PDC Energy (PDCE) Tops Q1 EPS by 75c

PDC Energy (NASDAQ: PDCE) reported Q1 EPS of $0.70, $0.75 better than the analyst estimate of ($0.05). Revenue for the quarter came in at $189.69 million versus the consensus estimate of $185.94 million.

• Production of 6.6 million barrels of oil equivalent ("MMBoe"), a 46 percent increase year-over-year; daily production of approximately 73,865 barrels of oil equivalent ("Boe").
• Turned-in-line 43 gross operated wells consisting of 29 wells with lateral lengths in excess of one mile, including two 2-mile lateral wells in the Delaware Basin.
• Lease operating expenses (“LOE”) of $2.98 per Boe, an 11% decrease year-over-year.
• Liquidity of approximately $945 million and a leverage ratio at 2.0 times, as defined by the Company's credit agreement.

CEO Commentary

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.”

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

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