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On Thursday, shares in State College, Pennsylvania headquartered Eclipse Resources Corp. recorded a trading volume of 2.18 million shares, which was above their three months average volume of 822,940 shares. The stock ended the day 1.84% higher at $2.21. The Company's shares trading below its 50-day and 200-day moving averages by 2.60% and 20.75%, respectively. Furthermore, shares of Eclipse Resources, which acquires and develops oil and natural gas properties in the Appalachian Basin, have a Relative Strength Index (RSI) of 54.16. Visit us today and download your complete report on ECR for free at: Denver, Colorado headquartered PDC Energy Inc.'s stock finished Thursday's session 1.82% lower at $54.01, with a total volume of 1.07 million shares traded. The Company's shares are trading below its 50-day and 200-day moving averages by 11.64% and 18.61%, respectively. Shares of PDC Energy, which acquires, explores for, develops, and produces crude oil, natural gas, and natural gas liquids in the US, have an RSI of 35.74. On May 10th, 2017, research firm RBC Capital Markets reiterated its 'Outperform' rating on the Company's stock with a decrease of the target price from $82 a share to $78 a share. The complimentary research report on PDCE can be accessed at: Resolute Energy Corp.'s stock fell 2.58%, to close the day at $41.24. The stock recorded a trading volume of 504,530 shares. Resolute Energy's shares have rallied 1274.67% in the past one year. The Company's shares are trading 2.05% and 24.95% above its 50-day and 200-day moving averages, respectively. Additionally, shares of the Company, which engages in the acquisition, exploitation, exploration for, and development of oil and gas properties in the US, have an RSI of 55.31. Register for free on Stock-Callers.com and download the PDF research report on REN at: On Thursday, shares in Frisco, Texas headquartered Comstock Resources Inc. ended the session 1.54% higher at $8.57, with a total volume of 217,543 shares traded. Comstock Resources' shares have rallied 141.41% in the past one year. The stock is trading 2.96% below its 50-day moving average and 1.37% below its 200-day moving average. Moreover, shares of the Company, which acquires, develops, explores, and produces oil and natural gas properties in the US, have an RSI of 49.03. Get free access to your research report on CRK at: Stock Callers (SC) produces regular sponsored and non-sponsored reports, articles, stock market blogs, and popular investment newsletters covering equities listed on NYSE and NASDAQ and micro-cap stocks. SC has two distinct and independent departments. 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News Article | April 27, 2017
Site: www.forbes.com

The stock of Anadarko Petroleum Corp. is getting hammered today after announcing that "in an abundance of caution" it's shutting in 3,000 vertical wells after an explosion and fire killed two people at a home near one of its wells in northeast Colorado. It expects the wells to remain that way for two to four weeks while its employees inspect and test their equipment with a focus on housing and commercial developments that are close to its infrastructure. The company said the wells represent 13,000 net barrels of oil equivalent per day, or about 2% of its production. While analysts are worried that the stoppage will hurt Anadarko's second quarter volumes, they seem to be more concerned about potential backlash resulting from the incident, including from state regulators. Seaport Global Securities Inc. notes that the oil and gas industry had to contend with ballot initiatives in 2014 and 2016 that aimed to severely limit oil and gas development in the state. "While the industry prevailed in both cases, last week's incident may have the potential to alter public perception or at least put that thought in minds of investors," the firm said. Of course Anadarko isn't the only company operating in the Denver-Julesburg Basin, where the incident occurred, which could lead to negative consequences for other companies as well. Seaport said other companies with the most exposure in the area include Noble Energy Inc., PDC Energy Inc., Extraction Oil & Gas Inc., SRC Energy Inc., Whiting Petroleum Corp. and Carrizo Oil & Gas Inc. Tudor, Pickering, Holt & Co.'s list includes Noble, PDC, Extraction, SRC and Whiting but also Bill Barrett Corp. and Bonanza Creek Energy Inc. Raymond James singles out Noble and SRC in particular, the latter of which it's rated a strong buy. Raymond James has Anadarko at market perform while TPH has it at a buy.


DENVER, May 05, 2017 (GLOBE NEWSWIRE) -- PDC Energy, Inc. ("PDC" or the "Company") (NASDAQ:PDCE) today reported its 2017 first quarter operating and financial results. President and Chief Executive Officer, Bart Brookman commented, “I am very pleased with our ability to deliver strong results in the first quarter.  Our Core Wattenberg position, highlighted by the increased type curves and enhanced internal rates-of-return disclosed at our recent Analyst Day, continues to be the primary growth driver for PDC.  In the Delaware Basin, we are very excited by the early results of the wells turned-in-line in the first quarter and are quickly gaining operational momentum as we integrate the new assets into the company.  Our results this quarter are a great first step in once again delivering impressive annual growth.” The following table provides production and weighted-average sales price, by area, for the three months ended March 31, 2017 and 2016, excluding net settlements on derivatives: The following table provides the components of production costs for the three months ended March 31, 2017 and 2016 in terms of total dollars and on a per Boe basis: Net income for the first quarter of 2017 was $46.1 million, or $0.70 per diluted share, compared to net loss of $71.5 million, or $1.72 per diluted share, for the comparable period of 2016.  The year-over-year difference was primarily attributable to the $114.3 million increase in crude oil, natural gas and NGLs sales in 2017, as well as the impact of the change in the fair value of derivatives during the quarter.  Adjusted net loss, a non-GAAP measure defined below, was $4.1 million, or $0.06 per diluted share in the first quarter of 2017 compared to $37.0 million, or $0.89 per diluted share for the comparable period of 2016. Net cash from operating activities was $139.5 million in the first quarter of 2017, compared to $101.2 million in the first quarter of 2016.  The increase in 2017 cash flows was a result of increases to both production volumes and average commodity prices compared to the prior year.  Adjusted cash flows from operations, a non-GAAP financial measure defined below, were $113.7 million for the first quarter of 2017, compared to $91.0 million in the first quarter of 2016. Crude oil, natural gas and NGLs sales, excluding net settlements on derivatives, increased 152% to $189.7 million in the first quarter of 2017, compared to $75.4 million in the first quarter of 2016.  The sales price per Boe, excluding net settlements on derivatives, improved to $28.53 in the first quarter of 2017 compared to $16.49 in the first quarter of 2016.  Much of the increase was driven by improved crude oil prices, as well as improved NGL realizations in 2017.  Including commodity price risk management gain and other income, crude oil, natural gas and NGLs revenues increased 201% to $273.7 million in the first quarter of 2017 from $90.8 million in the first quarter of 2016. Net commodity price risk management activities for the first quarter of 2017 resulted in a gain of $80.7 million compared to a gain of $11.1 million in the comparable period in 2016.  The first quarter 2017 gain was comprised of $80.2 million in net change in fair value of unsettled derivatives and $0.5 million of net settlement gains.  Net settlements in the first quarter of 2016 were $66.8 million with a decrease in fair value associated with commodity derivatives of $55.8 million. Production costs for the first quarter of 2017, which include LOE, production taxes, and transportation, gathering and processing expenses, were $38.1 million, or $5.74 per Boe.  In the first quarter of 2016, production costs were $23.4 million, or $5.12 per Boe.  LOE in the first quarter of 2017 decreased 11% to $2.98 per Boe compared to $3.35 per Boe in the similar 2016 period due primarily to increased production volumes.  The decrease in LOE on a Boe basis was more than offset by an increase in production taxes as a result of the 152% increase in crude oil, natural gas and NGLs sales between the first quarters of 2017 and 2016. General and administrative expense (“G&A”) was $26.3 million for the first quarter of 2017 compared to $22.8 million in the first quarter of 2016.  The increase in G&A in the first quarter of 2017 was primarily attributable to an increase in payroll and employee benefits as a result of an increase in headcount compared to the first quarter of 2016.  G&A per Boe decreased 20% to $3.96 in the first quarter of 2017, compared to $4.98 in the comparable period in 2016, driven by increased production volumes. Depreciation, depletion and amortization expense ("DD&A") related to crude oil and natural gas properties was $107.8 million, or $16.22 per Boe in the first quarter of 2017, compared to $96.3 million, or $21.08 per Boe in the first quarter of 2016.  The decrease in weighted-average DD&A rate between periods was due to the increase in production more than offsetting the increase in total DD&A.  DD&A from all sources, including gas marketing, was $109.3 million in the first quarter of 2017 compared to $97.4 million in the comparable 2016 period. The Company’s capital investment in the development of oil and natural gas properties and other capital expenditures, before the change in accounts payable, was $200.2 million during the first quarter of 2017 compared to $99.2 million for the same 2016 period. The increase in capital investment was primarily attributable to investments made in Delaware Basin drilling, completions and midstream infrastructure in the first quarter of 2017. The Company anticipates 2017 production to be within the top-third of its previously disclosed guidance range of 30 to 33 MMBoe with 2017 capital investments expected to be in the top half of its $725 to $775 million range.  Additionally, the Company plans to pursue the 2017 divestiture of it Utica Shale asset in order to provide additional focus to its premier Core Wattenberg and Delaware Basin assets. The following table provides forecasted 2017 financial guidance: PDC uses "adjusted cash flows from operations," "adjusted net income (loss)" and "adjusted EBITDAX," non-U.S. GAAP financial measures, for internal management reporting, when evaluating period-to-period changes and when providing public guidance on possible future results.  Beginning in 2017, the Company has included non-cash stock-based compensation and exploration, geologic and geophysical expenses to its adjusted EBITDAX calculation.  All prior periods have been reconciled to match accordingly.  PDC believes that each of these measures is useful in providing transparency with respect to certain aspects of its operations.  Each of these measures is calculated by adjusting for the items set forth in the relevant table below from the most closely comparable U.S. GAAP measure. See Management's Discussion and Analysis of Financial Condition and Results of Operation - Reconciliation of Non-U.S. GAAP Financial Measures in PDC's Annual Report on Form 10-K for the year ended December 31, 2016, and other subsequent filings with the SEC, for additional disclosure concerning these non-U.S. GAAP measures.  These measures are not measures of financial performance under U.S. GAAP and should be considered in addition to, not as a substitute for, net income, cash flows from operations, investing or financing activities or other U.S. GAAP financial measures, and should not be viewed as liquidity measures or indicators of cash flows reported in accordance with U.S. GAAP.  The non-U.S. GAAP financial measures that PDC uses may not be comparable to similarly titled measures reported by other companies.  Also, in the future, PDC may disclose different non-U.S. GAAP financial measures in order to help its investors more meaningfully evaluate and compare its future results of operations to its previously reported results of operations.  