PDC Energy (NASDAQ:PDCE), releases its 2018 first quarter operating and financial results. Highlights include, year-over-year total production increase of 34 percent to 8.9 million barrels of oil equivalent (MMBoe) or approximately 99,000 Boe per day. An oil production increase of 51 percent to 3.8 million barrels (MMBbls), representing 43 percent of total production. Also, total crude oil, natural gas and NGLs sales of approximately US$305 million, a 61 percent increase compared to first quarter 2017 sales of approximately US$190 million. PDC also increased net cash from operating activities of approximately US$205 million, a 47 percent increase compared to first quarter 2017 levels of approximately US$140 million.
As quoted from the press release:
“Our operating and financial results were slightly ahead of internal expectations thanks to smooth execution and stronger commodity pricing. Today, we are a few short months away from the much anticipated midstream expansions in Wattenberg, which should greatly enhance operational and financial performance in the second half of 2018. In the Delaware, our operating results continue to improve and our newly executed firm sales agreement is a big step towards ensuring PDC’s production in the area has a reliable and price-competitive outlet. For the balance of 2018, look for PDC to remain committed to executing our cash flow neutral capital program while exiting the year with an undrawn revolver,” President and CEO, Bart Brookman said.