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PDC Energy is an exploration and production company headquartered in Denver, Colorado focused on value-added organic growth through active 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: the Wattenberg Field in Colorado, the Delaware Basin in West Texas and the Utica Shale in Ohio. The Company’s total 2015 net production increased approximately 65% year-over-year to 15.4 MMBoe, which was derived primarily from the Wattenberg Field, and consisted of 64% crude oil and NGLs, and 36% natural gas.
As of year-end 2015, the Company had proved reserves of 273 MMBoe and owned an interest in approximately 3,000 gross productive wells. PDC has a very large inventory of predictable, high-value horizontal locations in the Wattenberg Field (approximately 2,150 2P as of year-end 2015 with an average lateral of 4,700 feet) that offer significant organic development and long-term growth opportunities.
Well-positioned to Deliver Value
- 2016 Capital budget is focused on its best rate-of-return drilling primarily in the Middle Core area of the Wattenberg Field
- Projected to deliver ~35% production growth to 20.0-22.0 MMBoe in 2016
- Projected 2016 year-end Debt to EBITDAX 2.2
- Strong Liquidity of ~$1 billion as of 9/30/16 pro forma for the Delaware Basin acquisition
- Very strong crude oil and natural gas hedges in place in both 2016 and 2017
- Operational control and flexibility; majority of leasehold held-by-production
- Plans in place to hold leasehold in the Delaware Basin through drilling