PDC Energy (PDCE) Reports Q2 Loss of $1.28, Revenues Beat

PDC Energy (NASDAQ: PDCE) reported Q2 EPS of ($1.28), versus $0.59 reported last year. Revenue for the quarter came in at $325.93 million versus the consensus estimate of $303.47 million.

President and Chief Executive Officer, Bart Brookman commented, “Our second quarter results were a great testament to our long-term strategy of being a premier multi-basin operator. We’ve been dealt an incredibly difficult hand to play over the past year in terms of the Wattenberg midstream constraints. Our entire team, from pumpers to asset planners to our midstream team, have done a tremendous job of not only managing our production through these times, but also continuing to capture increased operational efficiencies. We are incredibly excited to be on the doorstep of truly unlocking the potential of our Core Wattenberg position with the recent start-up of DCP’s Plant 10.

Meanwhile, the strides made from our Delaware team have helped make up for our Wattenberg constraints. Consistent well results and consecutive quarters of outperformance have quickly led our Delaware production to account for approximately 25% of our corporate volumes. I’m extremely pleased with the team’s ability to improve our margins while managing through a challenging service cost and netback price environment.”

For earnings history and earnings-related data on PDC Energy (PDCE) click here.

You May Also Be Interested In

• Tesla plans 'flying' Roadster stunt at SpaceX Texas site as early as August
• Vivos Therapeutics posts 35% revenue gain but widens net loss
• Newton Golf Company (NWTG) Reports Q2 Loss of $0.49