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How Did PDC Energy’s 1Q16 Earnings and Revenue Look?

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PDC Energy’s 1Q16 revenue

PDC Energy (PDCE) reported its 1Q16 earnings on May 6, 2016. The company announced adjusted revenue of ~$147 million. Wall Street analysts’ consensus estimate for revenue was ~$150 million. PDCE’s 1Q16 revenue was ~2% higher than its 1Q15 revenue of ~$144.6 million.

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PDC Energy’s 1Q16 earnings

PDCE’s 1Q16 adjusted earnings per share (or EPS) were -$0.22, significantly lower than analysts’ consensus estimates of -$0.09. PDCE’s 1Q15 EPS were $0.19.

Upstream peers Whiting Petroleum (WLL) and EP Energy (EPE) reported 1Q16 adjusted EPS of -$0.85 and $0.19, respectively. Oasis Petroleum (OAS) is expected to report 1Q16 EPS of -$0.17. WLL, OAS, and PDCE make up ~1.5% of the iShares U.S. Oil & Gas Exploration & Production ETF (IEO).

PDC Energy’s 2015 earnings and revenue recap

Whereas PDCE reported adjusted EPS of $1.10 in 2015, it reported $0.99 per share in 2014. Unlike those of its upstream counterparts, PDCE’s earnings rose year-over-year. The rise was due to several factors such as PDCE’s hedges and lower cost structure. Also, while PDCE’s 2015 revenue came in at ~$595.3 million, its revenue in 2014 was ~$856.2 million.

However, as we saw above, PDCE’s 1Q16 earnings came in lower than expected while revenues were mostly in line with estimates.

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