PDC strongly encourages users of financial information to review the Company's financial statements and publicly filed reports in their entirety and not to rely on any single financial measure. The following tables provide reconciliations of adjusted cash flows from operations, adjusted net income (loss) and adjusted EBITDAX to their most comparable U.S. GAAP measures (in millions, except per share data): The Company invites you to join Bart Brookman, President and Chief Executive Officer; David Honeyfield, Senior Vice President Chief Financial Officer; Lance Lauck, Executive Vice President Corporate Development and Strategy; and Scott Reasoner, Chief Operating Officer, for a conference call on Friday, May 5, 2017, to discuss its 2017 first quarter results. The related slide presentation will be available on PDC's website at www.pdce.com. Conference Call and Webcast: Date/Time: Friday, May 5, 2017, 11:00 a.m. ET Webcast available at: www.pdce.com  Domestic (toll free): 877-312-5520 International: 253-237-1142 Conference ID: 1282967 The replay of the call will be available for six months on PDC's website at www.pdce.com. PDC is scheduled to present at the following conferences: Credit Suisse Shale Symposium in Boston on Tuesday, May 16, 2017, and UBS Global Oil & Gas Conference in Austin on Tuesday, May 23, 2017.  Webcast information will be posted to the Company’s website, www.pdce.com, prior to the start of each conference, along with any presentation materials. PDC Energy, Inc. is a domestic independent exploration and production company that produces, develops, and explores for crude oil, natural gas, and NGLs, with primary operations in the Wattenberg Field in Colorado and, beginning in December 2016, the Delaware Basin in Reeves and Culberson Counties, Texas. The Company also has operations in the Utica Shale in Southeastern Ohio, although management expects to divest these properties during 2017. PDC's operations in the Wattenberg Field are focused in the horizontal Niobrara and Codell plays and in the Delaware Basin operations are currently focused in the Wolfcamp zones. This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 ("Securities Act"), Section 21E of the Securities Exchange Act of 1934 ("Exchange Act"), and the United States ("U.S.") Private Securities Litigation Reform Act of 1995 regarding our business, financial condition, results of operations, and prospects. All statements other than statements of historical fact included in and incorporated by reference into this report are "forward-looking statements".  Words such as expects, anticipates, intends, plans, believes, seeks, estimates, and similar expressions or variations of such words are intended to identify forward-looking statements herein.  Forward-looking statements may include, among other things, statements regarding future: reserves, production, costs, cash flows, and earnings; drilling locations and growth opportunities; capital investments and projects, including expected lateral lengths of wells, drill times and number of rigs employed; rates of return; operational enhancements and efficiencies; management of lease expiration issues; financial ratios; and midstream capacity and related curtailments. The above statements are not the exclusive means of identifying forward-looking statements herein.  Although forward-looking statements contained in this press release reflect our good faith judgment, such statements can only be based on facts and factors currently known to us.  Forward-looking statements are always subject to risks and uncertainties, and become subject to greater levels of risk and uncertainty as they address matters further into the future.  Throughout this press release or accompanying materials, we may use the terms “projection” or similar terms or expressions, or indicate that we have “modeled” certain future scenarios.  We typically use these terms to indicate our current thoughts on possible outcomes relating to our business or the industry in periods beyond the current fiscal year.  Because such statements relate to events or conditions further in the future, they are subject to increased levels of uncertainty.  Important factors that could cause actual results to differ materially from the forward-looking statements include, but are not limited to: Further, PDC urges you to carefully review and consider the cautionary statements and disclosures, specifically those under the heading "Risk Factors," made in this Quarterly Report on Form 10-Q, our Annual Report on Form 10-K for the year ended December 31, 2016 (the "2016 Form 10-K"), filed with the U.S. Securities and Exchange Commission ("SEC") on February 28, 2017, and other filings with the SEC for further information on risks and uncertainties that could affect the Company's business, financial condition, results of operations, and prospects, which are incorporated by this reference as though fully set forth herein. PDC cautions you not to place undue reliance on the forward-looking statements, which speak only as of the date of this report. The Company undertakes no obligation to update any forward-looking statements in order to reflect any event or circumstance occurring after the date of this report or currently unknown facts or conditions or the occurrence of unanticipated events. All forward-looking statements are qualified in their entirety by this cautionary statement.


DENVER, May 05, 2017 (GLOBE NEWSWIRE) -- PDC Energy, Inc. ("PDC" or the "Company") (NASDAQ:PDCE) today reported its 2017 first quarter operating and financial results. President and Chief Executive Officer, Bart Brookman commented, “I am very pleased with our ability to deliver strong results in the first quarter.  Our Core Wattenberg position, highlighted by the increased type curves and enhanced internal rates-of-return disclosed at our recent Analyst Day, continues to be the primary growth driver for PDC.  In the Delaware Basin, we are very excited by the early results of the wells turned-in-line in the first quarter and are quickly gaining operational momentum as we integrate the new assets into the company.  Our results this quarter are a great first step in once again delivering impressive annual growth.” The following table provides production and weighted-average sales price, by area, for the three months ended March 31, 2017 and 2016, excluding net settlements on derivatives: The following table provides the components of production costs for the three months ended March 31, 2017 and 2016 in terms of total dollars and on a per Boe basis: Net income for the first quarter of 2017 was $46.1 million, or $0.70 per diluted share, compared to net loss of $71.5 million, or $1.72 per diluted share, for the comparable period of 2016.  The year-over-year difference was primarily attributable to the $114.3 million increase in crude oil, natural gas and NGLs sales in 2017, as well as the impact of the change in the fair value of derivatives during the quarter.  Adjusted net loss, a non-GAAP measure defined below, was $4.1 million, or $0.06 per diluted share in the first quarter of 2017 compared to $37.0 million, or $0.89 per diluted share for the comparable period of 2016. Net cash from operating activities was $139.5 million in the first quarter of 2017, compared to $101.2 million in the first quarter of 2016.  The increase in 2017 cash flows was a result of increases to both production volumes and average commodity prices compared to the prior year.  Adjusted cash flows from operations, a non-GAAP financial measure defined below, were $113.7 million for the first quarter of 2017, compared to $91.0 million in the first quarter of 2016. Crude oil, natural gas and NGLs sales, excluding net settlements on derivatives, increased 152% to $189.7 million in the first quarter of 2017, compared to $75.4 million in the first quarter of 2016.  The sales price per Boe, excluding net settlements on derivatives, improved to $28.53 in the first quarter of 2017 compared to $16.49 in the first quarter of 2016.  Much of the increase was driven by improved crude oil prices, as well as improved NGL realizations in 2017.  Including commodity price risk management gain and other income, crude oil, natural gas and NGLs revenues increased 201% to $273.7 million in the first quarter of 2017 from $90.8 million in the first quarter of 2016. Net commodity price risk management activities for the first quarter of 2017 resulted in a gain of $80.7 million compared to a gain of $11.1 million in the comparable period in 2016.  The first quarter 2017 gain was comprised of $80.2 million in net change in fair value of unsettled derivatives and $0.5 million of net settlement gains.  Net settlements in the first quarter of 2016 were $66.8 million with a decrease in fair value associated with commodity derivatives of $55.8 million. Production costs for the first quarter of 2017, which include LOE, production taxes, and transportation, gathering and processing expenses, were $38.1 million, or $5.74 per Boe.  In the first quarter of 2016, production costs were $23.4 million, or $5.12 per Boe.  LOE in the first quarter of 2017 decreased 11% to $2.98 per Boe compared to $3.35 per Boe in the similar 2016 period due primarily to increased production volumes.  The decrease in LOE on a Boe basis was more than offset by an increase in production taxes as a result of the 152% increase in crude oil, natural gas and NGLs sales between the first quarters of 2017 and 2016. General and administrative expense (“G&A”) was $26.3 million for the first quarter of 2017 compared to $22.8 million in the first quarter of 2016.  The increase in G&A in the first quarter of 2017 was primarily attributable to an increase in payroll and employee benefits as a result of an increase in headcount compared to the first quarter of 2016.  G&A per Boe decreased 20% to $3.96 in the first quarter of 2017, compared to $4.98 in the comparable period in 2016, driven by increased production volumes. Depreciation, depletion and amortization expense ("DD&A") related to crude oil and natural gas properties was $107.8 million, or $16.22 per Boe in the first quarter of 2017, compared to $96.3 million, or $21.08 per Boe in the first quarter of 2016.  The decrease in weighted-average DD&A rate between periods was due to the increase in production more than offsetting the increase in total DD&A.  DD&A from all sources, including gas marketing, was $109.3 million in the first quarter of 2017 compared to $97.4 million in the comparable 2016 period. The Company’s capital investment in the development of oil and natural gas properties and other capital expenditures, before the change in accounts payable, was $200.2 million during the first quarter of 2017 compared to $99.2 million for the same 2016 period. The increase in capital investment was primarily attributable to investments made in Delaware Basin drilling, completions and midstream infrastructure in the first quarter of 2017. The Company anticipates 2017 production to be within the top-third of its previously disclosed guidance range of 30 to 33 MMBoe with 2017 capital investments expected to be in the top half of its $725 to $775 million range.  Additionally, the Company plans to pursue the 2017 divestiture of it Utica Shale asset in order to provide additional focus to its premier Core Wattenberg and Delaware Basin assets. The following table provides forecasted 2017 financial guidance: PDC uses "adjusted cash flows from operations," "adjusted net income (loss)" and "adjusted EBITDAX," non-U.S. GAAP financial measures, for internal management reporting, when evaluating period-to-period changes and when providing public guidance on possible future results.  Beginning in 2017, the Company has included non-cash stock-based compensation and exploration, geologic and geophysical expenses to its adjusted EBITDAX calculation.  All prior periods have been reconciled to match accordingly.  PDC believes that each of these measures is useful in providing transparency with respect to certain aspects of its operations.  Each of these measures is calculated by adjusting for the items set forth in the relevant table below from the most closely comparable U.S. GAAP measure. See Management's Discussion and Analysis of Financial Condition and Results of Operation - Reconciliation of Non-U.S. GAAP Financial Measures in PDC's Annual Report on Form 10-K for the year ended December 31, 2016, and other subsequent filings with the SEC, for additional disclosure concerning these non-U.S. GAAP measures.  These measures are not measures of financial performance under U.S. GAAP and should be considered in addition to, not as a substitute for, net income, cash flows from operations, investing or financing activities or other U.S. GAAP financial measures, and should not be viewed as liquidity measures or indicators of cash flows reported in accordance with U.S. GAAP.  The non-U.S. GAAP financial measures that PDC uses may not be comparable to similarly titled measures reported by other companies.  Also, in the future, PDC may disclose different non-U.S. GAAP financial measures in order to help its investors more meaningfully evaluate and compare its future results of operations to its previously reported results of operations.  