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Why PDC Energy Is Trading Near an All-Time High

PART:
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Part 3
Why PDC Energy Is Trading Near an All-Time High PART 3 OF 6

Analyzing PDC Energy’s 3Q16 Production

PDC Energy’s 3Q16 production

In 3Q16, PDC Energy (PDCE) reported total production of ~65.3 Mboepd (thousand barrels of oil equivalent per day), ~39% higher compared to its total 3Q15 production of ~47 Mboepd.

Analyzing PDC Energy’s 3Q16 Production

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For 2016, PDC Energy expects production in the range of 21–22 MMBoe (million barrels of oil equivalent), representing a rise of ~40% compared to its 2015 production of ~15.4 MMBoe.

Production mix

In 3Q16, PDC Energy’s production mix was ~39% crude oil (USO), ~37% natural gas (UNG), and ~24% natural gas liquids (or NGLs). In 2016, PDC Energy expects a production mix of 40%–42% crude oil, 38%–40% natural gas, and 20%–20% NGLs.

Lease operating expenses

In 3Q16, PDC Energy’s LOE (lease operating expenses) were ~$2.33 per boe (barrel of oil equivalent), ~27% lower than in 3Q15. PDC Energy has some of the lowest LOE among oil and gas companies.

In 3Q16, other upstream companies Denbury Resources (DNR), Diamondback Energy (FANG), and EOG Resources (EOG) reported LOE of $18.82 per boe, $5.37 per boe, and $4.43 per boe, respectively. In 3Q16, EOG Resources reported a fall of ~18% in its LOE. PDC’s peers EOG Resources and Diamondback Energy also have operations in the Delaware Basin.

Capital expenditure

In 3Q16, PDC Energy’s capital expenditure (capex) was $118 million, ~10% lower compared to its capex of $130 million in 3Q15.

For 2016, PDCE expects capex in the range of $400 million–$420 million, a midpoint fall of ~27% compared to its 2015 capex of $560 million. PDCE’s 2016 estimated capex includes $15 million–$20 million for its newly acquired acreage in the Delaware Basin.

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