our Marcellus joint venture assets where we are not currently drilling. We expect to add a fifth drilling rig in Wattenberg this month with a production contribution expected later in 2014. We also plan to add a second drilling rig in the Utica during the second half of the year, as we continue to accelerate the development of our high-return, liquid-rich assets."

Financial Results

Net loss for the first quarter of 2014 was $2.1 million, or $0.06 per diluted share, compared to a net loss of $39.4 million, or $1.30 per diluted share, for the first quarter of 2013. Adjusted net income, a non-U.S. GAAP financial measure defined below, was $9.6 million for the first quarter of 2014, compared to an adjusted net loss of $20.4 million for the comparable period of 2013. Net cash from operating activities was $80.5 million in the first quarter of 2014, compared to net cash from operating activities of $44.3 million in the first quarter of 2013. Adjusted cash flows from operations, a non-U.S. GAAP financial measure defined below, increased 33% to $69.7 million in the first quarter of 2014, compared to $52.4 million in the comparable period of 2013.

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