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Nov. 6, 2019, 4:30 p.m. EST

PDC Energy Announces 2019 Third Quarter Financial and Operating Results

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DENVER, Nov 06, 2019 (GLOBE NEWSWIRE via COMTEX) -- PDC Energy, Inc. ("PDC", "Company", "we" or "us") /zigman2/quotes/202777853/composite PDCE +5.63% today reported its 2019 third quarter financial and operating results.

Third Quarter 2019 Highlights:

-- Net cash from operating activities of $234 million, adjusted cash flow from operations, a non-U.S. GAAP financial measure defined below, of approximately $202 million, and oil and gas capital investments of $164 million.

-- Approximately $39 million of free cash flow, a non-U.S. GAAP measure defined as net cash from operating activities, adjusted for changes in working capital, less oil and gas capital investments.

-- Total production of 12.7 million barrels of oil equivalent ("MMBoe"), or approximately 138,000 Boe per day, a 26 percent increase from the third quarter of 2018.

-- Lease operating expenses ("LOE") of $2.87 per Boe, a 12 percent improvement from the third quarter of 2018.

-- Average Delaware Basin drilling, completion and facility costs of approximately $1,150 per lateral foot, a 37 percent improvement compared to average full-year 2018 costs of $1,835 per lateral foot.

-- In October, the Company's borrowing base under its revolving credit facility was reaffirmed at $1.6 billion with an elected commitment level of $1.3 billion. Contingent upon closing the acquisition of SRC Energy, Inc. ("SRC"), the Company's borrowing base has been approved at $2.1 billion with an elected commitment level of up to $1.9 billion.

CEO Commentary

President and Chief Executive Officer, Bart Brookman commented, "The third quarter marked a true inflection point for PDC as we delivered on our stated goal of generating free cash flow despite a challenging commodity price back drop. Additionally, we announced a transformative merger with SRC that we expect will deliver long-term value through enhanced scale, resilient assets, an incredibly strong balance sheet and the ability and commitment to generate sustainable free cash flow. For the remainder of 2019 and all of 2020, PDC is focused on the successful integration of SRC, generating meaningful levels of free cash flow, paying down debt and continuing to opportunistically return capital to shareholders."

Operations Update

In the third quarter, the Company invested approximately $164 million while delivering production of 12.7 MMBoe, or approximately 138,000 Boe per day, an increase of 26 percent from the third quarter of 2018 and one percent from the second quarter of 2019. Oil production of 4.9 million barrels in the third quarter represents similar volumes as the second quarter of 2019 and an increase of 13 percent compared to the third quarter of 2018. Both total production and oil production volumes in the third quarter 2019 are in-line with internal expectations as modest Delaware Basin outperformance offset the negative impacts to Wattenberg volumes due to unplanned third-party midstream downtime in parts of September.

In Wattenberg, the Company invested approximately $123 million while reducing its rig count from three to two at the end of the quarter and utilizing one full-time completion crew to spud 26 wells and TIL 43 wells with average working interests of 94 percent. Average well costs for the quarter were between $100,000 and $200,000 below budget and reflect both drilling and completion efficiency gains realized year-to-date. The Company's oil production mix for the quarter was negatively impacted from high line pressures as a result of the delayed processing capacity expansion from its primary third-party midstream provider. Fourth quarter volumes are expected to increase modestly due to the gradually improving basin-wide operating environment.

In the Delaware Basin, the Company invested approximately $41 million to spud and TIL four wells with average working interests of 96 percent. Well costs for the quarter averaged approximately $1,150 per lateral foot and represent total drilling, completion and facility costs between $200,000 and $800,000 below budget, depending on lateral length. The Company idled its completion crew in early-July and plans to run two drilling rigs through the remainder of 2019. Fourth quarter 2019 production volumes are expected to decrease five to ten percent from third quarter levels due to no additional TILs planned through year-end, as consistent with the Company's guidance.

