PDC Energy posts 4Q profit, 2013 loss

PDC Energy Inc. (Nasdaq: PDCE) earned $13.2 million during the fourth quarter vs. a loss of $126.2 million the same period a year earlier, the oil and gas producer said Thursday.

PDC Energy, which explores for oil and gas in Weld County, saw its production increase nearly 60 percent to 26,000 barrels of oil equivalent per day, up from 17,000 per day in the fourth quarter. The increase came primarily from drilling in the Wattenberg field in Weld, PDC said.

In 2013, “We once again achieved double-digit growth in production and reserves,” CEO James Trimble said in an earnings statement.

Crude oil and natural gas revenue totaled $120.3 million during the fourth quarter, up from $67.8 million the same quarter a year earlier.

Production costs, however, rose to $22.3 million in the fourth quarter, up from $13.6 million during the fourth quarter of 2012.

In 2013, PDC Energy posted a net loss of $22.3 million, down from a net loss of $130.7 million.

Total revenue hit $411.3 million in 2013, up 28 percent from $320.6 million in 2012. Production increased to 20,400 barrels of oil equivalent per day in 2013 vs. 15,000 barrels of oil equivalent in 2012.

Despite the increase in revenue, production costs, taxes and other expenses totaled $73.4 million in 2013 vs. $54.7 million in 2012. Depreciation, depletion and amortization expenses totaled $127.3 million in 2013 vs. $98.8 million in 2012.

PDC Energy shares surged 7 percent to close at $56.96 on Thursday.


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