PDC strongly encourages users of financial information to review the Company's financial statements and publicly filed reports in their entirety and not to rely on any single financial measure. The following tables provide reconciliations of adjusted cash flows from operations, adjusted net income (loss) and adjusted EBITDAX to their most comparable U.S. GAAP measures (in millions, except per share data): The Company invites you to join Bart Brookman, President and Chief Executive Officer; David Honeyfield, Senior Vice President Chief Financial Officer; Lance Lauck, Executive Vice President Corporate Development and Strategy; and Scott Reasoner, Chief Operating Officer, for a conference call on Friday, May 5, 2017, to discuss its 2017 first quarter results. The related slide presentation will be available on PDC's website at www.pdce.com. Conference Call and Webcast: Date/Time: Friday, May 5, 2017, 11:00 a.m. ET Webcast available at: www.pdce.com  Domestic (toll free): 877-312-5520 International: 253-237-1142 Conference ID: 1282967 The replay of the call will be available for six months on PDC's website at www.pdce.com. PDC is scheduled to present at the following conferences: Credit Suisse Shale Symposium in Boston on Tuesday, May 16, 2017, and UBS Global Oil & Gas Conference in Austin on Tuesday, May 23, 2017.  Webcast information will be posted to the Company’s website, www.pdce.com, prior to the start of each conference, along with any presentation materials. PDC Energy, Inc. is a domestic independent exploration and production company that produces, develops, and explores for crude oil, natural gas, and NGLs, with primary operations in the Wattenberg Field in Colorado and, beginning in December 2016, the Delaware Basin in Reeves and Culberson Counties, Texas. The Company also has operations in the Utica Shale in Southeastern Ohio, although management expects to divest these properties during 2017. PDC's operations in the Wattenberg Field are focused in the horizontal Niobrara and Codell plays and in the Delaware Basin operations are currently focused in the Wolfcamp zones. This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 ("Securities Act"), Section 21E of the Securities Exchange Act of 1934 ("Exchange Act"), and the United States ("U.S.") Private Securities Litigation Reform Act of 1995 regarding our business, financial condition, results of operations, and prospects. All statements other than statements of historical fact included in and incorporated by reference into this report are "forward-looking statements".  Words such as expects, anticipates, intends, plans, believes, seeks, estimates, and similar expressions or variations of such words are intended to identify forward-looking statements herein.  Forward-looking statements may include, among other things, statements regarding future: reserves, production, costs, cash flows, and earnings; drilling locations and growth opportunities; capital investments and projects, including expected lateral lengths of wells, drill times and number of rigs employed; rates of return; operational enhancements and efficiencies; management of lease expiration issues; financial ratios; and midstream capacity and related curtailments. The above statements are not the exclusive means of identifying forward-looking statements herein.  Although forward-looking statements contained in this press release reflect our good faith judgment, such statements can only be based on facts and factors currently known to us.  Forward-looking statements are always subject to risks and uncertainties, and become subject to greater levels of risk and uncertainty as they address matters further into the future.  Throughout this press release or accompanying materials, we may use the terms “projection” or similar terms or expressions, or indicate that we have “modeled” certain future scenarios.  We typically use these terms to indicate our current thoughts on possible outcomes relating to our business or the industry in periods beyond the current fiscal year.  Because such statements relate to events or conditions further in the future, they are subject to increased levels of uncertainty.  Important factors that could cause actual results to differ materially from the forward-looking statements include, but are not limited to: Further, PDC urges you to carefully review and consider the cautionary statements and disclosures, specifically those under the heading "Risk Factors," made in this Quarterly Report on Form 10-Q, our Annual Report on Form 10-K for the year ended December 31, 2016 (the "2016 Form 10-K"), filed with the U.S. Securities and Exchange Commission ("SEC") on February 28, 2017, and other filings with the SEC for further information on risks and uncertainties that could affect the Company's business, financial condition, results of operations, and prospects, which are incorporated by this reference as though fully set forth herein. PDC cautions you not to place undue reliance on the forward-looking statements, which speak only as of the date of this report. The Company undertakes no obligation to update any forward-looking statements in order to reflect any event or circumstance occurring after the date of this report or currently unknown facts or conditions or the occurrence of unanticipated events. All forward-looking statements are qualified in their entirety by this cautionary statement.


DENVER, May 05, 2017 (GLOBE NEWSWIRE) -- PDC Energy, Inc. ("PDC" or the "Company") (NASDAQ:PDCE) today reported its 2017 first quarter operating and financial results. President and Chief Executive Officer, Bart Brookman commented, “I am very pleased with our ability to deliver strong results in the first quarter.  Our Core Wattenberg position, highlighted by the increased type curves and enhanced internal rates-of-return disclosed at our recent Analyst Day, continues to be the primary growth driver for PDC.  In the Delaware Basin, we are very excited by the early results of the wells turned-in-line in the first quarter and are quickly gaining operational momentum as we integrate the new assets into the company.  Our results this quarter are a great first step in once again delivering impressive annual growth.” The following table provides production and weighted-average sales price, by area, for the three months ended March 31, 2017 and 2016, excluding net settlements on derivatives: The following table provides the components of production costs for the three months ended March 31, 2017 and 2016 in terms of total dollars and on a per Boe basis: Net income for the first quarter of 2017 was $46.1 million, or $0.70 per diluted share, compared to net loss of $71.5 million, or $1.72 per diluted share, for the comparable period of 2016.  The year-over-year difference was primarily attributable to the $114.3 million increase in crude oil, natural gas and NGLs sales in 2017, as well as the impact of the change in the fair value of derivatives during the quarter.  Adjusted net loss, a non-GAAP measure defined below, was $4.1 million, or $0.06 per diluted share in the first quarter of 2017 compared to $37.0 million, or $0.89 per diluted share for the comparable period of 2016. Net cash from operating activities was $139.5 million in the first quarter of 2017, compared to $101.2 million in the first quarter of 2016.  The increase in 2017 cash flows was a result of increases to both production volumes and average commodity prices compared to the prior year.  Adjusted cash flows from operations, a non-GAAP financial measure defined below, were $113.7 million for the first quarter of 2017, compared to $91.0 million in the first quarter of 2016. Crude oil, natural gas and NGLs sales, excluding net settlements on derivatives, increased 152% to $189.7 million in the first quarter of 2017, compared to $75.4 million in the first quarter of 2016.  The sales price per Boe, excluding net settlements on derivatives, improved to $28.53 in the first quarter of 2017 compared to $16.49 in the first quarter of 2016.  Much of the increase was driven by improved crude oil prices, as well as improved NGL realizations in 2017.  Including commodity price risk management gain and other income, crude oil, natural gas and NGLs revenues increased 201% to $273.7 million in the first quarter of 2017 from $90.8 million in the first quarter of 2016. Net commodity price risk management activities for the first quarter of 2017 resulted in a gain of $80.7 million compared to a gain of $11.1 million in the comparable period in 2016.  The first quarter 2017 gain was comprised of $80.2 million in net change in fair value of unsettled derivatives and $0.5 million of net settlement gains.  Net settlements in the first quarter of 2016 were $66.8 million with a decrease in fair value associated with commodity derivatives of $55.8 million. Production costs for the first quarter of 2017, which include LOE, production taxes, and transportation, gathering and processing expenses, were $38.1 million, or $5.74 per Boe.  In the first quarter of 2016, production costs were $23.4 million, or $5.12 per Boe.  LOE in the first quarter of 2017 decreased 11% to $2.98 per Boe compared to $3.35 per Boe in the similar 2016 period due primarily to increased production volumes.  The decrease in LOE on a Boe basis was more than offset by an increase in production taxes as a result of the 152% increase in crude oil, natural gas and NGLs sales between the first quarters of 2017 and 2016. General and administrative expense (“G&A”) was $26.3 million for the first quarter of 2017 compared to $22.8 million in the first quarter of 2016.  The increase in G&A in the first quarter of 2017 was primarily attributable to an increase in payroll and employee benefits as a result of an increase in headcount compared to the first quarter of 2016.  G&A per Boe decreased 20% to $3.96 in the first quarter of 2017, compared to $4.98 in the comparable period in 2016, driven by increased production volumes. Depreciation, depletion and amortization expense ("DD&A") related to crude oil and natural gas properties was $107.8 million, or $16.22 per Boe in the first quarter of 2017, compared to $96.3 million, or $21.08 per Boe in the first quarter of 2016.  The decrease in weighted-average DD&A rate between periods was due to the increase in production more than offsetting the increase in total DD&A.  DD&A from all sources, including gas marketing, was $109.3 million in the first quarter of 2017 compared to $97.4 million in the comparable 2016 period. The Company’s capital investment in the development of oil and natural gas properties and other capital expenditures, before the change in accounts payable, was $200.2 million during the first quarter of 2017 compared to $99.2 million for the same 2016 period. The increase in capital investment was primarily attributable to investments made in Delaware Basin drilling, completions and midstream infrastructure in the first quarter of 2017. The Company anticipates 2017 production to be within the top-third of its previously disclosed guidance range of 30 to 33 MMBoe with 2017 capital investments expected to be in the top half of its $725 to $775 million range.  Additionally, the Company plans to pursue the 2017 divestiture of it Utica Shale asset in order to provide additional focus to its premier Core Wattenberg and Delaware Basin assets. The following table provides forecasted 2017 financial guidance: PDC uses "adjusted cash flows from operations," "adjusted net income (loss)" and "adjusted EBITDAX," non-U.S. GAAP financial measures, for internal management reporting, when evaluating period-to-period changes and when providing public guidance on possible future results.  Beginning in 2017, the Company has included non-cash stock-based compensation and exploration, geologic and geophysical expenses to its adjusted EBITDAX calculation.  All prior periods have been reconciled to match accordingly.  PDC believes that each of these measures is useful in providing transparency with respect to certain aspects of its operations.  Each of these measures is calculated by adjusting for the items set forth in the relevant table below from the most closely comparable U.S. GAAP measure. See Management's Discussion and Analysis of Financial Condition and Results of Operation - Reconciliation of Non-U.S. GAAP Financial Measures in PDC's Annual Report on Form 10-K for the year ended December 31, 2016, and other subsequent filings with the SEC, for additional disclosure concerning these non-U.S. GAAP measures.  These measures are not measures of financial performance under U.S. GAAP and should be considered in addition to, not as a substitute for, net income, cash flows from operations, investing or financing activities or other U.S. GAAP financial measures, and should not be viewed as liquidity measures or indicators of cash flows reported in accordance with U.S. GAAP.  The non-U.S. GAAP financial measures that PDC uses may not be comparable to similarly titled measures reported by other companies.  Also, in the future, PDC may disclose different non-U.S. GAAP financial measures in order to help its investors more meaningfully evaluate and compare its future results of operations to its previously reported results of operations.  