Stock Repurchase Program

Year-to-date, the Company has returned approximately $155 million of capital to shareholders through the repurchase of approximately 4.7 million shares of common stock outstanding via its previously announced $200 million stock repurchase program (the "Program"). Approximately $40 million was used to repurchase 1.2 million shares of common stock outstanding in the third quarter of 2019 with an additional $9 million used to repurchase approximately 340,000 shares in October 2019. The remaining repurchases under the Program are currently expected to be conducted in open markets, at the Company's discretion and in compliance with safe harbor provisions. Contingent upon the closing of the SRC acquisition, which the Company anticipates to occur in early 2020, the Board of Directors approved an increase and extension to the Program to $525 million with a target completion date of December 31, 2021. The Company projects to generate a sufficient level of free cash flow from the fourth quarter of 2019 through year-end 2021 to fund the Program.

The Company is unable to present a reconciliation of forward-looking free cash flow because components of the calculation, including fluctuations in working capital accounts, are inherently unpredictable. Moreover, estimating the most directly comparable GAAP measure with the required precision necessary to provide a meaningful reconciliation is extremely difficult and could not be accomplished without unreasonable effort. The Company believes that forward-looking estimates of free cash flow are important to investors because they assist in the analysis of the Company's ability to generate cash from its operations in excess of capital investments in crude oil and natural gas properties.

Oil and Gas Production, Sales and Operating Cost Data

Crude oil, natural gas and NGLs sales, excluding net settlements on derivatives, decreased 17 percent to $307 million in the third quarter of 2019, compared to $372 million in the third quarter of 2018. The decrease in sales was due to a reduction in sales price per Boe, excluding net settlements on derivatives, of 34 percent to $24.18 in the third quarter of 2019 from $36.88 in the comparable 2018 period, partially offset by a 26 percent increase in production. The decrease in sales price per Boe was driven by 20 percent, 43 percent and 65 percent decreases in weighted-average oil, natural gas and NGLs sales prices, respectively, between periods. Including the impact of net settlements on derivatives, combined sales decreased five percent between periods to $309 million from $324 million.

The following table provides production and weighted-average sales price, by area, for the three and nine months ended September 30, 2019 and 2018, excluding net settlements on derivatives and transportation, gathering and processing expenses ("TGP"):







                                     Three Months Ended September 30,         Nine Months Ended September 30,
                                     2019        2018        Percent Change   2019        2018        Percent Change
        Crude oil (MBbls)
        Wattenberg Field             3,525       3,254       8.3     %        10,777      9,076       18.7    %
        Delaware Basin               1,328       1,042       27.4    %        3,500       2,918       19.9    %
        Utica Shale                  --          --          *                --          46          *
        Total                        4,853       4,296       13.0    %        14,277      12,040      18.6    %
        Weighted-average price       $   52.70   $   66.27   (20.5   )%       $   53.30   $   63.43   (16.0   )%
        Natural gas (MMcf)
        Wattenberg Field             22,945      16,808      36.5    %        67,139      48,169      39.4    %
        Delaware Basin               6,328       4,957       27.7    %        16,777      13,457      24.7    %
        Utica Shale                  --          --          *                --          414         *
        Total                        29,273      21,765      34.5    %        83,916      62,040      35.3    %
        Weighted-average price       $   0.91    $   1.60    (43.1   )%       $   1.31    $   1.67    (21.6   )%
        NGLs (MBbls)
        Wattenberg Field             2,178       1,643       32.6    %        6,086       4,616       31.8    %
        Delaware Basin               805         534         50.7    %        2,005       1,360       47.4    %
        Utica Shale                  --          --          *                --          34          *
        Total                        2,983       2,177       37.0    %        8,091       6,010       34.6    %
        Weighted-average price       $   8.43    $   24.35   (65.4   )%       $   11.92   $   22.71   (47.5   )%
        Crude oil equivalent (MBoe)
        Wattenberg Field             9,527       7,698       23.8    %        28,053      21,721      29.2    %
        Delaware Basin               3,187       2,402       32.7    %        8,301       6,520       27.3    %
        Utica Shale                  --          --          *                --          149         *
        Total                        12,714      10,100      25.9    %        36,354      28,390      28.1    %
        Weighted-average price       $   24.18   $   36.88   (34.4   )%       $   26.61   $   35.35   (24.7   )%
        


