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News: $PDCE ALERT: Rowley Law PLLC is Investigating Proposed Acquisition of SRC Energy, Inc.
NEW YORK , Aug. 26, 2019 /PRNewswire/ -- Rowley Law PLLC is investigating potential claims against SRC Energy, Inc. (NYSE: SRCI) and its board of directors for breach of fiduciary duty concerning the proposed acquisition of the company by PDC Energy, Inc. (NASDAQ: PDCE). Stockholders will...
News: $PDCE PDC Energy Announces Strategic Combination with SRC Energy in All-Stock Transaction
Creates Premier Mid-Cap Operator with Peer-Leading Cost Structure and Free Cash Flow Profile Increases Share Repurchase Program from $200 million to $525 million Immediately Accretive to all Key Financial Metrics Companies to Host a Joint Investor Call Today at 8:00 a.m. ET / 6...
Link: http://www.otcmarkets.com/stock/PDCE/company-info Ticker: $PDCE OTC Market Place: Not Available CIK code: 0000077877 Company name: PDC Energy, Inc. Incorporated In: DE, USA $PDCE share structure
## source: otcmarkets.com
Market Value: $2,252,801,258 a/o Aug 31, 2015 Shares Outstanding: 40,099,702 a/o Jul 17, 2015 Float: Not Available Authorized Shares: Not Available Par Value: 0.01
PDC Energy (PDCE +4.8%) is initiated with a Buy rating and $77 price target at Goldman Sachs, which cites strengths lie in PDCE's low cost structure and strong energy base
PDC Energy Announces 2014 Year-End and Fourth-Quarter Results, Reduces 2015 Capital Program to $473 Million and Maintains 50% Production Growth Guidance
PDC Energy announced a substantial $203 million, 46% YOY capex increase next year, with a focus on the company’s high-return, liquids rich Wattenberg and Utica positions. The $647 million budget will see 72% go to the Wattenberg, up from last year’s 63% and rising in real terms from $280 million to $467 million. PDC will build to five rigs in the play, spudding 115 gross horizontal wells.
The Utica will also see a large increase, rising from 2013’s $96 million to $162 million and from 22% of total spend to 25%. PDC will build to two rigs in the Utica, anticipating 18 horizontal wells on the year. Roughly nine-tenths of next year’s total budget is for development, the remainder is for leasehold spending.
In addition to the overall spending increase, PDC is cutting back significantly in its 50/50 PDCM Marcellus JV, reducing spending from $57 million to $16 million. PDC is suspending drilling in the play and selling its shallow Upper Devonian assets. Modest capital spent will be used on four horizontal wells and midstream infrastructure.
These moves are expected to grow production 34% YOY to a midpoint estimate of 26,700 boepd (60% liquids), with a YE14 exit projection of 33,000 boepd. PDC chief James Trimble also projected strong production growth this quarter.
PDC Energy operates in two geographically distinct areas of the country to reduce the risk level associated with oil and natural gas drilling, production and marketing:
Colorado
Wattenberg Field Piceance Basin NECO (Northeast Colorado)
Appalachian Basin
Marcellus Shale – West Virginia Utica Shale – Southeast Ohio
PDC Energy ("PDC" or the "Company") (NASDAQ: PDCE) is a 40-year old independent natural gas and oil company. PDC is focused on organic growth and an increasing liquids portfolio through horizontal drilling while maintaining a solid balance sheet and ample liquidity. The Company is committed to optimizing margins through efficient drilling operations, sound well management, and environmental stewardship.
PDC operates in Colorado within the liquid-rich Wattenberg Field, Piceance Basin and Northeastern Colorado (‘NECO”), and the Appalachian Basin including the emerging liquid-rich Utica Shale play in Ohio and the Marcellus Shale in West Virginia. PDC's strategy is simple: increase shareholder value through the growth of reserves and production, while operating properties in an efficient manner to maximize the cash flow and earnings potential of its assets.