PDC strongly encourages users of financial information to review the Company's financial statements and publicly filed reports in their entirety and not to rely on any single financial measure. The following tables provide reconciliations of adjusted cash flows from operations, adjusted net income (loss) and adjusted EBITDAX to their most comparable U.S. GAAP measures (in millions, except per share data): The Company invites you to join Bart Brookman, President and Chief Executive Officer; David Honeyfield, Senior Vice President Chief Financial Officer; Lance Lauck, Executive Vice President Corporate Development and Strategy; and Scott Reasoner, Chief Operating Officer, for a conference call on Friday, May 5, 2017, to discuss its 2017 first quarter results. The related slide presentation will be available on PDC's website at www.pdce.com. Conference Call and Webcast: Date/Time: Friday, May 5, 2017, 11:00 a.m. ET Webcast available at: www.pdce.com  Domestic (toll free): 877-312-5520 International: 253-237-1142 Conference ID: 1282967 The replay of the call will be available for six months on PDC's website at www.pdce.com. PDC is scheduled to present at the following conferences: Credit Suisse Shale Symposium in Boston on Tuesday, May 16, 2017, and UBS Global Oil & Gas Conference in Austin on Tuesday, May 23, 2017.  Webcast information will be posted to the Company’s website, www.pdce.com, prior to the start of each conference, along with any presentation materials. PDC Energy, Inc. is a domestic independent exploration and production company that produces, develops, and explores for crude oil, natural gas, and NGLs, with primary operations in the Wattenberg Field in Colorado and, beginning in December 2016, the Delaware Basin in Reeves and Culberson Counties, Texas. The Company also has operations in the Utica Shale in Southeastern Ohio, although management expects to divest these properties during 2017. PDC's operations in the Wattenberg Field are focused in the horizontal Niobrara and Codell plays and in the Delaware Basin operations are currently focused in the Wolfcamp zones. This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 ("Securities Act"), Section 21E of the Securities Exchange Act of 1934 ("Exchange Act"), and the United States ("U.S.") Private Securities Litigation Reform Act of 1995 regarding our business, financial condition, results of operations, and prospects. All statements other than statements of historical fact included in and incorporated by reference into this report are "forward-looking statements".  Words such as expects, anticipates, intends, plans, believes, seeks, estimates, and similar expressions or variations of such words are intended to identify forward-looking statements herein.  Forward-looking statements may include, among other things, statements regarding future: reserves, production, costs, cash flows, and earnings; drilling locations and growth opportunities; capital investments and projects, including expected lateral lengths of wells, drill times and number of rigs employed; rates of return; operational enhancements and efficiencies; management of lease expiration issues; financial ratios; and midstream capacity and related curtailments. The above statements are not the exclusive means of identifying forward-looking statements herein.  Although forward-looking statements contained in this press release reflect our good faith judgment, such statements can only be based on facts and factors currently known to us.  Forward-looking statements are always subject to risks and uncertainties, and become subject to greater levels of risk and uncertainty as they address matters further into the future.  Throughout this press release or accompanying materials, we may use the terms “projection” or similar terms or expressions, or indicate that we have “modeled” certain future scenarios.  We typically use these terms to indicate our current thoughts on possible outcomes relating to our business or the industry in periods beyond the current fiscal year.  Because such statements relate to events or conditions further in the future, they are subject to increased levels of uncertainty.  Important factors that could cause actual results to differ materially from the forward-looking statements include, but are not limited to: Further, PDC urges you to carefully review and consider the cautionary statements and disclosures, specifically those under the heading "Risk Factors," made in this Quarterly Report on Form 10-Q, our Annual Report on Form 10-K for the year ended December 31, 2016 (the "2016 Form 10-K"), filed with the U.S. Securities and Exchange Commission ("SEC") on February 28, 2017, and other filings with the SEC for further information on risks and uncertainties that could affect the Company's business, financial condition, results of operations, and prospects, which are incorporated by this reference as though fully set forth herein. PDC cautions you not to place undue reliance on the forward-looking statements, which speak only as of the date of this report. The Company undertakes no obligation to update any forward-looking statements in order to reflect any event or circumstance occurring after the date of this report or currently unknown facts or conditions or the occurrence of unanticipated events. All forward-looking statements are qualified in their entirety by this cautionary statement.


DENVER, May 05, 2017 (GLOBE NEWSWIRE) -- PDC Energy, Inc. ("PDC" or the "Company") (NASDAQ:PDCE) today reported its 2017 first quarter operating and financial results. President and Chief Executive Officer, Bart Brookman commented, “I am very pleased with our ability to deliver strong results in the first quarter.  Our Core Wattenberg position, highlighted by the increased type curves and enhanced internal rates-of-return disclosed at our recent Analyst Day, continues to be the primary growth driver for PDC.  In the Delaware Basin, we are very excited by the early results of the wells turned-in-line in the first quarter and are quickly gaining operational momentum as we integrate the new assets into the company.  Our results this quarter are a great first step in once again delivering impressive annual growth.” The following table provides production and weighted-average sales price, by area, for the three months ended March 31, 2017 and 2016, excluding net settlements on derivatives: The following table provides the components of production costs for the three months ended March 31, 2017 and 2016 in terms of total dollars and on a per Boe basis: Net income for the first quarter of 2017 was $46.1 million, or $0.70 per diluted share, compared to net loss of $71.5 million, or $1.72 per diluted share, for the comparable period of 2016.  The year-over-year difference was primarily attributable to the $114.3 million increase in crude oil, natural gas and NGLs sales in 2017, as well as the impact of the change in the fair value of derivatives during the quarter.  Adjusted net loss, a non-GAAP measure defined below, was $4.1 million, or $0.06 per diluted share in the first quarter of 2017 compared to $37.0 million, or $0.89 per diluted share for the comparable period of 2016. Net cash from operating activities was $139.5 million in the first quarter of 2017, compared to $101.2 million in the first quarter of 2016.  The increase in 2017 cash flows was a result of increases to both production volumes and average commodity prices compared to the prior year.  Adjusted cash flows from operations, a non-GAAP financial measure defined below, were $113.7 million for the first quarter of 2017, compared to $91.0 million in the first quarter of 2016. Crude oil, natural gas and NGLs sales, excluding net settlements on derivatives, increased 152% to $189.7 million in the first quarter of 2017, compared to $75.4 million in the first quarter of 2016.  The sales price per Boe, excluding net settlements on derivatives, improved to $28.53 in the first quarter of 2017 compared to $16.49 in the first quarter of 2016.  Much of the increase was driven by improved crude oil prices, as well as improved NGL realizations in 2017.  Including commodity price risk management gain and other income, crude oil, natural gas and NGLs revenues increased 201% to $273.7 million in the first quarter of 2017 from $90.8 million in the first quarter of 2016. Net commodity price risk management activities for the first quarter of 2017 resulted in a gain of $80.7 million compared to a gain of $11.1 million in the comparable period in 2016.  The first quarter 2017 gain was comprised of $80.2 million in net change in fair value of unsettled derivatives and $0.5 million of net settlement gains.  Net settlements in the first quarter of 2016 were $66.8 million with a decrease in fair value associated with commodity derivatives of $55.8 million. Production costs for the first quarter of 2017, which include LOE, production taxes, and transportation, gathering and processing expenses, were $38.1 million, or $5.74 per Boe.  In the first quarter of 2016, production costs were $23.4 million, or $5.12 per Boe.  LOE in the first quarter of 2017 decreased 11% to $2.98 per Boe compared to $3.35 per Boe in the similar 2016 period due primarily to increased production volumes.  The decrease in LOE on a Boe basis was more than offset by an increase in production taxes as a result of the 152% increase in crude oil, natural gas and NGLs sales between the first quarters of 2017 and 2016. General and administrative expense (“G&A”) was $26.3 million for the first quarter of 2017 compared to $22.8 million in the first quarter of 2016.  The increase in G&A in the first quarter of 2017 was primarily attributable to an increase in payroll and employee benefits as a result of an increase in headcount compared to the first quarter of 2016.  G&A per Boe decreased 20% to $3.96 in the first quarter of 2017, compared to $4.98 in the comparable period in 2016, driven by increased production volumes. Depreciation, depletion and amortization expense ("DD&A") related to crude oil and natural gas properties was $107.8 million, or $16.22 per Boe in the first quarter of 2017, compared to $96.3 million, or $21.08 per Boe in the first quarter of 2016.  The decrease in weighted-average DD&A rate between periods was due to the increase in production more than offsetting the increase in total DD&A.  DD&A from all sources, including gas marketing, was $109.3 million in the first quarter of 2017 compared to $97.4 million in the comparable 2016 period. The Company’s capital investment in the development of oil and natural gas properties and other capital expenditures, before the change in accounts payable, was $200.2 million during the first quarter of 2017 compared to $99.2 million for the same 2016 period. The increase in capital investment was primarily attributable to investments made in Delaware Basin drilling, completions and midstream infrastructure in the first quarter of 2017. The Company anticipates 2017 production to be within the top-third of its previously disclosed guidance range of 30 to 33 MMBoe with 2017 capital investments expected to be in the top half of its $725 to $775 million range.  Additionally, the Company plans to pursue the 2017 divestiture of it Utica Shale asset in order to provide additional focus to its premier Core Wattenberg and Delaware Basin assets. The following table provides forecasted 2017 financial guidance: PDC uses "adjusted cash flows from operations," "adjusted net income (loss)" and "adjusted EBITDAX," non-U.S. GAAP financial measures, for internal management reporting, when evaluating period-to-period changes and when providing public guidance on possible future results.  Beginning in 2017, the Company has included non-cash stock-based compensation and exploration, geologic and geophysical expenses to its adjusted EBITDAX calculation.  All prior periods have been reconciled to match accordingly.  PDC believes that each of these measures is useful in providing transparency with respect to certain aspects of its operations.  Each of these measures is calculated by adjusting for the items set forth in the relevant table below from the most closely comparable U.S. GAAP measure. See Management's Discussion and Analysis of Financial Condition and Results of Operation - Reconciliation of Non-U.S. GAAP Financial Measures in PDC's Annual Report on Form 10-K for the year ended December 31, 2016, and other subsequent filings with the SEC, for additional disclosure concerning these non-U.S. GAAP measures.  These measures are not measures of financial performance under U.S. GAAP and should be considered in addition to, not as a substitute for, net income, cash flows from operations, investing or financing activities or other U.S. GAAP financial measures, and should not be viewed as liquidity measures or indicators of cash flows reported in accordance with U.S. GAAP.  The non-U.S. GAAP financial measures that PDC uses may not be comparable to similarly titled measures reported by other companies.  Also, in the future, PDC may disclose different non-U.S. GAAP financial measures in order to help its investors more meaningfully evaluate and compare its future results of operations to its previously reported results of operations.  