PDC Energy increases production guidance

PDC Energy has reported its 2014 second quarter financial and operating results.

Highlights

• Increased production 64% (compared to Q2 2013) to 29,700 boepd.
• Increased crude oil and natural gas liquids (NGLs) production 66% to 16,350 boepd.
• Increased crude oil, natural gas and NGLs sales by 81% to US$ 140 million.
• Agreed to sell its 50% interest in the PDCM Marcellus JV for approximately US$ 250 million.
• Increased its Utica Shale leasehold by approximately 13,000 net acres to over 67,000 total net acres, with an estimated 350 drilling locations.

Comments

Commenting on the results, PDC Energy President, Bart Brookman, said: "We had an excellent second quarter from an operational standpoint as we exceeded our quarterly production guidance by over 10%, which positioned us to raise full-year 2014 guidance.

“Adjusted cash flows from operations also exceeded our expectations due to the strong production volumes and higher than expected commodity prices. With the addition of the fifth Wattenberg drilling rig and the second Utica rig, we anticipate solid production growth in the second half of 2014 and 2015.

“We expect to fully fund our 2014 capital expenditures of US$ 647 million from cash flow, cash on hand at the beginning of the year and proceeds from the sale of our Marcellus joint venture interests."

The full results can be accessed on the PDC Energy website.

Image courtesy of PDC Energy.

Adapted from press release by Katie Woodward

Read the article online at: https://www.oilfieldtechnology.com/drilling-and-production/11082014/pdc-energy-reports-q2-2014-results-1241/