PDC Energy (PDCE) Misses Q1 EPS by 34c, Revenues Miss

PDC Energy (NASDAQ: PDCE) reported Q1 EPS of $0.27, $0.34 worse than the analyst estimate of $0.61. Revenue for the quarter came in at $134.5 million versus the consensus estimate of $334.21 million.

CEO Commentary

President and Chief Executive Officer, Bart Brookman commented, “I’m extremely pleased with our first quarter results, highlighted by our improved drilling and completion pace, below-budget well costs, prolific well results and improved cost structure. These accomplishments, along with the successful monetization of our gas and water midstream assets, which we expect to close in mid-2019, are a tremendous example of PDC delivering value to shareholders through execution of our strategy.”

“Further, as a testament to our confidence in our financial and operational strength, as well as the quality of our assets and depth of current inventory, the PDC Board of Directors has approved a stock repurchase program of up to $200 million, depending on market conditions. PDC’s financial strength and focus on capital discipline, as outlined in our multi-year outlook, has positioned the Company to execute this program through free cash flow generated from operating activities.”

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

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