PDC Energy, Inc. (“PDC” the “Company”, “we”, “us”, “our’)
(Nasdaq:PDCE) today announced its 2023 first quarter financial and
operating results and updates second quarter production and
full-year capital guidance.
2023 First Quarter Highlights:
- Net cash from operating activities of approximately $590
million, adjusted cash flows from operations, a non-U.S. GAAP
metric defined below, of approximately $520 million and oil and gas
capital investments of approximately $415 million.
- Approximately $100 million of adjusted free cash flow (“FCF”),
a non-U.S. GAAP metric defined below.
- Returned approximately $170 million of capital to shareholders
through the repurchase of approximately 2.1 million shares, or
approximately 2.5 percent of common stock outstanding, and a $0.40
base dividend.
- Total production of 22.0 million barrels of oil equivalent
(“MMBoe”) or approximately 244,000 Boe per day and oil production
of 6.9 million barrels (“MMBbls”) or approximately 77,000 Bbls per
day.
- Set aggressive, but achievable year-over-year GHG and methane
intensity reduction goals for 2023 of approximately 20% and 40%,
respectively.
CEO Commentary
President and Chief Executive Officer, Bart Brookman, commented,
“Our first quarter operations established a solid foundation for
executing on our full-year 2023 plan and marked our most
operationally intensive quarter for the year, with four rigs
running and three completion crews across our asset
base. We began to see the production response from this
activity level at the end of the first quarter when total
production for March averaged 253,000 Boe per day, and oil
production averaged 81,000 Bbls per day. Production continues to
ramp up into the second quarter as new wells come online.
PDC remains focused on driving value through innovation and
technology across all our operations. Great examples
include our use of local sand in the Wattenberg to reduce well
costs, the execution of 3-mile laterals in both basins, and our
ongoing completion optimization efforts. These
innovations along with our lower per-well cost structure will
continue to improve the overall capital efficiency for the
company.
As we report earnings today with production at record levels, I
want to recognize an important milestone for our Company. Our DJ
Basin operations have now exceeded 5 years with no lost time
injuries and our Delaware team remains on track to achieve the same
impressive milestone in the next month.”
Operations Update
In the first quarter of 2023, PDC invested approximately $415
million while delivering total production of 22 million Boe, or
approximately 244,000 Boe per day, and oil production of 6.9
million barrels, or approximately 77,000 barrels per day. Total
production and oil production represent a sequential decrease of 3
percent and 6 percent, respectively, compared to the fourth quarter
of 2022, primarily driven by two fewer days in the first quarter of
2023 and timing of turn-in-line activities.
In the Wattenberg Field, the Company invested approximately $330
million to operate an average of three drilling rigs and
approximately two completion crews in the first quarter, resulting
in 64 spuds and 55 TILs. Of the 55 TILs for the quarter, 36
occurred in the month of March. Total production was 19.4 million
Boe, or approximately 216,000 Boe per day, while oil production was
approximately 6.0 million Bbls, or approximately 67,000 Bbls per
day. PDC exited the first quarter with 209 drilled, uncompleted
wells (“DUCs”).
In the Delaware Basin, PDC invested approximately $85 million to
operate one drilling rig and one completion crew, resulting in 9
spuds and 6 TILs. Total production was 2.6 million Boe, or
approximately 28,000 Boe per day, while oil production was
approximately 0.9 million Boe, or approximately 10,000 Boe per
day.
Q1 2023 Shareholder Returns and Financial
Position
The Company returned approximately $170 million of capital to
shareholders in the first quarter through the repurchase of
approximately 2.1 million shares of common stock and a $0.40 per
share base quarterly dividend. In February 2023, our board of
directors approved a $750 million increase in the size of our stock
repurchase program resulting in an aggregate authorization of $2
billion, which is currently expected to be utilized by year end
2025. PDC remains committed to returning a minimum of 60 percent of
its annual post-dividend FCF to shareholders through the Company’s
share repurchase program and a year-end special dividend, if
needed.
At quarter end, the Company had approximately $15 million cash
on hand and approximately $350 million drawn on its credit
facility. The net leverage ratio was 0.5x at March 31,
2023.