PDC strongly encourages users of financial information to review the Company's financial statements and publicly filed reports in their entirety and not to rely on any single financial measure. The following tables provide reconciliations of adjusted cash flows from operations, adjusted net income (loss) and adjusted EBITDAX to their most comparable U.S. GAAP measures (in millions, except per share data): The Company invites you to join Bart Brookman, President and Chief Executive Officer; David Honeyfield, Senior Vice President Chief Financial Officer; Lance Lauck, Executive Vice President Corporate Development and Strategy; and Scott Reasoner, Chief Operating Officer, for a conference call on Friday, May 5, 2017, to discuss its 2017 first quarter results. The related slide presentation will be available on PDC's website at www.pdce.com. Conference Call and Webcast: Date/Time: Friday, May 5, 2017, 11:00 a.m. ET Webcast available at: www.pdce.com  Domestic (toll free): 877-312-5520 International: 253-237-1142 Conference ID: 1282967 The replay of the call will be available for six months on PDC's website at www.pdce.com. PDC is scheduled to present at the following conferences: Credit Suisse Shale Symposium in Boston on Tuesday, May 16, 2017, and UBS Global Oil & Gas Conference in Austin on Tuesday, May 23, 2017.  Webcast information will be posted to the Company’s website, www.pdce.com, prior to the start of each conference, along with any presentation materials. PDC Energy, Inc. is a domestic independent exploration and production company that produces, develops, and explores for crude oil, natural gas, and NGLs, with primary operations in the Wattenberg Field in Colorado and, beginning in December 2016, the Delaware Basin in Reeves and Culberson Counties, Texas. The Company also has operations in the Utica Shale in Southeastern Ohio, although management expects to divest these properties during 2017. PDC's operations in the Wattenberg Field are focused in the horizontal Niobrara and Codell plays and in the Delaware Basin operations are currently focused in the Wolfcamp zones. This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 ("Securities Act"), Section 21E of the Securities Exchange Act of 1934 ("Exchange Act"), and the United States ("U.S.") Private Securities Litigation Reform Act of 1995 regarding our business, financial condition, results of operations, and prospects. All statements other than statements of historical fact included in and incorporated by reference into this report are "forward-looking statements".  Words such as expects, anticipates, intends, plans, believes, seeks, estimates, and similar expressions or variations of such words are intended to identify forward-looking statements herein.  Forward-looking statements may include, among other things, statements regarding future: reserves, production, costs, cash flows, and earnings; drilling locations and growth opportunities; capital investments and projects, including expected lateral lengths of wells, drill times and number of rigs employed; rates of return; operational enhancements and efficiencies; management of lease expiration issues; financial ratios; and midstream capacity and related curtailments. The above statements are not the exclusive means of identifying forward-looking statements herein.  Although forward-looking statements contained in this press release reflect our good faith judgment, such statements can only be based on facts and factors currently known to us.  Forward-looking statements are always subject to risks and uncertainties, and become subject to greater levels of risk and uncertainty as they address matters further into the future.  Throughout this press release or accompanying materials, we may use the terms “projection” or similar terms or expressions, or indicate that we have “modeled” certain future scenarios.  We typically use these terms to indicate our current thoughts on possible outcomes relating to our business or the industry in periods beyond the current fiscal year.  Because such statements relate to events or conditions further in the future, they are subject to increased levels of uncertainty.  Important factors that could cause actual results to differ materially from the forward-looking statements include, but are not limited to: Further, PDC urges you to carefully review and consider the cautionary statements and disclosures, specifically those under the heading "Risk Factors," made in this Quarterly Report on Form 10-Q, our Annual Report on Form 10-K for the year ended December 31, 2016 (the "2016 Form 10-K"), filed with the U.S. Securities and Exchange Commission ("SEC") on February 28, 2017, and other filings with the SEC for further information on risks and uncertainties that could affect the Company's business, financial condition, results of operations, and prospects, which are incorporated by this reference as though fully set forth herein. PDC cautions you not to place undue reliance on the forward-looking statements, which speak only as of the date of this report. The Company undertakes no obligation to update any forward-looking statements in order to reflect any event or circumstance occurring after the date of this report or currently unknown facts or conditions or the occurrence of unanticipated events. All forward-looking statements are qualified in their entirety by this cautionary statement.


News Article | February 15, 2017
Site: www.marketwired.com

PLS' Capitalize™ sees 2017 pace picking up on rebounding commodity prices, surge in M&A activity HOUSTON, TX --(Marketwired - February 13, 2017) - PLS Inc., a leading Houston-based oil and gas research firm, announced that Capitalize™, its proprietary and comprehensive capital markets tracking platform, released a statistical review of capital markets activity for calendar year 2016 in which… In its tracking of the US oil and gas sector, Capitalize reported that the aggregate value of bond and equity issuances fell 5% in 2016 to $186 billion spanning 346 deals, compared with $196 billion from 322 deals in 2015 and $211 billion from 410 deals during the much higher-priced 2014 environment. Decreased liquidity in the bond markets was a result of investors becoming more risk-averse in a low commodity price environment. That affected profit margins and increased the credit risk of energy related companies, which had an impact on funds raised through bond offerings. This decrease was met with a healthy increase in equity issuances, a 36% surge in amount raised over that in 2015. Oil price accounts for much of the deal market volatility as it began descending from July 2014 highs of $100-plus per barrel and accelerated in November 2014 when OPEC decided to open the taps to gain market share. This resulted in prices plummeting to a low of $27 per barrel in February 2016. Two years after OPEC's attack on oil prices began, both OPEC and non-OPEC countries agreed to cut production beginning January 1, 2017 -- a decision that is expected to further boost oil prices this year. Deal counts for equity and bond offerings increased by 7% in 2016 to 346 deals versus 322 in 2015 but also fell shy of 2014's 410 deals. Note, these deal counts do not include at-the-market equity offerings. On the other hand, total deal amount decreased by 5% in 2016 to $186 billion from $196 billion in 2015 and $25 billion lower than 2014's $211 billion of bond and equity deal amount issued. The 2016 capital markets landscape was characterized by some interesting phenomena, as well. Capitalize saw Upstream companies coming out with multiple offerings in 2016, fueled substantially by the need to raise money to act upon opportunities to grab inexpensive assets. Some companies go years without doing even one secondary offering. Callon Petroleum raised about $1.3 billion across four raises last year. Parsley Energy and Synergy Resources issued equity three times. Matador Resources, Rice Energy (plus one for its midstream subsidiary), Resolute Energy, Gulfport Energy, PDC Energy, SM Energy and Ring Energy all had two offerings. Return of the SPAC -- after an absence from the US energy equity landscape, 2016 saw the IPOs of two blank-check companies willing to wait before pouncing on reasonably-priced oil assets. One of them, Silver Run Acquisition Corp., became Centennial Resource Development in September and the other, KLR Energy Acquisition Corp., combined with Tema Oil & Gas to form Rosehill Resources. This transaction is expected to close in the first half of 2017. Good execution on Chapter 11 Restructuring Support Agreements -- Most of the companies that filed for bankruptcy last year came to court with at least a preliminary restructuring support agreement in hand, enabling them to get through the process faster. Those that hadn't garnered strong support from creditors and other stakeholders from the onset, like Energy XXI, waited over eight months to get through the process. Swift Energy, like its name suggests, got through in just three months. Tender offers still hot -- Chesapeake Energy and Devon Energy undertook massive waterfall tender offers on several series of outstanding debt last year. Tender offer activity among overburdened oil companies was consistent throughout the year, continuing the momentum begun in 2015. Tendered debt was swapped for new debt, cash or a combination. Most everyone paid an early tender premium of $30 per each $1,000 of debt tendered. Many companies did equity or new debt raises for cash to pay for the tender offers. "We're spending within our means" -- More and more CEOs and CFOs uttered these words or something similar in more press releases and on more conference calls this year, beating out "rightsizing" and "headwinds" for the most overused energy capital phrase of the year. Many companies used 2016 as an experiment to ratchet capex down below expected cash flow rather than borrow more to fund capex. 2016 equity offerings -- The increase in 2016 equity offerings was mainly the result of the large increase in deal amount raised by companies in the Upstream, Midstream, and Services sectors which helped keep 2016 equity deal amount raised close to the levels seen in 2015. Largest equity issuance increases over 2015 were in the Upstream and Services sectors at 69% and 342% respectively. Lead equity bookrunners -- JP Morgan was the most active bookrunner in the Upstream sector for equity offerings with deal amount share of $6.1 billion or 19% of total Upstream deals. Barclays took the lead in Midstream with a share of $3.2 billion (24% of Midstream). Wells Fargo was the most active in Downstream at a share of $0.4 billion (27% of Downstream). Morgan Stanley took the lead in the Services sector with $1.2 billion or 27%. 2016 bond issuances -- Low commodity prices at the start of 2016 tightened liquidity in the bond markets. As a result 2016 deal amount decreased by 15% to $133 billion in 2016 from $156 billion in 2015. Upstream bond issuances saw a minor uptick of 1% in deal amount raised over 2015 to $46 billion. Largest increase in bond issuances was seen in the Downstream sector, increasing over 2015 amount by 67% to $16 billion. Midstream, Integrated and Services sectors saw decreases ranging from 22% to 49% over levels in 2015. Lead bond bookrunners -- JP Morgan took the lead allocation in the bond arena, capturing the largest market share in 3 out of the 5 energy sectors PLS covers; this was in Upstream, Midstream and the Integrated sectors. On average, the bank captured a 13% market share in each of those sectors. Bank of America Merrill Lynch captured the largest market share in Downstream at 8%. Morgan Stanley replicated its success in equity offerings in the Services sector by capturing the largest bond share in that sector at 12%. The oil and gas deal markets are well supplied with inventory, and capital is available for the right deal. At the beginning of 2016, over $100 billion of dry powder private equity capital was available. Much of this remains available a year later, supplemented by a receptive Wall Street quickly supporting overnight secondary equity raises to fund the largest deals. PLS anticipates additional capital to come to the forefront as the IPO markets open up. As drilling and oil prices pick up in the US, PLS expects capital markets to pick up pace in 2017. Already we have seen 2 IPOs, 17 follow-on offerings and 13 bond offerings in the beginning of 2017. An expected rise in oil prices, increased U.S. M&A activity and private equity funds looking to monetize unrealized investments, the outlook for energy capital markets activity in 2017 looks promising. Capitalize is a comprehensive data platform of oil and gas debt and equity offerings. The database tracks bank leads, syndicates, client relationships and associated fees. The database is essential for both bankers and borrowers needing transparency on the capital-intensive oil and gas markets. PLS Inc. is a leading Houston-based oil and gas information and advisory firm that specializes in insightful real-time research for a global client base of both industry and investment professionals. Flagship products include the Global M&A Database, docFinder and Capitalize along with specialty industry reports. PLS Inc., through its PLS Energy Advisory Group, is also a leading transaction firm and in 2016 closed over 35 oil and gas deals across the globe.