Production costs for the third quarter of 2019, which include LOE, production taxes and TGP, were $61 million, or $4.77 per Boe, compared to $66 million, or $6.55 per Boe, for the comparable 2018 period. The 27 percent decrease in production costs per Boe between periods is primarily attributable to a 57 percent decrease in production taxes per Boe and a 12 percent decrease in LOE per Boe. Wattenberg LOE per Boe in the third quarter of 2019 was $2.51 compared to $3.01 in the third quarter of 2018. Delaware Basin LOE decreased between periods to $3.94 from $4.09 per Boe. The decreases were primarily attributable to optimized field and contract labor expenses that more closely align with the Company's current development plan.

The following table provides the components of production costs for the three and nine months ended September 30, 2019 and 2018:







                                                          Three Months Ended September 30,  Nine Months Ended September 30,
                                                          2019        2018                  2019         2018
        Lease operating expenses                          $    36.5   $    33.0             $    106.0   $    94.9
        Production taxes                                  13.0        24.0                  57.8         66.8
        Transportation, gathering and processing expenses 11.0        9.2                   34.6         25.5
        Total                                             $    60.5   $    66.2             $    198.4   $    187.2
        








                                                                  Three Months Ended September 30,  Nine Months Ended September 30,
                                                                  2019        2018                  2019        2018
        Lease operating expenses per Boe                          $    2.87   $    3.27             $    2.92   $    3.34
        Production taxes per Boe                                  1.03        2.37                  1.59        2.35
        Transportation, gathering and processing expenses per Boe 0.87        0.91                  0.95        0.90
        Total per Boe                                             $    4.77   $    6.55             $    5.46   $    6.59
        


Financial Results

Net income for the third quarter of 2019 was $16 million, or $0.25 per diluted share, compared to net loss of $3 million, or $0.05 per diluted share, for the comparable 2018 period. The primary difference between periods is a result of an approximate $150 million difference in gain (loss) on commodity derivatives. Adjusted net loss for the third quarter, a non-GAAP financial measure defined below, was $24.5 million, or $0.39 per diluted share in 2019 compared to adjusted net income of $32 million, or $0.48 per diluted share in 2018. The year-over-year difference was primarily attributable to a $44 million loss on sale of properties realized in the third quarter of 2019.

Net cash from operating activities was $234 million in the third quarter of 2019, compared to $197 million in the comparable 2018 period. The increase was primarily driven by changes in working capital between periods. Adjusted cash flows from operations, a non-GAAP financial measure defined below, was $202 million in the third quarter of 2019, compared to $201 million in the comparable 2018 period.

General and administrative expense ("G&A") was $41 million, or $3.23 per Boe, for the third quarter of 2019 compared to $48 million, or $4.78 per Boe in the comparable 2018 period. Third quarter 2019 expenses included approximately $5 million in legal-related costs primarily associated with the SRC acquisition. Excluding these costs would have resulted in G&A of approximately $36 million, or $2.81 per Boe for the third quarter of 2019. The Company projects its fourth quarter 2019 G&A to be between $2.60 and $2.80 per Boe, excluding additional merger-related expenses expected in the fourth quarter.

2019 Capital Investment Outlook and Financial Guidance

The following table summarizes the Company's current 2019 financial guidance:







                                                                              Low             High
        Production (MMBoe)                                                    48.0            50.0
        Capital Investment in Crude Oil and Natural Gas Properties (millions) $     810       $     840
        Operating Expenses
        Lease operating expense ($/Boe)                                       $     2.85      $     3.00
        Transportation, gathering and processing expenses ($/Boe)             $     0.90      $     1.00
        Production                                                            6           %   7           %
        General and administrative expense ($/Boe)                            $     3.00      $     3.20
        Estimated Price Realizations (% of NYMEX) (excludes TGP)
        Crude oil                                                             90%             95%
        Natural gas                                                           40%             45%
        NGLs                                                                  20%             25%
        


The Company projects to generate free cash flow between $110 and $150 million in the fourth quarter as it expects a material reduction in capital investments compared to the third quarter, driven primarily by reduced Wattenberg completion activity. Additionally, the Company projects its fourth quarter production volumes to be relatively flat, as it expects Wattenberg sequential growth to offset the aforementioned Delaware declines.

