Energy, Utilities & Water  November 3, 2016

PDC Energy shrinks third-quarter losses

DENVER — PDC Energy Inc. (Nasdaq: PDCE) trimmed its third-quarter net loss from $41.5 million a year ago to $23.3 million this year.

The Denver-based company, which produces oil and natural gas mostly in Northern Colorado, posted the figures with its third-quarter earnings report on Thursday morning.

The latest net loss came out to 48 cents per diluted share, down from a loss of $1.04 per share last year.

SPONSORED CONTENT

Business Cares: March 2024

WomenGive, a program of United Way of Larimer County, was started in Larimer County in 2006 as an opportunity for women in our community to come together to help other women.

But while production was up 39 percent versus a year earlier, third-quarter revenue was only $163.9 million, down from $231.1 million for the same period last year.

Capital expenditures in the third quarter were $118 million, down from $130.9 million last year.

Production hit 6 million barrels of oil equivalent, or 65,263 barrels per day.

In August, PDC announced that it would pay $1.5 billion for about 57,000 net acres in the Delaware Basin in Texas that are producing about 7,000 barrels of oil equivalent per day. That deal is expected to close in December.

“Our priorities are to continue building upon the tremendous momentum in the Wattenberg, while we integrate and develop our new Delaware assets,” CEO Bart Brookman said in a news release. “As we begin our budget process for 2017, look for us to emphasize a strong balance sheet while delivering top-tier production growth from our premier asset portfolio.”

DENVER — PDC Energy Inc. (Nasdaq: PDCE) trimmed its third-quarter net loss from $41.5 million a year ago to $23.3 million this year.

The Denver-based company, which produces oil and natural gas mostly in Northern Colorado, posted the figures with its third-quarter earnings report on Thursday morning.

The latest net loss came out to 48 cents per diluted share, down from a loss of $1.04 per share last year.

But while production was up 39 percent versus a year earlier, third-quarter revenue was only $163.9 million, down from $231.1 million for the same period last year.

Capital…

Sign up for BizWest Daily Alerts