PDC Energy Inc. reported its 2015 third quarter financial and operating results on Nov. 5.
Net cash from operating activities was $136.5 million, higher than third-quarter 2014’s $70.4 million. Adjusted cash flows from operations increased 121% to $122.7 million, up from third-quarter 2014’s $55.5 million.
Net loss in the third quarter of 2015 was $41.5 million.
Production during the quarter increased 84% to 4.3 million barrels of oil equivalent (MMBoe) compared to third-quarter 2014’s 2.4MMBoe, which was from continuing operations. This was primarily due to improved well performance, the impact of extended reach lateral drilling and reduced line pressures in the Wattenberg Field.
Crude oil, natural gas and NGL sales decreased 13% to $104.5 million in the third quarter of 2015, compared to $120.5 million in the third quarter of 2014. Production costs were $25.5 million, which was higher than third-quarter 2014’s $22.8 million. Lease operating expense was $2.87/boe, lower than third-quarter 2014’s $4.56/boe. These decreased costs are mostly due to increased production, the company said.
Capex during the quarter were $103.9 million, lower than third-quarter 2014’s $183.7 million.
On Sept. 30, there was $662 million of outstanding debt consisting of $500 million of 7.75% senior notes due 2022, $112 million of 3.25% convertible senior notes due May 2016 and $50 million drawn on its revolving credit facility, the company said.
There was about $392 million in liquidity consisting of $3.7 million in cash and cash equivalents and $388 million of availability under the $450 revolving credit facility.
Regarding operations, 53 wells were spudded and 33 gross operated wells were turned in line in the Wattenberg. Average production increased about 29% to 43,612boe/d.
The realized natural gas price was about 74% of Nymex and the NGL price was about 20% of Nymex.
PDC Energy Inc. is based in Denver.
Recommended Reading
Which Haynesville E&Ps Might Bid for Tellurian’s Upstream Assets?
2024-02-12 - As Haynesville E&Ps look to add scale and get ahead of growing LNG export capacity, Tellurian’s Louisiana assets are expected to fetch strong competition, according to Energy Advisors Group.
Marketed: Private Seller Certain Royalty Properties in D-J Basin
2024-02-13 - A private seller retained RedOaks Energy Advisors for the sale of certain royalty properties in the D-J Basin.
Marketed: Bendel Ventures 73 Well Package in Texas
2024-03-05 - Bendel Ventures LP has retained EnergyNet for the sale of a 73 well package in Iron and Reagan counties, Texas.
Marketed: EnCore Permian Holdings 17 Asset Packages
2024-03-05 - EnCore Permian Holdings LP has retained EnergyNet for the sale of 17 asset packages available on EnergyNet's platform.
CERAWeek: Exxon Mobil CEO Says Not Trying to Acquire Hess
2024-03-18 - CEO Darren Woods said Exxon Mobil is trying to secure preemption rights over Hess Corp.'s Guyana assets in its dispute with Chevron, not buy the company itself.