The Company expects its 2019 capital investments to be at, or near the bottom end of the $810 to $840 million range. Full-year 2019 G&A, excluding second half merger-related expenses, is expected at the mid-point of the $3.00 - $3.20 per Boe range.

Reconciliation of Non-U.S. GAAP Financial Measures

We use "adjusted cash flows from operations", "free cash flow", "adjusted net income (loss)" and "adjusted EBITDAX," non-U.S. GAAP financial measures, for internal management reporting, when evaluating period-to-period changes and, in some cases, in providing public guidance on possible future results. In addition, we believe these are measures of our fundamental business and can be useful to us, investors, lenders and other parties in the evaluation of our performance relative to our peers and in assessing acquisition opportunities and capital expenditure projects. These supplemental measures are not measures of financial performance under U.S. GAAP and should be considered in addition to, not as a substitute for, net income (loss) or cash flows from operations, investing or financing activities and should not be viewed as liquidity measures or indicators of cash flows reported in accordance with U.S. GAAP. The non-U.S. GAAP financial measures that we use may not be comparable to similarly titled measures reported by other companies. In the future, we may disclose different non-U.S. GAAP financial measures in order to help us and our investors more meaningfully evaluate and compare our future results of operations to our previously reported results of operations. We strongly encourage investors to review our financial statements and publicly filed reports in their entirety and to not rely on any single financial measure.

Adjusted cash flows from operations and free cash flow. We believe adjusted cash flows from operations can provide additional transparency into the drivers of trends in our operating cash flows, such as production, realized sales prices and operating costs, as it disregards the timing of settlement of operating assets and liabilities. We believe free cash flow provides additional information that may be useful in an analysis of our ability to generate cash to fund exploration and development activities and to return capital to stockholders.

Adjusted net income (loss). We believe that adjusted net income (loss) provides additional transparency into operating trends, such as production, realized sales prices, operating costs and net settlements on commodity derivative contracts, because it disregards changes in our net income (loss) from mark-to-market adjustments resulting from net changes in the fair value of our unsettled commodity derivative contracts, and these changes are not directly reflective of our operating performance.

Adjusted EBITDAX. We believe that adjusted EBITDAX provides additional transparency into operating trends because it reflects the financial performance of our assets without regard to financing methods, capital structure, accounting methods or historical cost basis. In addition, because adjusted EBITDAX excludes certain non-cash expenses, we believe it is a not a measure of income, but rather a measure of our liquidity and ability to generate sufficient cash for exploration, development, acquisitions and to service our debt obligations.

Beginning in the third quarter of 2019, we included a reconciling item for gains or losses on the sale of properties and equipment when calculating adjusted EBITDAX, thereby no longer including such gains or losses in our reported adjusted EBITDAX. We believe this methodology for calculating adjusted EBITDAX will enable greater comparability to our peers, as well as consistent treatment of adjustments for impairment and gains or losses on the sale of properties and equipment. For comparability, all prior periods presented have been conformed to the aforementioned methodology.

The following tables provide reconciliations of adjusted cash flows from operations, adjusted net income (loss) and adjusted EBITDAX to their most comparable U.S. GAAP measures (in millions, except per share data):







        Adjusted Cash Flows from Operations and Free Cash Flow (Deficit)
                                                                                      Three Months Ended September 30,  Nine Months Ended September 30,
                                                                                      2019             2018             2019              2018
        Adjusted cash flows from operations and free cash flow (deficit):
        Net cash from operating activities                                            $    233.5       $    197.0       $    675.7        $    577.8
        Changes in assets and liabilities                                             (31.1      )     4.1              (73.8       )     (2.5        )
        Adjusted cash flows from operations                                           202.4            201.1            601.9             575.3
        Capital expenditures for development of crude oil and natural gas properties  (237.8     )     (252.9     )     (780.6      )     (685.5      )
        Change in accounts payable related to capital expenditures                    74.2             (19.1      )     57.7              (91.4       )
        Free cash flow (deficit)                                                      $    38.8        $    (70.9 )     $    (121.0 )     $    (201.6 )
        








