|Bid||24.50 x 1400|
|Ask||30.00 x 800|
|Day's Range||26.39 - 26.76|
|52 Week Range||24.13 - 57.41|
|Beta (3Y Monthly)||1.72|
|PE Ratio (TTM)||N/A|
|Earnings Date||Nov 4, 2019 - Nov 8, 2019|
|Forward Dividend & Yield||N/A (N/A)|
|1y Target Est||50.00|
Colorado oil companies expect natural gas processing constraints in the Denver-Julesburg Basin to ease with the completion of new infrastructure projects worth hundreds of millions of dollars, allowing production to rise more rapidly in coming months. Last week, Denver-based DCP Midstream LP (NYSE: DCP), the biggest natural gas processing and pipeline company in the Denver-Julesburg Basin, brought its O’Connor 2 natural gas processing plant into service and it began reaching full capacity processing 200 million cubic feet of gas daily. The $375 million project, near the town of Kersey in Weld County, is designed to bring DCP Midstream’s total natural gas processing capacity to 1.3 billion cubic feet per day in the Denver-Julesburg Basin.
After PDC Energy, Inc.'s (NASDAQ:PDCE) earnings announcement on 30 June 2019, the consensus outlook from analysts...
PDC Energy (PDCE) delivered earnings and revenue surprises of -24.44% and 15.06%, respectively, for the quarter ended June 2019. Do the numbers hold clues to what lies ahead for the stock?
DENVER, Aug. 07, 2019 -- PDC Energy, Inc. ("PDC" or the "Company") (NASDAQ: PDCE) today reported its 2019 second quarter operating and financial results while announcing.
(Bloomberg) -- PDC Energy Inc. is in talks to combine with rival explorer SRC Energy Inc., in a potential deal that would create a larger oil and gas player in Colorado, according to people familiar with the matter.The companies, which are both active drillers in Colorado’s Denver-Julesburg Basin, are in discussions, but there is no guarantee the talks will lead to a deal, the people said, asking not to be identified because the matter isn’t public.PDC Energy shares rose 0.5% to $26.28 at 1:56 p.m. in New York trading Wednesday, giving the company a market value of about $1.7 billion. SRC Energy shares rose about 5.79% to $4.20, bringing the company’s market value to about $1 billion.Representatives for PDC Energy and SRC Energy didn’t immediately respond to requests for comment.The discussions come as small and mid-size oil and gas explorers increasingly team up to cut costs and better cope with volatile commodity prices, among other pressures. Callon Petroleum Co. agreed to buy Carrizo Oil & Gas Inc. for $1.2 billion in July, while Comstock Resources Inc. agreed to acquire Covey Park Energy LLC for $1.1 billion in June.PDC Energy primarily drills for oil and gas in two areas. It has 96,000 net acres in the Wattenberg Field north of Denver, where it is based, according to its website. It also has 42,000 net acres in the Delaware Basin, which is part of the booming Permian Basin of West Texas and New Mexico.In May, private equity firm Kimmeridge Energy Management fell short in an effort to revamp PDC Energy’s board. It has pushed the company for months to cut costs, return cash to shareholders and pursue acquisitions. A representative for Kimmeridge said that the firm has since sold its entire stake in PDC.“We are pleased to see PDC undertake the consolidation that we advocated for and hope that they finally deliver the cost reductions, capital improvements and dividends to shareholders, that have until now been sorely absent,” Kimmeridge Managing Partner Ben Dell said in an emailed statement.SRC Energy does all of its drilling in Weld County, Colorado, according to an investor presentation in July.(Updates shares in third paragraph; adds line that Kimmeridge has sold its stake in PDC in 7th paragraph)\--With assistance from Kiel Porter, Matthew Monks and Scott Deveau.To contact the reporter on this story: Ed Hammond in New York at firstname.lastname@example.orgTo contact the editors responsible for this story: Liana Baker at email@example.com, Fion LiFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
PDC Energy Inc. is in talks to combine with rival explorer SRC Energy Inc., in a potential deal that would create a larger oil and gas player in Colorado.
PDC Energy (PDCE) doesn't possess the right combination of the two key ingredients for a likely earnings beat in its upcoming report. Get prepared with the key expectations.
