PDC Energy (PDCE) Misses Q3 EPS by 15c, Revenues Miss

PDC Energy (NASDAQ: PDCE) reported Q3 EPS of $0.48, $0.15 worse than the analyst estimate of $0.63. Revenue for the quarter came in at $280.72 million versus the consensus estimate of $338.19 million.

CEO Commentary

President and Chief Executive Officer, Bart Brookman commented, “The third quarter offered several positives, including a glimpse of our multi-basin strategy delivering the results and efficiencies needed to propel us through the next several years. Our Wattenberg operating performance is beginning to improve, as production and costs are both trending in the right direction; however, our production continues to be curtailed by the shortfall in midstream capacity in the basin. In the Delaware, our Grizzly Bear downspacing test has moved PDC one-step closer to unlocking the optimal approach to maximizing value through full-field development. We are excited by the knowledge gained through this test and anxiously await the additional downspacing tests currently planned in 2019.”

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

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