Full-Year 2023 and Second Quarter Outlook
For the full-year 2023, we reaffirm our total production
guidance range of 255,000 Boe to 265,000 Boe per day and our crude
oil production range of 82,000 Bbls to 86,000 Bbls. Our planned
2023 capital investments in crude oil and natural gas properties
are now expected to be approximately $1,350 to $1,450 million
reflecting some of the pass through cost savings primarily
associated with steel, sand and fuel we have realized for the
year.
For the second quarter, the Company increased the midpoint of
its prior guidance and now expects total production to be in a
range of 265,000-277,000 Boe per day and 87,000-92,000 Bbls per day
of oil production. The increase is primarily a result of timing of
turn-in-line activity from two large pads in the Wattenberg Field
at the end of the first quarter that will now contribute more to
the second quarter. Capital investments in crude oil and natural
gas properties for the second quarter are expected to be
approximately $325 - $400 million, unchanged from our prior
guidance as realized savings are expected to be offset by a slight
push of capital from first quarter activity.
Environmental, Social and Governance
(“ESG”)
In the first quarter, PDC submitted its final 2022 emissions
data to the EPA and ultimately recorded 32% and 58% reductions in
GHG and methane emissions intensity, respectively. As we continue
to strive for improvement, we set aggressive, but achievable
year-over-year GHG and methane intensity reduction goals for 2023
of approximately 20% and 40%, respectively.
First Quarter Oil and Gas Production, Sales and
Operating Cost Data
Crude oil, natural gas and NGLs sales, excluding net settlements
on derivatives, were $813 million, a 17 percent decrease compared
to fourth quarter of 2022 of $976 million. The decrease in sales
between periods was due to a 14 percent decrease in the weighted
average realized sales price per Boe to $37.02 from $42.95 and a 3
percent decrease in production from 22.7 MMBoe to 22.0 MMBoe. The
decrease in sales price was primarily driven by a 10 percent, 27
percent and 2 percent decrease in weighted average realized crude
oil, natural gas and NGLs prices, respectively. The combined
revenue from crude oil, natural gas and NGLs sales and net
settlements on commodity derivative instruments was $727 million in
the first quarter of 2023 compared to $809 million in the fourth
quarter 2022.
The following table provides weighted average sales price, by
area, excluding net settlements on derivatives and transportation,
gathering and processing expense (“TGP”), for the periods
presented:
|
|
Three Months Ended |
|
|
March 31, 2023 |
|
December 31, 2022 |
|
Percent Change |
Crude oil (MBbls) |
|
|
|
|
|
|
Wattenberg Field |
|
|
6,005 |
|
|
6,406 |
|
(6)% |
Delaware Basin |
|
|
933 |
|
|
974 |
|
(4)% |
Total |
|
|
6,938 |
|
|
7,380 |
|
(6)% |
|
|
|
|
|
|
|
Weighted average price |
|
$ |
74.13 |
|
$ |
82.24 |
|
(10)% |
|
|
|
|
|
|
|
Natural gas (MMcf) |
|
|
|
|
|
|
Wattenberg Field |
|
|
46,720 |
|
|
47,502 |
|
(2)% |
Delaware Basin |
|
|
5,767 |
|
|
5,977 |
|
(4)% |
Total |
|
|
52,487 |
|
|
53,479 |
|
(2)% |
|
|
|
|
|
|
|
Weighted average price |
|
$ |
3.07 |
|
$ |
4.20 |
|
(27)% |
|
|
|
|
|
|
|
NGLs (MBbls) |
|
|
|
|
|
|
Wattenberg Field |
|
|
5,628 |
|
|
5,799 |
|
(3)% |
Delaware Basin |
|
|
658 |
|
|
631 |
|
4% |
Total |
|
|
6,286 |
|
|
6,430 |
|
(2)% |
|
|
|
|
|
|
|
Weighted average price |
|
$ |
21.95 |
|
$ |
22.49 |
|
(2)% |
|
|
|
|
|
|
|
Crude oil equivalent (MBoe) |
|
|
|
|
|
|
Wattenberg Field |
|
|
19,420 |
|
|
20,122 |
|
(3)% |
Delaware Basin |
|
|
2,551 |
|
|
2,601 |
|
(2)% |
Total |
|
|
21,971 |
|
|
22,723 |
|
(3)% |
|
|
|
|
|
|
|
Weighted average price |
|
$ |
37.02 |
|
$ |
42.95 |
|
(14)% |
Production costs for the first quarter of 2023, which include
lease operating expenses (“LOE”), production taxes and TGP, were
$162 million, or $7.35 per Boe, compared to $165 million, or $7.28
per Boe, in the fourth quarter of 2022.