(Bloomberg Opinion) -- Score one for the activists in shale. Yet there is so much more to do.The Rice brothers have prevailed in their battle for the board of EQT Corp., the largest U.S. producer of natural gas. Toby and Derek Rice sold their company, Rice Energy Inc., to EQT in 2017. While the marketing of that deal left much to be desired (see this), the rationale of marrying up two big Appalachian gas positions was sound enough. Two years on, however, there is little evidence of EQT making the most of it. Instead of reaping the fruits of a vaunted $2.5 billion of synergies, a company valued at $11.3 billion bought another one for $6 billion and is now worth about $4 billion. Even adjusting for almost $9 billion of disposals along the way, that’s poison for shareholders and catnip for activists.EQT embodies much of what ails the exploration and production sector in general. Investors no longer buy the idea that oil prices, and especially natural gas prices, will inevitably rebound. With that optionality discounted away, the only reason to own any of these stocks is if they can demonstrate more intrinsic value, chiefly by cutting costs, reining in capex, and generating positive free cash flow to pay out. EQT did actually deliver roughly $470 million of the latter in the first quarter, but it was too late compared to a long track record of red ink. Plus, it didn’t look sustainable: The full-year consensus forecast is less than $200 million.Activists have been targeting E&P companies with high costs and weak governance with mixed results. Kimmeridge Energy Management Co. pushed for change at both Carrizo Oil & Gas Inc. and PDC Energy Inc., recently losing a proxy battle at the latter. Rising passive ownership via tracker funds and ETFs make it tough to unseat incumbent management; the scale of the collapse in EQT’s stock can only have helped in that regard.Yet the fundamental problem in shale-land remains: Too many companies are chasing a finite set of prospects, with incentive structures that prioritize growth while frequently shielding management from the poor returns that follow. Until recently, generous funding from capital markets has enabled all this. The result has been a fantastic boom in U.S. oil and gas production that has also obliterated value in the industry.Kimmeridge has tried to quantify this. Analyzing almost 90 E&P companies, they looked at the recycle ratio, which compares profit per barrel with finding and development costs. Absent access to external capital, a producer needs a ratio of more than one in order to keep growing, and substantially more if they want to grow at the double-digit rates promised by many shale operators. Kimmeridge then compared actual production versus a theoretical production level as if the companies had lived within their means.The results are striking. Under the more restrained case, production grows at a compound rate of 2.7% per year between 2008 and 2018. Actual growth: 10.2%.Cheap funding and an obsession with growth has done wonders for stuff like “energy dominance” and thrown OPEC for a loop. But it hasn’t done much for investors. Here’s a modified version of that chart, indexing it to the SPDR S&P Oil & Gas Exploration & Production ETF:At this point, external capital appears to have dried up. On an annualized basis, high-yield energy bond issuance is running at its lowest level since 2009. Equity issuance, which surged in 2016 as E&P companies recapitalized amid the oil crash, has collapsed even more dramatically.Barring a sudden outbreak of enthusiasm on the part of investors (perhaps on the back of an outbreak of war in the Middle East?), that spigot looks likely to remain closed. The longer it does, the harder it will be for many shale producers to promise both growth and a decent free-cash-flow yield. That has implications for robust U.S. production growth forecasts. Above all, though, it serves to reiterate the need for consolidation and streamlining in an industry that has over-capitalized and under-delivered.To contact the author of this story: Liam Denning at firstname.lastname@example.orgTo contact the editor responsible for this story: Mark Gongloff at email@example.comThis column does not necessarily reflect the opinion of the editorial board or Bloomberg LP and its owners.Liam Denning is a Bloomberg Opinion columnist covering energy, mining and commodities. He previously was editor of the Wall Street Journal's Heard on the Street column and wrote for the Financial Times' Lex column. He was also an investment banker.For more articles like this, please visit us at bloomberg.com/opinion©2019 Bloomberg L.P.
DENVER, July 08, 2019 -- PDC Energy, Inc. (“PDC” or the “Company”) (Nasdaq:PDCE) today announced plans to host a conference call to discuss second quarter 2019 results. The.
Changes to Colorado oil and gas rules and lower crude prices aren’t diminishing what companies are producing in the state. Oil companies are on pace to pump almost as much oil from the ground as they did in 2018, a year that shattered production records. “The major players — the big five or six companies, especially — are still very active,” said Hakan Corapcioglu, a Littleton-based energy analyst for Drillinginfo.com, an oil and gas analysis firm based in Austin.
"Since 2006, value stocks (IVE vs IVW) have underperformed 11 of the 13 calendar years and when they beat growth, it wasn't by much. Cumulatively, through this week, it has been a 122% differential (up 52% for value vs up 174% for growth). This appears to be the longest and most severe drought for value […]
70+ oil & gas industry management teams will discuss 2019-2020 operations at EnerCom's 24th Denver energy investment conference DENVER , June 25, 2019 /PRNewswire/ -- The oil and gas companies presenting ...
The Zacks Analyst Blog Highlights: PDC Energy, Exxon Mobil, AngloGold Ashanti, NovaGold Resources and VanEck Vectors Oil Refiners
Generally speaking long term investing is the way to go. But no-one is immune from buying too high. Zooming in on an...
DENVER, June 5, 2019 /PRNewswire/ -- EnerCom is pleased to announce that global oil and gas giant Eni, SpA Vice President Andrew Lees will deliver the keynote luncheon address at EnerCom's The Oil & Gas Conference® on Aug. 14, 2019. Eni, SpA (NYSE:E) is an Italian global oil and gas and energy company operating in 67 countries worldwide, with 30,000 employees in upstream, midstream and downstream operations.
Ben Dell, Founder and Managing Partner of Kimmeridge, said, "On behalf of the Kimmeridge team, I would like to thank our fellow PDC shareholders, many of whom supported us throughout the solicitation process. While Kimmeridge is disappointed with the outcome of the PDC shareholder meeting held on May 29th, we remain encouraged that over 70% of active managers voted in favor of the Kimmeridge slate.
Denver-based PDCE Energy Inc. successfully warded off an activist investor fund’s campaign, and shareholders re-elected three company-backed candidates to its board of directors. Voting stock owners backed all three PDCE Energy (Nasdaq: PDCE) board nominees — CEO Barton Brookman and directors Mark Ellis and Larry Mazza — according to a preliminary vote total. “We are pleased shareholders remain confident in our team and operating plan focused on capital discipline, free cash-flow generation, profitable growth and return of capital to shareholders,” the company said.
Moody's Investors Service ("Moody's") affirmed the ratings of BCP Raptor LLC (EagleClaw) including its B3 Corporate Family Rating (CFR), B3-PD Probability of Default Rating (PDR), and the B3 senior secured term loan rating. The rating outlook is stable.
PDC Energy Inc said on Wednesday the company's shareholders had re-elected its three nominees to the board, signaling an end to its proxy fight with activist investor Kimmeridge Energy Management Co. Shareholders re-elected President and Chief Executive Officer Barton Brookman as well as Mark Ellis and Larry Mazza as directors, the company said, citing a preliminary count. The Denver-based firm is among several U.S. oil producers to face the wrath of investors during the past year, as shareholders focus on austerity measures to generate better returns.