DENVER, Nov. 03, 2016 (GLOBE NEWSWIRE) -- PDC Energy, Inc. ("PDC", the "Company," "we" or "us") (NASDAQ:PDCE) today reported its 2016 third quarter financial and operating results. Bart Brookman, President and Chief Executive Officer, commented, “The third quarter was truly transformational for PDC.  The announcement of our large-scale entry into the Core Delaware Basin, combined with the closing of our Core Wattenberg acreage trade and the production from our first two-mile lateral wells, demonstrates our ongoing focus on capital efficiency and substantial future growth.  Our priorities are to continue building upon the tremendous momentum in the Wattenberg while we integrate and develop our new Delaware assets.   As we begin our budget process for 2017, look for us to emphasize a strong balance sheet while delivering top-tier production growth from our premier asset portfolio.” Net loss in the third quarter of 2016 was $23.3 million, or $0.48 per diluted share, compared to net loss of $41.5 million, or $1.04 per diluted share, in the third quarter of 2015. Adjusted net loss, a non-U.S. GAAP financial measure defined below, was $5.8 million in the third quarter of 2016, compared to an adjusted net loss of $75.9 million in the comparable period of 2015. Net cash from operating activities increased 19% to $163.0 million in the third quarter of 2016, compared to net cash from operating activities of $136.5 million in the third quarter of 2015. Adjusted cash flows from operations, a non-U.S. GAAP financial measure defined below, was $122.6 million in the third quarter of 2016, compared to $122.7 million in the third quarter of 2015. Third quarter 2016 production increased 39% to 6.0 million barrels of oil equivalent (“MMBoe”), or 65,263 Boe per day, compared to 4.3 MMBoe, or 47,017 Boe per day in the third quarter of 2015.  Third quarter 2016 production increased 14% compared to 57,112 Boe per day in the second quarter of 2016. The increases in production over the prior periods were primarily attributable to successful horizontal drilling and continued execution of longer laterals in the Wattenberg Field. Crude oil, natural gas and NGLs sales, excluding net settlements on derivatives, increased 36% to $141.8 million in the third quarter of 2016, compared to $104.5 million in the third quarter of 2015.  Including the impact of net settlements on derivatives, crude oil, natural gas and NGL sales increased 10% to $189.5 million in the third quarter of 2016 compared to $172.5 million in the same period last year.  The average crude oil equivalent sales price, excluding net settlements on derivatives, decreased 2% to $23.62 per Boe in the third quarter of 2016 compared to $24.15 per Boe in the same 2015 period. Commodity price risk management activities in the third quarter of 2016 resulted in a net gain of $19.4 million, which was comprised of $47.7 million of positive net settlements on derivatives and a $28.3 million loss on net change in fair value of unsettled derivatives. Commodity price risk management activities in the third quarter of 2015 resulted in a net gain of $123.5 million, which was comprised of $68.0 million of positive net settlements on derivatives and a $55.5 million gain in net change in fair value of unsettled derivatives. LOE in the third quarter of 2016 was $2.33 per Boe compared to $3.20 per Boe in the third quarter of 2015.  The decrease in LOE rate is primarily attributable to a 39% increase in production with an immaterial increase to total LOE. General and administrative expense ("G&A") was $32.5 million in the third quarter of 2016, an increase of $12.2 million compared to G&A of $20.3 million in the third quarter of 2015. The $12.2 million increase in G&A was primarily attributable to $11.3 million of fees and expenses related to the Acquisition and a $1.2 million increase in payroll and employee benefits. Excluding Acquisition related fees, G&A on a per Boe basis decreased 25% to $3.53 per Boe in the third quarter of 2016 compared to $4.69 in the third quarter of 2015, a decline attributable to maintaining similar levels of total G&A while increasing production. Depreciation, depletion and amortization expense ("DD&A") related to crude oil and natural gas properties was $112.1 million, or $18.66 per Boe, in the third quarter of 2016, compared to $79.8 million, or $18.44 per Boe, in the third quarter of 2015. The DD&A rates in the third quarter of 2016 were comparable to the third quarter of 2015. Interest expense in the third quarter of 2016 was $20.2 million compared to $12.1 million in the third quarter of 2015.  The $8.1 million increase in 2016 is primarily attributable to a $9.0 million charge related to a bridge loan agreement relating to the Acquisition, partially offset by a decrease in interest expense on the 3.25% convertible notes that matured, and were settled, in May 2016. Capital expenditures in the third quarter of 2016 were $118.0 million compared to $130.9 million for the same 2015 period.  Excluding carry-over of expenses related to prior periods, capital expenditures were $116.0 million in the third quarter 2016 compared to $103.9 million for the same 2015 period. The Company turned-in-line 40 gross operated wells in the Wattenberg Field during the third quarter of 2016.  Average production from the field increased approximately 13% to 61,804 Boe per day compared to the second quarter of 2016. The Company turned-in-line its first eight extended-reach lateral wells, which are performing in-line with internal expectations through the flow-back process. PDC’s average wellhead oil differential in Wattenberg, including transportation costs, was $4.27 per barrel in the third quarter of 2016. In the Utica Shale, third quarter 2016 production was 3,459 Boe per day, a 31% increase compared to the second quarter of 2016.  Average wellhead oil differentials in the Utica were approximately $6 per barrel. In August 2016, the Company entered into definitive agreements to acquire two privately held companies managed by Kimmeridge Energy Management Company for approximately $1.5 billion.  The privately negotiated transaction includes approximately 57,000 net acres in Reeves and Culberson Counties, Texas with an average working interest of approximately 93 percent and net production of approximately 7,000 Boe per day.  The transaction is expected to close in December 2016. The seller is currently operating two drilling rigs comprised of one rig in each the Central and Eastern acreage blocks.  Drilling has been completed on both an approximate 10,000 foot lateral well in the Central area and an approximate 4,500 foot lateral well in the Eastern area. Completions are expected to begin in November 2016.  Current net production is approximately 7,500 Boe per day.  The seller’s production prior to closing is not attributable to PDC’s reported volumes. At September 30, 2016, the Company had $1.1 billion of debt outstanding, consisting of $200 million of 1.125% convertible senior notes due 2021, $500 million of 7.75% senior notes due 2022 and $400 million of 6.125% senior notes due 2024.  If the Acquisition is not completed prior to or on December 31, 2016 (or in some cases January 15, 2017), the $400 million senior notes are required to be redeemed in whole. Liquidity as of September 30, 2016 was approximately $1.6 billion, consisting of approximately $1.2 billion in cash and cash equivalents and an undrawn credit facility of $450 million, net of an $11.7 million letter of credit related to a third-party transportation obligation.  In October 2016, the Company completed the semi-annual redetermination of the borrowing base under its revolving credit facility, which resulted in the reaffirmation of the borrowing base at $700 million.  The Company elected to maintain its commitment level of $450 million until the expected closing of the Acquisition in December 2016, at which time it will increase to the full $700 million. Pro forma for the expected closing of the Acquisition in December 2016, available third quarter liquidity was approximately $1.0 billion, consisting of the $700 million borrowing base, net of the $11.7 million letter of credit, and cash on hand. The following table provides the components of production costs from continuing operations for the three and nine months ended September 30, 2016 and 2015: The following table provides production by area, as well as the weighted-average sales price, for the three and nine months ended September 30, 2016 and 2015, excluding net settlements on derivatives: PDC uses various derivative instruments to manage fluctuations in crude oil and natural gas prices. The Company has in place a series of collars and fixed price and basis swaps on a portion of its expected crude oil and natural gas production. For details of its hedge positions, refer to PDC's Quarterly Report on Form 10-Q filed with the Securities and Exchange Commission (“SEC”) for the related quarterly period. PDC uses "adjusted cash flows from operations," "adjusted net income (loss)" and "adjusted EBITDA," non-U.S. GAAP financial measures, for internal management reporting, when evaluating period-to-period changes and when providing public guidance on possible future results. PDC believes that each of these measures is useful in providing transparency with respect to certain aspects of its operations. Each of these measures is calculated by eliminating the items set forth in the relevant table below from the most closely comparable U.S. GAAP measure. See Management's Discussion and Analysis of Financial Condition and Results of Operation - Reconciliation of Non-U.S. GAAP Financial Measures in PDC's Annual Report on Form 10-K for the year ended December 31, 2015, and other subsequent filings with the SEC, for additional disclosure concerning these non-U.S. GAAP measures. These measures are not measures of financial performance under U.S. GAAP and should be considered in addition to, not as a substitute for, net income, cash flows from operations, investing or financing activities or other U.S. GAAP financial measures, and should not be viewed as liquidity measures or indicators of cash flows reported in accordance with U.S. GAAP. The non-U.S. GAAP financial measures that PDC uses may not be comparable to similarly titled measures reported by other companies. Also, in the future, PDC may disclose different non-U.S. GAAP financial measures in order to help its investors more meaningfully evaluate and compare its future results of operations to its previously reported results of operations. PDC strongly encourages investors to review the Company's financial statements and publicly filed reports in their entirety and not to rely on any single financial measure. The following three tables provide reconciliations of adjusted cash flows from operations, adjusted net income (loss) and adjusted EBITDA to their most comparable U.S. GAAP measures (in millions, except per share data): PDC plans to host a conference call with investors to discuss 2016 third quarter results. The Company invites you to join Bart Brookman, President and Chief Executive Officer; Lance Lauck, Executive Vice President Corporate Development and Strategy; Scott Reasoner, Senior Vice President Operations; and Scott Meyers, Chief Accounting Officer, for a conference call on Thursday, November 3, 2016, for a discussion of its results. The related slide presentation will be available on PDC's website at www.pdce.com. Conference Call and Webcast: Date/Time: Thursday, November 3, 2016, 11:00 a.m. ET Webcast available at: www.pdce.com Domestic (toll free): 877-312-5520 International: 253-237-1142 Conference ID: 94977405 The replay of the call will be available for six months on PDC's website at www.pdce.com. PDC is scheduled to present at the following conferences: Stephens Fall Investment