The following table provides the components of production costs
for the periods presented:
|
Three Months Ended |
|
March 31, 2023 |
|
December 31, 2022 |
|
(in millions) |
Lease operating expenses |
$ |
73 |
|
$ |
69 |
Production taxes |
|
56 |
|
|
61 |
Transportation, gathering and processing expenses |
|
33 |
|
|
35 |
Total |
$ |
162 |
|
$ |
165 |
|
Three Months Ended |
|
March 31, 2023 |
|
December 31, 2022 |
Lease operating expenses per Boe |
$ |
3.33 |
|
$ |
3.04 |
Production taxes per Boe |
|
2.54 |
|
|
2.71 |
Transportation, gathering and processing expenses per Boe |
|
1.48 |
|
|
1.53 |
Total per Boe |
$ |
7.35 |
|
$ |
7.28 |
Financial Results
Net income for the first quarter of 2023 was $414 million, or
$4.64 per diluted share, compared to $350 million, or $3.79 per
diluted share, in the fourth quarter of 2022. The
quarter-over-quarter change was primarily due to a $144 million
commodity risk management gain in the first quarter of 2023
compared to a $100 million commodity risk management loss in the
fourth quarter of 2022 partially offset by a decrease in crude oil,
natural gas and NGLs sales of $163 million and an increase in
income tax expense of $17 million between periods. Adjusted net
income, a non-U.S. GAAP financial measure defined below, was $233
million in the first quarter of 2023 compared to $297 million in
the fourth quarter of 2022. The movement between periods is
primarily attributable to the change in sales and income tax
expense partially offset by settled derivatives.
Net cash from operating activities for the first quarter of 2023
was approximately $588 million compared to $688 million in the
fourth quarter of 2022. Adjusted cash flows from operations, a
non-U.S. GAAP metric defined below, was approximately $518 million
and $604 million in the first quarter of 2023 and fourth quarter of
2022, respectively. The quarter-over-quarter decrease in adjusted
cash flows from operations was primarily due to a $163 million
decrease in sales partially offset by an $81 million decrease in
derivative settlement losses between periods. Adjusted free cash
flows, a non-U.S. GAAP metric defined below, decreased to $101
million from $258 million in the fourth quarter of 2022 due to a
decrease in adjusted cash flows from operations and in increase
capital expenditures between periods.
G&A, which includes cash and non-cash expense, was $41
million, or $1.89 per Boe, in the first quarter of 2023 compared to
$36 million, or $1.60 per Boe, in the fourth quarter of 2022.
Reconciliation of Non-U.S. GAAP Financial
Measures
We use “adjusted cash flows from operations,” “adjusted free
cash flow (deficit)” and “adjusted net income (loss),” 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 adjusted free cash flow
(deficit). 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 adjusted free cash
flow (deficit) provides additional information that may be useful
in an investor analysis of our ability to generate cash from
operating activities from our existing oil and gas asset base to
fund exploration and development activities and to return capital
to stockholders in the period in which the related transactions
occurred. We exclude from this measure cash receipts and
expenditures related to acquisitions and divestitures of oil and
gas properties and capital expenditures for other properties and
equipment, which are not reflective of the cash generated or used
by ongoing activities on our existing producing properties and, in
the case of acquisitions and divestitures, may be evaluated
separately in terms of their impact on our performance and
liquidity. Adjusted free cash flow is a supplemental measure of
liquidity and should not be viewed as a substitute for cash flows
from operations because it excludes certain required cash
expenditures. For example, we may have mandatory debt service
requirements or other non-discretionary expenditures which are not
deducted from the adjusted free cash flow measure.
We are unable to present a reconciliation of forward-looking
adjusted 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. We believe that
forward-looking estimates of adjusted cash flow are important to
investors because they assist in the analysis of our ability to
generate cash from our operations.
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.
