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PDC Energy: Q3 Earnings Insights

Benzinga Insights
·1 min read

Shares of PDC Energy (NASDAQ:PDCE) rose 3.1% in after-market trading after the company reported Q3 results.

Quarterly Results

Earnings per share rose 366.67% year over year to $1.04, which beat the estimate of $0.62.

Revenue of $249,217,000 declined by 31.90% from the same period last year, which missed the estimate of $381,490,000.

Guidance

PDC Energy Sees Total Capital Investment Between $500M And $600M, Reinstates Production Guidance Of 175,00 To 185,000 Boe/Day

Recent Stock Performance

Company's 52-week high was at $27.84

View more earnings on PDCE

Company's 52-week low was at $4.51

Price action over last quarter: down 21.98%

Company Description

PDC Energy Inc is an exploration and production company that produces, develops, acquires, and explores for crude oil, natural gas, and NGLs. The company has a significant operational presence in United States onshore basins. PDC's operational control in its core areas is enhanced by its leasehold positions being held-by-production. It remains flexible in terms of rig activity and capital deployment due to short-term rig contracts, and held-by-production acreage. Through a technology focus, PDC implements multiwell drilling, extended laterals, increased frac stage density, enhanced frac design, and drilling efficiencies. The company's wells are built to perform at various densities and lengths. Revenue is derived from its segments: oil and gas exploration and production, and gas marketing.

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