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PDC Energy is an exploration and production company headquartered in Denver, Colorado focused on value-added growth through its organic horizontal drilling programs and bolt-on acquisitions in its core areas. PDC's operations include production, development, exploration and marketing of crude oil, natural gas and natural gas liquids (“NGLs”). PDC’s portfolio is comprised of assets located in the Wattenberg Field in Colorado and the Delaware Basin in West Texas. The Company’s total 2017 net production increased approximately 44% year-over-year to 31.8 million barrels of oil equivalent (“MMBoe”), which was derived primarily from the Wattenberg Field, and consisted of 62% crude oil and NGLs, and 38% natural gas.
As of year-end 2017, the Company had proved reserves of 453 MMBoe and owned an interest in approximately 2,800 gross productive wells. PDC has a multi-year inventory of predictable, high-value horizontal locations in the Wattenberg Field (approximately 1,500) that offer significant organic development and long-term growth opportunities. Additionally, the Company has identified 450 horizontal locations in the Delaware Basin in its oiliest Eastern and North Central areas.
Well-positioned to Deliver Value
- 2018 Capital budget is focused on PDC’s highest rate-of-return drilling projects in the Kersey area of the Wattenberg Field as well as in its oiliest areas of its Delaware Basin assets/li>
- Projected to deliver approximately 25% annual production growth to approximately 40.0 MMBoe in 2018
- Projected 2018 year-end leverage ratio, as defined in the Company’s credit agreement, of approximately 1.4
- Strong liquidity of approximately $1.23 billion as of September 30, 2018 pro forma for October increase of commitments under the revolving credit facility
- Well hedged with approximately 70% of expected crude oil and 65% of expected natural gas volumes hedged for 2018
- Operational control and flexibility; nearly 100% of leasehold held-by-production in Wattenberg