Last $55.05 USD
Change Today +1.16 / 2.15%
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As of 8:10 PM 07/23/14 All times are local (Market data is delayed by at least 15 minutes).

pdc energy inc (PDCE) Snapshot

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10/22/13 - $73.93
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pdc energy inc (PDCE) Details

PDC Energy, Inc., an independent exploration and production company, acquires, explores for, develops, and produces crude oil, natural gas, and natural gas liquids in the United States. The company’s operations are focused primarily in the Wattenberg Field of Colorado, including the horizontal Niobrara and Codell plays; the Utica Shale in Ohio; and the Marcellus Shale in West Virginia. PDC Energy, Inc. operates in two segments, Oil and Gas Exploration and Production, and Gas Marketing. The Oil and Gas Exploration and Production segment produces and sells natural gas to midstream service providers, marketers, utilities, industrial end-users, and other wholesale purchasers; and crude oil and natural gas liquids. The Gas Marketing segment purchases, aggregates, and resells natural gas; and purchases natural gas produced by third party producers for resale. This segment markets natural gas to third-party marketers and natural gas utilities, as well as to industrial and commercial customers. As of December 31, 2012, it had approximately 266 million barrels of crude oil equivalent of proved reserves; and owned an interest in approximately 3,100 gross wells. The company was formerly known as Petroleum Development Corporation and changed its name to PDC Energy, Inc. in June 2012. PDC Energy, Inc. was founded in 1969 and is headquartered in Denver, Colorado.

412 Employees
Last Reported Date: 02/21/14
Founded in 1969

pdc energy inc (PDCE) Top Compensated Officers

Chief Executive Officer and President
Total Annual Compensation: $1.6M
Chief Financial Officer
Total Annual Compensation: $705.0K
Chief Operating Officer and Executive Vice Pr...
Total Annual Compensation: $794.3K
Senior Vice President, General Counsel and Co...
Total Annual Compensation: $604.0K
Senior Vice President of Corporate Developmen...
Total Annual Compensation: $644.0K
Compensation as of Fiscal Year 2013.

pdc energy inc (PDCE) Key Developments

PDC Energy, Inc. Presents at Credit Suisse Shale Conference, Jun-18-2014 11:00 AM

PDC Energy, Inc. Presents at Credit Suisse Shale Conference, Jun-18-2014 11:00 AM.

PDC Energy, Inc. Announces Management Changes

PDC Energy, Inc. announced that James M. Trimble, President and Chief Executive Officer, will step down and return to his previously held board of directors role in January 2015. He will be succeeded as President and CEO by Barton Brookman. Mr. Brookman will be appointed President effective immediately. He has been with the company since 2005, most recently serving as the Executive Vice President and Chief Operating Officer since his appointment in June 2013. Prior to his appointment to Executive Vice President and Chief Operating Officer in 2013, Mr. Brookman served as the Company's Senior Vice President of Exploration and Production. Before joining PDC in 2005, Mr. Brookman worked for Patina Oil and Gas and its predecessor Snyder Oil from 1988 until 2005 in a series of operational and technical positions of increasing responsibility, ending his service as Patina's Vice President of Operations. Mr. Brookman holds a B.S. in Petroleum Engineering from the Colorado School of Mines and a M.S. in Finance from the University of Colorado. As a member of the Board, Mr. Trimble will serve as an operations advisor so as to facilitate a smooth leadership transition and a continued focus on the company's successful growth strategy.

PDC Energy, Inc. Reports Unaudited Consolidated Earnings and Production Results for the First Quarter Ended March 31, 2014; Plans to Add Second Drilling Rig in Utica; Reports Impairment Charges for the First Quarter of 2014

PDC Energy, Inc. reported unaudited consolidated earnings and production results for the first quarter ended March 31, 2014. For the quarter, the company reported total revenues of $130,262,000 compared to $71,826,000 a year ago. Income from operations was $9,065,000 compared to loss from operations of $50,090,000 a year ago. Loss from continuing operations before income taxes was $3,514,000 compared to $63,447,000 a year ago. Net loss was $2,127,000 or $0.06 basic and diluted per share compared to $39,418,000 or $1.30 basic and diluted per share a year ago. Adjusted net income, a non-U.S. GAAP, was $9.6 million for the first quarter of 2014, compared to an adjusted net loss of $20.4 million for the comparable period of 2013. Net cash from operating activities was $80.5 million in the first quarter of 2014, compared to net cash from operating activities of $44.3 million in the first quarter of 2013. Adjusted cash flows from operations, a non-U.S. GAAP, increased 33% to $69.7 million in the first quarter of 2014, compared to $52.4 million in the comparable period of 2013. Adjusted diluted net income per share was $0.27 compared to adjusted diluted loss per share of $0.67 a year ago. Adjusted EBITDA was $76.5 million compared to $61.1 million a year ago. First quarter 2014 production increased 44% to 26,700 Boe/d compared to 18,500 Boe/d in the first quarter of 2013, and increased 2% compared to 26,100 Boe/d in the fourth quarter of 2013. The increase in production over first quarter 2013 was due to successful horizontal drilling in the Wattenberg Field, Utica Shale and Marcellus Shale. The company expects to add a fifth drilling rig in Wattenberg in May 2014 with a production contribution expected later in 2014. The company also plans to add a second drilling rig in the Utica during the second half of the year, as continue to accelerate the development of high-return, liquid-rich assets. The company reported impairment of crude oil and natural gas properties of $979,000 for the first quarter of 2014 compared to $46,459,000 a year ago.


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Valuation PDCE Industry Range
Price/Earnings 100.0x
Price/Sales 3.9x
Price/Book 2.0x
Price/Cash Flow 11.4x
TEV/Sales 2.2x

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