Conference in New York on Tuesday, November 8, 2016; Bank of America Merrill Lynch Global Energy Conference in Miami on Thursday, November 17, 2016; and Capital One Energy Conference in New Orleans on Wednesday, December 7, 2016. The Company also plans to attend the Wells Fargo 2016 Energy Symposium in New York on Wednesday, December 7, 2016. PDC Energy, Inc. is a domestic independent exploration and production company that produces, develops, acquires and explores for crude oil, natural gas and NGLs with primary operations in the Wattenberg Field in Colorado and in the Utica Shale in southeastern Ohio. The Wattenberg Field operations are focused on the liquid-rich horizontal Niobrara and Codell plays and the Ohio operations are focused in the condensate and wet gas portion of the Utica Shale play. PDC is included in the S&P SmallCap 600 Index and the Russell 2000 Index of Companies. This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 ("Securities Act") and Section 21E of the Securities Exchange Act of 1934 ("Exchange Act") regarding the Company’s business, financial condition, results of operations and prospects. All statements other than statements of historical facts included in and incorporated by reference into this report are "forward-looking statements" within the meaning of the safe harbor provisions of the United States ("U.S.") Private Securities Litigation Reform Act of 1995. Words such as expects, anticipates, intends, plans, believes, seeks, estimates and similar expressions or variations of such words are intended to identify forward-looking statements herein. These statements relate to, among other things: the closing of pending transactions and the effects of such transactions, including the fact that the transactions contemplated by the acquisition agreements to purchase Arris Petroleum Corporation and the assets of the 299 entities are subject to continuing diligence between the parties and accordingly, may not occur within the expected timeframe or at all; estimated future production (including the components of such production), sales, expenses, cash flows, liquidity and balance sheet attributes; estimated crude oil, natural gas and natural gas liquids (“NGLs”) reserves; anticipated capital projects, expenditures and opportunities; expected capital budget allocations; availability of sufficient funding and liquidity for the Company’s capital program and sources of that funding; future exploration, drilling and development activities, including non-operated activity, the number of drilling rigs the Company expects to run and lateral lengths of wells, including the number of rigs in 2017 in the Delaware Basin; expected 2016 production and cash flow ranges and timing of turn-in-lines; and future strategies, plans and objectives. The above statements are not the exclusive means of identifying forward-looking statements herein. Although forward-looking statements contained in this report reflect the Company’s good faith judgment, such statements can only be based on facts and factors currently known to the Company. Forward-looking statements are always subject to risks and uncertainties, and become subject to greater levels of risk and uncertainty as they address matters further into the future. Important factors that could cause actual results to differ materially from the forward-looking statements include, but are not limited to: Further, PDC urges you to carefully review and consider the cautionary statements and disclosures made in this press release and the Company's filings with the SEC for further information on risks and uncertainties that could affect the Company's business, financial condition and results of operations, which are incorporated by this reference as though fully set forth herein. The Company cautions you not to place undue reliance on the forward-looking statements, which speak only as of the date hereof. PDC undertakes no obligation to update any forward-looking statements in order to reflect any event or circumstance occurring after the date of this release or currently unknown facts or conditions or the occurrence of unanticipated events. All forward-looking statements are qualified in their entirety by this cautionary statement.


News Article | February 14, 2017
Site: globenewswire.com

DENVER, Feb. 14, 2017 (GLOBE NEWSWIRE) -- PDC Energy, Inc. (“PDC” or the “Company”) (Nasdaq:PDCE) today announced plans to host an Analyst Day for equity analysts and institutional investors on Thursday, April 20, 2017.   A live webcast of the event and related slides will be available at the start of the program by logging onto the Company’s website www.pdce.com. A replay of the call will be available for six months on PDC’s website. For further information contact Kyle Sourk, Manager Investor Relations, at 303-318-6150 or via e-mail at kyle.sourk@pdce.com. PDC Energy, Inc. is a domestic independent exploration and production company that acquires, produces, develops, and explores for crude oil, natural gas and NGLs with operations in the Wattenberg Field in Colorado, in the Delaware Basin in West Texas and in the Utica Shale in southeastern Ohio. Its operations are focused on the liquid-rich horizontal Niobrara and Codell plays in the Wattenberg Field, the liquid-rich Wolfcamp zones in the Delaware Basin, and the condensate and wet gas portion of the Utica Shale play.


DENVER, Feb. 28, 2017 (GLOBE NEWSWIRE) -- PDC Energy, Inc. ("PDC" or the "Company") (NASDAQ:PDCE) today reported its 2016 full-year and fourth quarter operating and financial results. President and Chief Executive Officer, Bart Brookman commented, “Our strong performance in 2016 highlights our ability to fulfill our strategic initiative of positioning the Company for growth in two premier basins.  I am extremely proud that we have delivered top-tier, value-driven production growth while simultaneously completing our large-scale Delaware Basin acquisition and Core Wattenberg acreage trade.  Throughout the year, we were extremely focused on improving our cost structure and increasing our operational efficiencies.   By these standards, 2016 was a resounding success. “In 2017, we have an intense operational and technical focus on unlocking the tremendous value of our Delaware Basin asset.   The ongoing, reliable growth of the Wattenberg continues to serve as the foundation of the Company, and will continue to benefit from the pursuit of improved application of technology by our operating teams.  We remain confident that our sizeable core positions, the strength of our balance sheet, and our dedicated and talented employees will enable us to continue our success moving forward.” The following table provides production and weighted-average sales price, by area, for the three and twelve months ended December 31, 2016 and 2015, excluding net settlements on derivatives and transportation, gathering and processing expenses (“TGP”): The following table provides the components of production costs for the three and twelve months ended December 31, 2016 and 2015: Net loss for 2016 was $245.9 million, or $5.01 per diluted share, compared to net loss of $68.3 million, or $1.74 per diluted share, for 2015.  The year-over-year difference was primarily attributable to a decrease in fair value of unsettled derivatives and the allowance for uncollectible notes receivable of $44.0 million recorded in the first quarter 2016.  Adjusted net loss, a non-GAAP measure defined below, was $37.0 million, or $0.75 per diluted share in 2016 compared to $46.1 million, or $1.18 per diluted share in 2015. Net cash from operating activities was $486.3 million for 2016, compared to $411.1 million for 2015.  Adjusted cash flows from operations, a non-GAAP financial measure defined below, were $466.8 million for 2016, compared to $420.8 million in 2015.  The increase in 2016 cash flows was primarily a result of increased production volumes more than offsetting the lower average oil prices as compared to the prior year. Crude oil, natural gas and NGLs sales, excluding net settlements on derivatives, increased 31% to $497.4 million in 2016, compared to $378.7 million in 2015.  The sales price per Boe, excluding net settlements on derivatives, was $22.43 in 2016 compared to $24.64 in 2015.  Including the net settlements on derivatives, crude oil, natural gas and NGLs revenues increased 14% to $705.4 million in 2016 from $617.6 million in 2015. Net commodity price risk management activities for 2016 resulted in a loss of $125.7 million compared to a gain of $203.2 million in 2015.  The 2016 loss was comprised of $208.1 million in net settlement gains and a $333.8 million decrease in the fair value of commodity derivatives.  Net settlements in 2015 were $238.9 million with a decrease in fair value associated with commodity derivatives of $35.7 million. Production costs for 2016, which include LOE, production taxes and TGP, were $109.8 million, or $4.95 per Boe, approximately 11% less on a per Boe basis compared to $85.6 million, or $5.57 per Boe, for 2015.  LOE per Boe was $2.70 for 2016, approximately 27% less than 2015 levels of $3.71.  The decrease in both production costs and LOE on a per Boe basis in 2016 was primarily due to increased production volumes. General and administrative expense (“G&A”) was $112.5 million for 2016 compared to $90.0 million in 2015.  The increase in G&A in 2016 includes $12.2 million of fees and expenses related to the Acquisitions.  G&A per Boe, net of one-time Acquisitions related fees, decreased 23% to $4.52 for 2016, compared to $5.85 for 2015, due to the increase in production volumes. Depreciation, depletion and amortization expense ("DD&A") related to crude oil and natural gas properties was $413.1 million, or $18.63 per Boe in 2016, compared to $298.8 million, or $19.44 per Boe in 2015.  The decrease in weighted-average DD&A rate in 2016 compared to 2015 was due to increased production more than offsetting the increase in total DD&A.  DD&A from all sources, including gas marketing, was $416.9 million in 2016 compared to $303.3 million in 2015. Driven by the issuance of the 6.125% 2024 Senior Notes and the 1.125% 2021 Convertible Senior Notes that helped fund the Acquisitions, interest expense increased in 2016.  Interest expense for 2016 was $62.0 million compared to $47.6 million for 2015.  The increase in interest expense was primarily related to the $9.3 million bridge loan commitment charge and incremental issuance from the new debt issuances of $5.2 million. PDC's available liquidity as of December 31, 2016 was $932.4 million, compared to $652.2 million as of December 31, 2015.  In October 2016, the Company elected to increase the aggregate commitment on its revolving credit facility from $450 million to $700 million. The Company’s capital investment in the development of oil and natural gas properties and other capital expenditures, net of changes to accounts payable, was $399.9 million during 2016 compared to $559.4 million in 2015.  The 28% decrease in capital investment was primarily attributable to a decrease in Wattenberg rig count as well as the decreases in drilling and completion costs realized in 2016. Net loss for the fourth quarter of 2016 was $55.6 million, or $0.94 per diluted share, compared to net income of $3.0 million, or $0.07 per diluted share, for the fourth quarter of 2015.  The difference between quarterly net loss in 2016 and net income in 2015 was attributable to the combination of an increase in production and revenues in 2016, as described below, and an expense related to the difference in fair value of commodity derivatives of $89.1 million between the two periods.  Adjusted net income, a non-U.S. GAAP financial measure defined below, was $10.7 million for the fourth quarter of 2016, compared to $12.0 million for the same 2015 period. Net cash from operating activities was $125.4 million in the fourth quarter of 2016, compared to $128.1 million in the fourth quarter of 2015.  