Cash Flows from Operations to Adjusted Cash Flows from
Operations and Adjusted Free Cash Flow |
|
|
Three Months Ended |
|
|
March 31, 2023 |
|
December 31, 2022 |
|
|
(in millions) |
Cash flows from
operations to adjusted cash flows from operations and adjusted free
cash flow: |
|
|
|
|
Net cash from operating activities |
|
$ |
588 |
|
|
$ |
688 |
|
Changes in assets and liabilities |
|
|
(70) |
|
|
|
(84) |
|
Adjusted cash flows from operations |
|
|
518 |
|
|
|
604 |
|
Capital expenditures for development of crude oil and natural gas
properties |
|
|
(362) |
|
|
|
(296) |
|
Capital expenditures for midstream assets |
|
|
(4) |
|
|
|
(1) |
|
Change in accounts payable related to capital expenditures for oil
and gas development activities |
|
|
(51) |
|
|
|
(49) |
|
Adjusted free cash flow |
|
$ |
101 |
|
|
$ |
258 |
|
Net Loss to Adjusted Net Income (Loss) and Adjusted
Earnings Per Share, Diluted |
|
|
Three Months Ended |
|
|
March 31, 2023 |
|
December 31, 2022 |
|
|
(in millions, except per share data) |
Net income (loss) to
adjusted net income (loss): |
|
|
|
|
Net income (loss) |
|
$ |
414 |
|
|
$ |
350 |
|
Loss (gain) on commodity derivative instruments |
|
|
(144) |
|
|
|
100 |
|
Net settlements on commodity derivative instruments |
|
|
(86) |
|
|
|
(167) |
|
Tax effect of above adjustments (1) |
|
|
49 |
|
|
|
14 |
|
Adjusted net income (loss) |
|
$ |
233 |
|
|
$ |
297 |
|
|
|
|
|
|
Earnings per share,
diluted |
|
|
4.64 |
|
|
$ |
3.79 |
|
Loss (gain) on commodity derivative instruments |
|
|
(1.61) |
|
|
|
1.09 |
|
Net settlements on commodity derivative instruments |
|
|
(0.97) |
|
|
|
(1.81) |
|
Tax effect of above adjustments |
|
|
0.55 |
|
|
|
0.15 |
|
Adjusted earnings (loss) per
share, diluted |
|
$ |
2.61 |
|
|
$ |
3.22 |
|
Weighted average diluted
shares outstanding |
|
|
89.2 |
|
|
|
92.3 |
|
PDC ENERGY, INC.
Condensed Consolidated Statements of
Operations(unaudited, in thousands, except per share
data)
|
Three Months Ended March 31, |
|
|
2023 |
|
|
|
2022 |
|
Revenues |
|
|
|
Crude oil, natural gas and NGLs sales |
$ |
813,284 |
|
|
$ |
882,378 |
|
Commodity price risk management gain (loss), net |
|
144,132 |
|
|
|
(568,055) |
|
Other income |
|
252 |
|
|
|
2,125 |
|
Total revenues |
|
957,668 |
|
|
|
316,448 |
|
Costs, expenses and
other |
|
|
|
Lease operating expense |
|
73,259 |
|
|
|
54,156 |
|
Production taxes |
|
55,747 |
|
|
|
62,916 |
|
Transportation, gathering and processing expense |
|
32,505 |
|
|
|
27,971 |
|
Exploration, geologic and geophysical expense |
|
534 |
|
|
|
253 |
|
General and administrative expense |
|
41,487 |
|
|
|
34,107 |
|
Depreciation, depletion and amortization |
|
207,187 |
|
|
|
151,055 |
|
Accretion of asset retirement obligations |
|
3,714 |
|
|
|
2,987 |
|
Impairment of properties and equipment |
|
1,373 |
|
|
|
943 |
|
Loss (gain) on sale of properties and equipment |
|
155 |
|
|
|
(125) |
|
Total costs, expenses and other |
|
415,961 |
|
|
|
334,263 |
|
Income (loss) from operations |
|
541,707 |
|
|
|
(17,815) |
|
Interest expense, net |
|
(14,705) |
|
|
|
(12,945) |
|
Income (loss) before income taxes |
|
527,002 |
|
|
|
(30,760) |
|
Income tax expense |
|
(112,870) |
|
|
|
(1,200) |
|
Net income (loss) |
$ |
414,132 |
|
|
$ |
(31,960) |
|
|
|
|
|
Earnings (Loss) per
share: |
|
|
|
Basic |
$ |
4.69 |
|
|
$ |
(0.33) |
|
Diluted |
$ |
4.64 |
|
|
$ |
(0.33) |
|
|
|
|
|
Weighted average
common shares outstanding: |
|
|
|
Basic |
|
88,357 |
|
|
|
96,279 |
|
Diluted |
|
89,228 |
|
|
|
96,279 |
|
|
|
|
|
Dividends declared per
share |
$ |
0.40 |
|
|
$ |
0.25 |
|
PDC ENERGY, INC.