        
        Adjusted Net Income (Loss)
                                                             Three Months Ended September 30,  Nine Months Ended September 30,
                                                             2019             2018             2019             2018
        Adjusted net income (loss):
        Net income (loss)                                    $    15.9        $    (3.4  )     $    (35.7 )     $    (176.8 )
        (Gain) loss on commodity derivative instruments      (54.9      )     94.4             87.9             257.8
        Net settlements on commodity derivative instruments  1.8              (48.1      )     (19.8      )     (90.5       )
        Tax effect of above adjustments                      12.7             (11.1      )     (16.3      )     (40.1       )
        Adjusted net income (loss)                           $    (24.5 )     $    31.8        $    16.1        $    (49.6  )
        Earnings per share, diluted                          $    0.25        $    (0.05 )     $    (0.55 )     $    (2.68  )
        (Gain) loss on commodity derivative instruments      (0.87      )     1.43             1.35             3.91
        Net settlements on commodity derivative instruments  0.03             (0.73      )     (0.30      )     (1.37       )
        Tax effect of above adjustments                      0.20             (0.17      )     (0.25      )     (0.61       )
        Adjusted earnings per share, diluted                 $    (0.39 )     $    0.48        $    0.25        $    (0.75  )
        








        
        Adjusted EBITDAX
                                                             Three Months Ended September 30,  Nine Months Ended September 30,
                                                             2019             2018             2019             2018
        Net income (loss) to adjusted EBITDAX:
        Net income (loss)                                    $    15.9        $    (3.4  )     $    (35.7 )     $    (176.8 )
        (Gain) loss on commodity derivative instruments      (54.9      )     94.4             87.9             257.8
        Net settlements on commodity derivative instruments  1.8              (48.1      )     (19.8      )     (90.5       )
        Non-cash stock-based compensation                    5.9              5.6              18.1             16.4
        Interest expense, net                                17.8             17.4             53.7             52.2
        Income tax expense (benefit)                         10.7             (3.9       )     (4.2       )     (53.8       )
        Impairment of properties and equipment               0.2              1.5              37.0             194.2
        Exploration, geologic and geophysical expense        0.2              1.0              3.5              4.6
        Depreciation, depletion and amortization             171.8            147.5            491.8            410.0
        Accretion of asset retirement obligations            1.4              1.2              4.5              3.8
        Loss on sale of properties and equipment             43.9             2.1              9.6              3.2
        Adjusted EBITDAX                                     $    214.7       $    215.3       $    646.4       $    621.1
        Cash from operating activities to adjusted EBITDAX:
        Net cash from operating activities                   $    233.5       $    197.0       $    675.7       $    577.8
        Interest expense, net                                17.8             17.4             53.7             52.2
        Amortization of debt discount and issuance costs     (3.4       )     (3.1       )     (10.1      )     (9.5        )
        Exploration, geologic and geophysical expense        0.2              1.0              3.5              4.6
        Other                                                (2.3       )     (1.1       )     (2.6       )     (1.5        )
        Changes in assets and liabilities                    (31.1      )     4.1              (73.8      )     (2.5        )
        Adjusted EBITDAX                                     $    214.7       $    215.3       $    646.4       $    621.1
        