The year-over-year decrease in net cash from operating activities was primarily due to a decrease in net working capital as compared between periods.  Adjusted cash flows from operations were $140.5 million in the fourth quarter of 2016, compared to $127.2 million in the same 2015 period. Fourth quarter 2016 production increased 34% to 69,620 Boe/d, compared to 51,980 Boe/d in the fourth quarter of 2015, and increased 7% compared to 65,265 Boe/d in the third quarter of 2016. The increase in fourth quarter 2016 production was due to ongoing successful horizontal drilling in the Wattenberg Field and the inclusion of 0.2 MMBoe of production in December from the Delaware Basin. Crude oil, natural gas and NGLs sales were $169.3 million in the fourth quarter of 2016, compared to $103.2 million in the fourth quarter of 2015.  The average sales price, excluding net settlements on derivatives, improved to $26.44 per Boe for the fourth quarter of 2016, compared to $21.58 per Boe for the same 2015 period. Net commodity price risk management activities for the fourth quarter of 2016 resulted in a loss of $63.3 million, which was comprised of $40.3 million of net settlement gains on derivatives and a decrease of $103.7 million in fair value of commodity derivatives, resulting in a net liability of $70.0 million as of December 31, 2016. Production costs in the quarter were $33.5 million, or $5.23 per Boe, compared to $23.0 million, or $4.82 per Boe, for the fourth quarter of 2015.  LOE per Boe was $2.65 for the fourth quarter of 2016, approximately 11% less than 2015 levels of $2.97.  The decrease in both production costs and LOE on a per Boe basis in 2016 was due to increased production volumes. G&A was $33.6 million for the fourth quarter of 2016, an increase from $27.9 million for the fourth quarter of 2015, primarily due to increases in incentive compensation and a 9% increase in personnel over the course of 2016. G&A on a per Boe basis was $5.25 for the fourth quarter of 2016, a decrease of 10% from the 2015 level of $5.84. DD&A per Boe decreased to $15.41 in the fourth quarter of 2016, compared to $19.91 per Boe in the fourth quarter of 2015 driven by the increase in the Company’s proved reserves.  DD&A from all sources in the fourth quarter were $99.5 million and $96.4 million in 2016 and 2015, respectively. Interest expense for the fourth quarter of 2016 was $19.2 million compared to $12.2 million for the fourth quarter of 2015. The increase in interest expense was primarily related to interest accrued on the Senior Notes and Senior Convertible Notes issued in the third quarter of 2016. The Company turned-in-line to sales its first Delaware operated well, the Argentine, in December 2016.  Early performance from the 4,600 foot lateral Wolfcamp A well, located in its Eastern acreage block, is encouraging, with an average 30-day initial peak production rate of approximately 1,185 Boe per day with approximately 72% oil.  Early production from the Argentine, as well as the Keyhole, Sugarloaf and Hanging H wells, continue to outperform the Company’s 1,000 MBoe one-mile type curve associated with its Eastern acreage block Wolfcamp A wells. In the Wattenberg, the Company’s recently completed extended-reach lateral wells on the Connie and Bihain pads are performing above the 850 MBoe type curve, while the mid-reach lateral wells on the Cockroft pad continue to exceed its 685 MBoe type curve.  Completion spacing on all three pads averaged approximately 170 feet between stages. The Company has accelerated its drilling in the Delaware Basin by adding a third drilling rig late in February, instead of the fourth quarter, as was previously planned.  As a result, the number of planned spuds, expected turn-in-lines and associated midstream capital expenditures have all increased from its original budget.  Additionally, given recent service cost increases in the Delaware Basin, the Company is increasing its previously disclosed projected well costs by approximately ten percent in the basin. The Company continues to place a high priority on executing its HBP strategy in the Delaware and maintains the flexibility to adjust its 2017 capital program if needed. By balancing the current priorities, the Company has elected to manage its total projected 2017 level of capital investment by slightly adjusting its Wattenberg drilling and completion schedule and deferring Utica drilling in 2017 while it considers various strategic options with the Utica asset.  The full-year capital investment is now expected to be at the top-end of the Company’s previously announced range of $725 million to $775 million.  Full-year production guidance is unchanged at 30 to 33 MMBoe as the incremental turn-in-lines will be late in the year with limited contribution to 2017 volumes. The following table provides projected 2017 financial guidance: PDC uses "adjusted cash flows from operations," "adjusted net income (loss)" and "adjusted EBITDA," non-U.S. GAAP financial measures, for internal management reporting, when evaluating period-to-period changes and when providing public guidance on possible future results. PDC believes that each of these measures is useful in providing transparency with respect to certain aspects of its operations. Each of these measures is calculated by adjusting for the items set forth in the relevant table below from the most closely comparable U.S. GAAP measure. See Management's Discussion and Analysis of Financial Condition and Results of Operation - Reconciliation of Non-U.S. GAAP Financial Measures in PDC's Annual Report on Form 10-K for the year ended December 31, 2016, and other subsequent filings with the SEC, for additional disclosure concerning these non-U.S. GAAP measures. These measures are not measures of financial performance under U.S. GAAP and should be considered in addition to, not as a substitute for, net income, cash flows from operations, investing or financing activities or other U.S. GAAP financial measures, and should not be viewed as liquidity measures or indicators of cash flows reported in accordance with U.S. GAAP.  The non-U.S. GAAP financial measures that PDC uses may not be comparable to similarly titled measures reported by other companies. Also, in the future, PDC may disclose different non-U.S. GAAP financial measures in order to help its investors more meaningfully evaluate and compare its future results of operations to its previously reported results of operations. PDC strongly encourages users of financial information to review the Company's financial statements and publicly filed reports in their entirety and not to rely on any single financial measure. The following three tables provide reconciliations of adjusted cash flows from operations, adjusted net income (loss) and adjusted EBITDA to their most comparable U.S. GAAP measures (in millions, except per share data): The Company invites you to join Bart Brookman, President and Chief Executive Officer; David Honeyfield, Senior Vice President Chief Financial Officer; Lance Lauck, Executive Vice President Corporate Development and Strategy; and Scott Reasoner, Senior Vice President Chief Operating Officer, for a conference call on Tuesday, February 28, 2017, to discuss its 2016 year-end and fourth quarter results. The related slide presentation will be available on PDC's website at www.pdce.com. Conference Call and Webcast: Date/Time: Tuesday, February 28, 2017, 11:00 a.m. ET Webcast available at: www.pdce.com Domestic (toll free): 877-312-5520 International: 253-237-1142 Conference ID: 51808845 The replay of the call will be available for six months on PDC's website at www.pdce.com. PDC is scheduled to present at the following conferences: Scotia Howard Weil Energy Conference in New Orleans on Tuesday, March 28, 2017 and IPAA New York on Tuesday, April 4, 2017.  Webcast information will be posted to the Company’s website, www.pdce.com, prior to the start of each conference, along with any presentation materials. PDC Energy, Inc. is a domestic independent exploration and production company that acquires, produces, develops, and explores for crude oil, natural gas and NGLs with operations in the Wattenberg Field in Colorado, in the Delaware Basin in West Texas and in the Utica Shale in Southeastern Ohio. Its operations are focused on the liquid-rich horizontal Niobrara and Codell plays in the Wattenberg Field, the liquid-rich Wolfcamp zones in the Delaware Basin, and the condensate and wet gas portion of the Utica Shale play. This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 ("Securities Act") and Section 21E of the Securities Exchange Act of 1934 ("Exchange Act") regarding PDC’s business, financial condition, results of operations, and prospects. All statements other than statements of historical facts included in this press release are "forward-looking statements" within the meaning of the safe harbor provisions of the United States ("U.S.") Private Securities Litigation Reform Act of 1995. Words such as expects, anticipates, intends, plans, believes, seeks, estimates, guidance and similar expressions or variations of such words are intended to identify forward-looking statements herein. Forward-looking statements include, among other things, statements regarding future: reserves, production, costs, cash flows and earnings; drilling locations and growth opportunities; levels of capital investment and project details, including expected lateral lengths of wells, drill times and number of rigs employed, rates of return, operational enhancements and efficiencies, management of lease expiration issues, financial ratios, and midstream capacity and related curtailments. The above statements are not the exclusive means of identifying forward-looking statements herein. Although forward-looking statements contained in this press release reflect PDC’s good faith judgment, such statements can only be based on facts and factors currently known to the Company.  Forward-looking statements are always subject to risks and uncertainties, and become subject to greater levels of risk and uncertainty as they address matters further into the future.  Throughout this press release or accompanying materials, the Company may use the terms “projection” or similar terms or expressions, or indicate that certain future scenarios have been “modeled”.  PDC typically uses these terms to indicate the current thoughts on possible outcomes relating to its business or the industry in periods beyond the current fiscal year.  Because such statements relate to events or conditions further in the future, they are subject to increased levels of uncertainty.  Important factors that could cause actual results to differ materially from the forward-looking statements include, but are not limited to: Further, PDC urges you to carefully review and consider the cautionary statements and disclosures made in this press release and specifically those under Item 1A, Risk Factors, found in its filings with the U.S. Securities and Exchange Commission ("SEC") for further information on risks and uncertainties that could affect its business, financial condition, results of operations and cash flows.  The Company cautions you not to place undue reliance on forward-looking statements, which speak only as of the date of this press release.  PDC undertakes no obligation to update any forward-looking statements in order to reflect any event or circumstance occurring after the date of this press release or currently unknown facts or conditions or the occurrence of unanticipated events.  All forward-looking statements are qualified in their entirety by this cautionary statement.

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