PDC Energy (PDCE) released fourth quarter results and reserves yesterday, showing a net loss of $55.6 million, or ($0.94) per diluted share. Total 2016 results are a loss of $245.9 million, or ($5.01) per diluted share. After adjusting for derivative results, fourth quarter and full year results are $0.18 and ($0.75) per share, respectively.
Reserves are up 25% to 341 MMBOE from 273 MMBOE in 2015. Overall this equates to a reserve replacement ratio of 409%. This increase is mostly due to PDC’s $1.5 billion Delaware basin acquisition, which closed in December. This transaction gave the company about 57,000 net acres in the Delaware Basin (a sub-basin of the Permian Basin), which PDC has since added to by acquiring 4,500 net acres for $118 million at the end of December.
Read: http://www.oilandgas360.com/pdc-predict ... owth-2017/
PDC is going to ramp up their drilling program in 2017.
PDC Energy = Aggressive Growth
PDC Energy = Aggressive Growth
Dan Steffens
Energy Prospectus Group
Energy Prospectus Group