Condensed Consolidated Balance Sheets (unaudited,
in thousands, except share and per share data)
|
|
March 31, 2023 |
|
December 31, 2022 |
Assets |
|
|
|
|
Current assets: |
|
|
|
|
Cash and cash equivalents |
|
$ |
17,443 |
|
|
$ |
6,494 |
|
Accounts receivable, net |
|
|
474,783 |
|
|
|
546,311 |
|
Fair value of derivatives |
|
|
68,144 |
|
|
|
31,963 |
|
Prepaid expenses and other current assets |
|
|
10,822 |
|
|
|
8,987 |
|
Total current assets |
|
|
571,192 |
|
|
|
593,755 |
|
Properties and equipment, net |
|
|
7,510,312 |
|
|
|
7,293,355 |
|
Fair value of derivatives |
|
|
46,497 |
|
|
|
25,562 |
|
Other assets |
|
|
131,464 |
|
|
|
70,093 |
|
Total Assets |
|
$ |
8,259,465 |
|
|
$ |
7,982,765 |
|
|
|
|
|
|
Liabilities and
Stockholders’ Equity |
|
|
|
|
Liabilities |
|
|
|
|
Current liabilities: |
|
|
|
|
Accounts payable |
|
$ |
285,995 |
|
|
$ |
244,406 |
|
Production tax liability |
|
|
253,962 |
|
|
|
244,737 |
|
Fair value of derivatives |
|
|
125,529 |
|
|
|
274,218 |
|
Funds held for distribution |
|
|
523,889 |
|
|
|
539,094 |
|
Accrued interest payable |
|
|
20,877 |
|
|
|
11,655 |
|
Other accrued expenses |
|
|
112,294 |
|
|
|
106,082 |
|
Total current liabilities |
|
|
1,322,546 |
|
|
|
1,420,192 |
|
Long-term debt |
|
|
1,296,491 |
|
|
|
1,314,010 |
|
Asset retirement obligations |
|
|
170,060 |
|
|
|
171,665 |
|
Fair value of derivatives |
|
|
29,019 |
|
|
|
53,600 |
|
Deferred income taxes |
|
|
621,358 |
|
|
|
507,683 |
|
Other liabilities |
|
|
605,615 |
|
|
|
532,870 |
|
Total liabilities |
|
|
4,045,089 |
|
|
|
4,000,020 |
|
|
|
|
|
|
Commitments and contingent
liabilities |
|
|
|
|
|
|
|
|
|
Stockholders’ equity |
|
|
|
|
Common shares - par value $0.01 per share, 150,000,000 authorized,
87,570,195 and 89,224,353 issued as of March 31, 2023 and
December 31, 2022, respectively |
|
|
876 |
|
|
|
892 |
|
Additional paid-in capital |
|
|
2,742,706 |
|
|
|
2,823,364 |
|
Retained earnings |
|
|
1,476,205 |
|
|
|
1,165,816 |
|
Treasury shares - at cost, 88,328 and 119,336 as of March 31,
2023 and December 31, 2022, respectively |
|
|
(5,411) |
|
|
|
(7,327) |
|
Total stockholders’ equity |
|
|
4,214,376 |
|
|
|
3,982,745 |
|
Total Liabilities and Stockholders’ Equity |
|
$ |
8,259,465 |
|
|
$ |
7,982,765 |
|
PDC ENERGY, INC.