        PDC ENERGY, INC.
        Condensed Consolidated Statements of Operations
        (unaudited, in thousands, except per share data)
                                                          Three Months Ended September 30,      Nine Months Ended September 30,
                                                          2019               2018               2019               2018
        Revenues
        Crude oil, natural gas and NGLs sales             $    307,409       $    372,439       $    967,464       $    1,003,597
        Commodity price risk management gain (loss), net  54,867             (94,394      )     (87,858      )     (257,760       )
        Other income                                      3,667              2,672              11,495             8,011
        Total revenues                                    365,943            280,717            891,101            753,848
        Costs, expenses and other
        Lease operating expenses                          36,498             33,046             106,047            94,942
        Production taxes                                  13,039             23,984             57,849             66,757
        Transportation, gathering and processing expenses 10,999             9,234              34,631             25,511
        Exploration, geologic and geophysical expense     209                1,032              3,492              4,553
        Impairment of properties and equipment            167                1,488              37,021             194,230
        General and administrative expense                41,091             48,240             123,497            121,183
        Depreciation, depletion and amortization          171,839            147,540            491,784            409,952
        Accretion of asset retirement obligations         1,356              1,200              4,503              3,773
        Loss on sale of properties and equipment          43,872             2,118              9,599              3,199
        Other expenses                                    2,492              2,711              8,882              8,187
        Total costs, expenses and other                   321,562            270,593            877,305            932,287
        Income (loss) from operations                     44,381             10,124             13,796             (178,439       )
        Interest expense                                  (17,859      )     (17,622      )     (53,742      )     (52,561        )
        Interest income                                   48                 188                63                 405
        Income (loss) before income taxes                 26,570             (7,310       )     (39,883      )     (230,595       )
        Income tax (expense) benefit                      (10,662      )     3,876              4,163              53,765
        Net income (loss)                                 $    15,908        $    (3,434  )     $    (35,720 )     $    (176,830  )
        Earnings per share:
        Basic                                             $    0.25          $    (0.05   )     $    (0.55   )     $    (2.68     )
        Diluted                                           $    0.25          $    (0.05   )     $    (0.55   )     $    (2.68     )
        Weighted-average common shares outstanding:
        Basic                                             62,547             66,073             64,835             66,032
        Diluted                                           62,595             66,073             64,835             66,032
        








        
        PDC ENERGY, INC.
        Condensed Consolidated Balance Sheets
        (unaudited, in thousands, except share and per share data)
                                                                            September 30, 2019  December 31, 2018
        Assets
        Current assets:
        Cash and cash equivalents                                           $      4,567        $      1,398
        Accounts receivable, net                                            253,077             181,434
        Fair value of derivatives                                           75,830              84,492
        Prepaid expenses and other current assets                           7,938               7,136
        Total current assets                                                341,412             274,460
        Properties and equipment, net                                       4,165,156           4,002,862
        Assets held-for-sale, net                                           --                  140,705
        Fair value of derivatives                                           33,185              93,722
        Other assets                                                        43,851              32,396
        Total Assets                                                        $      4,583,604    $      4,544,145
        Liabilities and Stockholders' Equity
        Liabilities
        Current liabilities:
        Accounts payable                                                    $      147,893      $      181,864
        Production tax liability                                            71,569              60,719
        Fair value of derivatives                                           2,953               3,364
        Funds held for distribution                                         88,047              105,784
        Accrued interest payable                                            16,280              14,150
        Other accrued expenses                                              81,049              75,133
        Total current liabilities                                           407,791             441,014
        Long-term debt                                                      1,267,471           1,194,876
        Deferred income taxes                                               193,707             198,096
        Asset retirement obligations                                        86,182              85,312
        Liabilities held-for-sale                                           --                  4,111
        Fair value of derivatives                                           661                 1,364
        Other liabilities                                                   268,037             92,664
        Total liabilities                                                   2,223,849           2,017,437
        Stockholders' equity
        Common shares - par value $0.01 per share, 150,000,000 authorized,  621                 661
        62,087,818 and 66,148,609 issued as of September 30, 2019 and
        December 31, 2018, respectively
        Additional paid-in capital                                          2,390,658           2,519,423
        Retained earnings (deficit)                                         (26,993          )  8,727
        Treasury shares - at cost, 139,415 and 45,220                       (4,531           )  (2,103           )
        as of September 30, 2019 and December 31, 2018, respectively
        Total stockholders' equity                                          2,359,755           2,526,708
        Total Liabilities and Stockholders' Equity                          $      4,583,604    $      4,544,145
        








