What’s PDC Energy’s 2017 Guidance?
By Nicholas ChapmanJan. 10 2017, Updated 9:07 a.m. ET
PDC Energy’s 2017 capex guidance
According to PDC Energy’s (PDCE) presentation at the Goldman Sachs Energy Conference on January 5, 2017, it expects its 2017 capital program to be in the range of $725 million–$775 million, a midpoint rise of $340 million (or ~83%) from its estimated 2016 capital expenditure (capex) of ~$410 million.
PDC Energy’s 2017 production guidance
For 2017, PDC Energy expects production in the range of 30–33 MMBoe (million barrels of oil equivalent), which represents a rise of ~47% compared to its estimated 2016 production of ~21.5 MMBoe.
Other oil and gas producers
Due to higher crude oil prices, many S&P 500 (SPY) companies such as Devon Energy (DVN) and Pioneer Natural Resources (PXD) have increased their capital spending and activity levels for 2017. Devon Energy plans to steadily ramp up activity to as many as 15–20 rigs by 2017’s end.
In 2017, ConocoPhillips (COP) expects a production range of 1,540–1,570 Mboepd, which will result in flat to 2% growth compared to its adjusted 2016 estimated production.