Condensed Consolidated Statements of Cash
Flows(unaudited, in thousands)
|
|
Three Months Ended March 31, |
|
|
|
2023 |
|
|
|
2022 |
|
Cash flows from
operating activities: |
|
|
|
|
Net income (loss) |
|
$ |
414,132 |
|
|
$ |
(31,960) |
|
Adjustments to net loss to reconcile to net cash from operating
activities: |
|
|
|
|
Net change in fair value of unsettled commodity derivatives |
|
|
(230,386) |
|
|
|
406,461 |
|
Depreciation, depletion and amortization |
|
|
207,187 |
|
|
|
151,055 |
|
Impairment of properties and equipment |
|
|
1,373 |
|
|
|
943 |
|
Accretion of asset retirement obligations |
|
|
3,714 |
|
|
|
2,987 |
|
Non-cash stock-based compensation |
|
|
6,564 |
|
|
|
5,474 |
|
Amortization of debt discount, premium and issuance costs |
|
|
1,361 |
|
|
|
1,357 |
|
Deferred income taxes |
|
|
113,675 |
|
|
|
3,600 |
|
Other |
|
|
258 |
|
|
|
(1,030) |
|
Changes in assets and liabilities |
|
|
70,445 |
|
|
|
(49,839) |
|
Net cash from operating activities |
|
|
588,323 |
|
|
|
489,048 |
|
Cash flows from
investing activities: |
|
|
|
|
Capital expenditures for development of crude oil and natural gas
properties |
|
|
(362,251) |
|
|
|
(187,021) |
|
Capital expenditures for midstream assets |
|
|
(3,574) |
|
|
|
— |
|
Capital expenditures for other properties and equipment |
|
|
(6,651) |
|
|
|
(67) |
|
Proceeds from sale of properties and equipment |
|
|
37 |
|
|
|
89 |
|
Proceeds from divestitures |
|
|
— |
|
|
|
465 |
|
Funds held in escrow for acquisition |
|
|
— |
|
|
|
(50,000) |
|
Net cash from investing activities |
|
|
(372,439) |
|
|
|
(236,534) |
|
Cash flows from
financing activities: |
|
|
|
|
Proceeds from revolving credit facility and other borrowings |
|
|
496,000 |
|
|
|
100,500 |
|
Repayment of revolving credit facility and other borrowings |
|
|
(514,000) |
|
|
|
(100,500) |
|
Payment of debt issuance costs |
|
|
— |
|
|
|
(30) |
|
Purchase of treasury shares for employee stock-based compensation
tax withholding obligations |
|
|
(19,243) |
|
|
|
(9,203) |
|
Purchase of treasury shares under stock repurchase program |
|
|
(129,944) |
|
|
|
(80,853) |
|
Dividends paid |
|
|
(37,179) |
|
|
|
(24,681) |
|
Principal payments under financing lease obligations |
|
|
(569) |
|
|
|
(419) |
|
Net cash from financing activities |
|
|
(204,935) |
|
|
|
(115,186) |
|
Net change in cash,
cash equivalents and restricted cash |
|
|
10,949 |
|
|
|
137,328 |
|
Cash, cash equivalents
and restricted cash, beginning of period |
|
|
6,494 |
|
|
|
33,829 |
|
Cash, cash equivalents
and restricted cash, end of period |
|
$ |
17,443 |
|
|
$ |
171,157 |
|
2023 First 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 David Lillo, Senior Vice President Operations for a
conference call at 11:00 a.m. ET on Thursday, May 4, 2023, to
discuss the 2023 first quarter results. The related slide
presentation will be available on PDC's website at
www.pdce.com.
To attend the conference call or webcast, participants should
register online at
http://www.pdce.com/investors-overview/events-calendar-webcasts-presentations/.
Once registered, participants will receive the dial in details and
a unique PIN number. Participants are requested to register a
minimum 15 minutes before the start of the call.
A replay of the webcast will be available two hours after the
call and archived on the same web page for six months.
About PDC Energy, Inc.
PDC Energy, Inc. is a domestic independent exploration and
production company that acquires, explores and develops properties
for the production of crude oil, natural gas and NGLs, with
operations in the Wattenberg Field in Colorado and Delaware Basin
in west Texas. Its operations in the Wattenberg Field are focused
in the horizontal Niobrara and Codell plays and its Delaware Basin
operations are primarily focused in the horizontal Wolfcamp
zones.
SPECIAL NOTE REGARDING FORWARD-LOOKING
STATEMENTS
This press release contains forward-looking statements within
the meaning of Section 27A of theSecurities Act of 1933
(“Securities Act”) and Section 21E of the Securities Exchange Act
of 1934 (“Exchange Act”) and the United States (“U.S.”) Private
Securities Litigation Reform Act of 1995 regarding our business,
financial condition, results of operations and prospects. All
statements other than statements of historical fact included in and
incorporated by reference into this report are “forward-looking
statements”. Words such as expect, anticipate, intend, plan,
believe, seek, estimate, schedule and similar expressions or
variations of such words are intended to identify forward-looking
statements herein. Forward-looking statements include, among other
things, statements regarding permitting matters; future production,
costs and cash flows; drilling locations, zones and growth
opportunities; capital expenditures and projects; the return of
capital to shareholders through buybacks of shares and/or payments
of dividends; and ESG matters.
