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Profile: PDC Energy Inc (PDCE.O)

PDCE.O on Nasdaq

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PDC Energy, Inc., incorporated on June 5, 2015, is an independent exploration and production company. The Company produces, develops, acquires and explores for crude oil, natural gas and natural gas liquids (NGLs) with operations in the Wattenberg Field in Colorado and the Utica Shale in southeastern Ohio. The Company operates through two segments: Oil and Gas Exploration and Production, and Gas Marketing. The Company's Oil and Gas Exploration and Production segment includes all of its crude oil and natural gas properties. The Company's Gas Marketing segment purchases, aggregates and resells natural gas. The Company's operations in the Wattenberg Field are focused on the horizontal Niobrara and Codell plays. Its Delaware Basin operations are focused in the Wolfcamp zones and its Ohio operations are focused in the Utica Shale play. As of December 31, 2016, the Company owned an interest in approximately 2,900 productive gross wells.

Oil and Gas Exploration and Production

The Company's Oil and Gas Exploration and Production segment is engaged in the production and sale of crude oil, natural gas and NGLs, commodity price risk management and well operations. The exploration for and production of crude oil, natural gas and NGLs involves the acquisition or leasing of mineral rights to proved reserves and related surface rights. It develops the reserves through drilling of oil and gas wells, which are drilled, completed and put into production. Subsequent to completion, it operates and maintains the wells. Upon extraction of the estimated recoverable reserves from a well, it is plugged and surface disturbance surrounding the well and producing facilities is remediated.

In the Wattenberg Field, crude oil is sold under various purchase contracts with monthly and longer term pricing provisions based on New York Mercantile Exchange (NYMEX) pricing, adjusted for differentials. In the Utica Shale, crude oil and condensate is sold to local purchasers at each individual well site based on NYMEX pricing, adjusted for differentials. The Company sells its natural gas to midstream service providers, marketers and utilities. It sells the natural gas that it produces in the Wattenberg Field under contracts with indexed, NYMEX or Colorado Interstate Gas (CIG) monthly pricing provisions, with the remaining production sold under contracts with daily pricing provisions. In the Wattenberg Field, all of its NGLs are sold at the tailgate of the third-party midstream service provider processing plants based on a combination of prices from the Conway hub in Kansas and Mt. Belvieu in Texas. In the Utica Shale, its NGLs are fractionated and marketed by MarkWest Utica EMG and Blue Racer Midstream LLC and sold based on month-to-month pricing in various markets. Its NGL production is sold under both short- and long-term contracts.

Gas Marketing

The Company's Gas Marketing segment comprises the operating activities of its subsidiary Riley Natural Gas (RNG). RNG specializes in the purchase, aggregation and sale of natural gas production in the Appalachian Basin. RNG purchases for resale natural gas produced by third-party producers. The natural gas is marketed to third-party marketers, natural gas utilities, and industrial and commercial customers through transportation services provided by regulated interstate/intrastate pipeline companies.

Company Address

PDC Energy Inc

1775 N Sherman St Ste 3000
DENVER   CO   80203-4341
P: +1303.8605800
F: +1303.8313988

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