        PDC ENERGY, INC.
        Condensed Consolidated Statements of Cash Flows
        (unaudited, in thousands)
                                                                                                       Three Months Ended September 30,    Nine Months Ended September 30,
                                                                                                       2019              2018              2019                2018
        Cash flows from operating activities:
        Net income (loss)                                                                              $    15,908       $    (3,434 )     $     (35,720 )     $    (176,830 )
        Adjustments to net income (loss) to reconcile to net cash from operating activities:
        Net change in fair value of unsettled commodity derivatives                                    (53,022     )     46,298            68,058              167,218
        Depreciation, depletion and amortization                                                       171,839           147,540           491,784             409,952
        Impairment of properties and equipment                                                         167               1,488             37,021              194,230
        Accretion of asset retirement obligations                                                      1,356             1,200             4,503               3,773
        Non-cash stock-based compensation                                                              5,866             5,578             18,124              16,357
        Loss on sale of properties and equipment                                                       43,872            2,118             9,599               3,199
        Amortization of debt discount and issuance costs                                               3,408             3,082             10,139              9,454
        Deferred income taxes                                                                          10,586            (2,848      )     (4,389        )     (53,029       )
        Other                                                                                          2,366             51                2,761               1,025
        Changes in assets and liabilities                                                              31,143            (4,096      )     73,845              2,485
        Net cash from operating activities                                                             233,489           196,977           675,725             577,834
        Cash flows from investing activities:
        Capital expenditures for development of crude oil and natural gas properties                   (237,790    )     (252,914    )     (780,581      )     (685,549      )
        Capital expenditures for other properties and equipment                                        (5,069      )     (1,289      )     (15,522       )     (3,739        )
        Acquisition of crude oil and natural gas properties                                            (8,299      )     (520        )     (12,445       )     (181,572      )
        Proceeds from sale of properties and equipment                                                 374               661               1,528               2,443
        Proceeds from divestitures                                                                     2,616             4,470             202,046             43,493
        Restricted cash                                                                                --                --                8,001               1,249
        Net cash from investing activities                                                             (248,168    )     (249,592    )     (596,973      )     (823,675      )
        Cash flows from financing activities:
        Proceeds from revolving credit facility                                                        410,000           396,000           1,300,000           629,000
        Repayment of revolving credit facility                                                         (343,000    )     (343,000    )     (1,235,500    )     (554,000      )
        Payment of debt issuance costs                                                                 (17         )     (26         )     (53           )     (4,086        )
        Purchase of treasury shares                                                                    (48,552     )     --                (142,665      )     --
        Purchase of treasury shares for employee stock-based compensation tax withholding obligations  (157        )     (206        )     (3,874        )     (4,700        )
        Principal payments under financing lease obligations                                           (504        )     (209        )     (1,492        )     (873          )
        Other                                                                                          2                 --                --                  (55           )
        Net cash from financing activities                                                             17,772            52,559            (83,584       )     65,286
        Net change in cash, cash equivalents and restricted cash                                       3,093             (56         )     (4,832        )     (180,555      )
        Cash, cash equivalents and restricted cash, beginning of period                                1,474             9,426             9,399               189,925
        Cash, cash equivalents and restricted cash, end of period                                      $    4,567        $    9,370        $     4,567         $    9,370
        


2019 Third Quarter Teleconference and Webcast

The Company invites you to join Bart Brookman, President and Chief Executive Officer; Scott Meyers, Chief Financial Officer; Lance Lauck, Executive Vice President Corporate Development and Strategy; and Scott Reasoner, Chief Operating Officer, for a conference call on Thursday, November 7, 2019, to discuss its 2019 third quarter results. The related slide presentation will be available on PDC's website at www.pdce.com .

Conference Call and Webcast:

Date/Time: Thursday, November 7, 2019, 11:00 a.m. ET

/zigman2/quotes/202777853/composite
US : U.S.: Nasdaq
$ 15.76
+0.84 +5.63%
Volume: 1.63M
Aug. 5, 2020 4:00p
P/E Ratio
N/A
Dividend Yield
N/A
Market Cap
$1.49 billion
Rev. per Employee
$2.34M
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