The above statements are not the exclusive means of identifying
forward-looking statements herein. Although forward-looking
statements contained in this press release reflect our good faith
judgment, such statements can only be based on facts and factors
currently known to us. Forward-looking statements are always
subject to risks and uncertainties, and become subject to greater
levels of risk and uncertainty as they address matters further into
the future. Throughout this press release or accompanying
materials, we may use the term “projection” or similar terms or
expressions, or indicate that we have “modeled” certain future
scenarios. We typically use these terms to indicate our current
thoughts on possible outcomes relating to our business or our
industry in periods beyond the current fiscal year. Because such
statements relate to events or conditions further in the
future,they are subject to increased levels of uncertainty.
Important factors that could cause actual
results to differ materially from the forward-looking statements
include, but are not limited to:
- market and commodity price volatility, widening price
differentials, and related impacts to the Company, including
decreased revenue, income and cash flow, write-downs and
impairments and decreased availability of capital;
- difficulties in integrating our operations as a result of any
significant acquisitions or acreage exchanges;
- adverse changes to our future cash flows, liquidity and
financial condition;
- changes in, and interpretations and enforcement of,
environmental and other laws and other political and regulatory
developments;
- declines in the value of our crude oil, natural gas and NGLs
properties resulting in impairments;
- changes in, and inaccuracy of, reserve estimates and expected
production and decline rates;
- timing and extent of our success in discovering, acquiring,
developing and producing reserves;
- reductions in the borrowing base under our revolving credit
facility;
- availability and cost of capital;
- risks inherent in the drilling and operation of crude oil and
natural gas wells;
- ability to add to our gross operated inventory through wellbore
spacing and untested zones;
- timing and costs of wells and facilities;
- availability, cost, and timing of sufficient pipeline,
gathering, transportation and electrical facilities and related
infrastructure;
- limitations in the availability of supplies, materials,
contractors and services that may delay the drilling or completion
of our wells;
- potential losses of acreage or other impacts due to lease
expirations, other title defects, or otherwise;
- risks inherent in marketing crude oil, natural gas and
NGLs;
- effect of crude oil and natural gas derivative activities;
- impact of environmental events, governmental and other
third-party responses to such events and our ability to insure
adequately against such events;
- cost of pending or future litigation;
- impact to our operations, personnel retention, strategy, stock
price and expenses caused by the actions of activist
shareholders;
- uncertainties associated with future dividends to our
shareholders or share buybacks;
- timing and amounts of federal and state income taxes;
- our ability to retain or attract senior management and key
technical employees;
- an unanticipated assumption of liabilities or other problems
with the Great Western acquisition or other acquisitions we may
pursue;
- civil unrest, terrorist attacks and cyber threats;
- physical, financial and transition risks relating to climate
change;
- changes in general economic, business or industry conditions,
including changes in interest rates and inflation rates and
concerns regarding a global economic recession;
- our ability to achieve our emission reductions, flaring and
other environmental, social and governmental goals; and
- success of strategic plans, expectations and objectives for our
future operations.
Further, we urge you to carefully review and consider the
cautionary statements and disclosures, specifically those under the
“Item 1A. Risk Factors” made in our Annual Report on Form 10-K for
the year ended December 31, 2022 filed with the U.S. Securities and
Exchange Commission for further information on risks and
uncertainties that could affect our business, financial condition,
results of operations and prospects, which are incorporated by this
reference as though fully set forth herein. We caution you not to
place undue reliance on the forward-looking statements, which speak
only as of the date of this release. We undertake no
obligation to update any forward-looking statements in order to
reflect any event or circumstance occurring after the date of this
release or currently unknown facts or conditions or the occurrence
of unanticipated events. All forward-looking statements are
qualified in their entirety by this cautionary
statement.
Contacts: |
Aaron Vandeford |
|
Director Investor
Relations |
|
303-381-9493 |
|
aaron.vandeford@pdce.com |
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