PDC Energy Inc Oil & Gas Exploration and Production Operations and Cost Analysis - Q1, 2017

 Published On: Aug, 2017 |    No of Pages: 114 |  Published By: GlobalData | Format: PDF
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Summary

PDC Energy Inc (PDC Energy) is an oil and gas company that offers production, development, exploration and marketing of crude oil, natural gas and natural gas liquids. The company provides horizontal drilling and low-risk organic development of oil and natural gas reserves from shales and tight reservoir rocks. Its portfolio includes Wattenberg Field in Colorado, the Delaware Basin in West Texas and the Utica Shale in Ohio. PDC Energy also owns interests in approximately 2,900 gross productive wells. The company has operations throughout the US. PDC Energy is headquartered in Denver, Colorado, the US.

PDC Energy Inc Oil & Gas Exploration and Production Operations and Cost Analysis is the latest report from GlobalData, the industry analysis specialists, that offers comprehensive information on the operational and financial performance of the company. The report is an essential source for key operational metrics, analysis and provides a strategic insight into the company. The report provides an annual and quarterly overview of oil and gas reserves and production, changes in reserves, costs incurred and results of oil and gas operations, acreage and well details, share price performance and key valuation metrics.

Scope

The report provides in-depth analysis and insights into companies' capital spending, revenues, oil and gas reserves, production, and performance measures. Its scope includes the following -
- The report provides detailed and unique insight information on the key operational metrics. It gives a comprehensive overview of oil and gas production and reserves, costs incurred and results of oil and gas operations, acreage and well details and other performance metrics.
- Provides details with respect to the company's oil and gas reserves and production information by country. It further consists of in-depth information on the company's expenditures in relation to the acquisition, exploration and development activities; developed and undeveloped acreage position; key costs and revenue information; and performance metrics of the company as disclosed in its annual reports and regulatory filings.
- Provides a comprehensive overview of the company's share price performance and key valuation metrics such as market capitalization, enterprise value, EV/Production ($boe/d) and EV/Proved Reserve ($/boe)
- Provides information on key operational and financial metrics on an annual and quarterly basis. The annual information provided is for a five-year period and the quarterly information is for the last five quarters.

*Note:

1. The scope mentioned above is generic and may not apply to all the companies. The report is based on the information disclosed by the companies in their annual and quarterly reports, regulatory filings and other company documents and sources.
2. Quarterly information is provided only for the companies that are December ending and files quarter reports and documents.
3. There can be cases where countries/regions data column/Charts will be blank. This can be due to the fact that the company might have discontinued the reporting of those countries/regions. Information that is not disclosed by the company may not be available in the report.

Reasons to buy

The report will enhance your decision making capability in a more rapid and time sensitive manner. It will allow you to -
- Be up-to-date with the latest information and in-depth analysis of the operational metrics of the company.
- Identify M&A targets from up-to-date information and in-depth analysis on financial and operational metrics of your competitors.
- Rank your performance against other companies in the exploration and production (E&P) sector using operational and financial benchmarking metrics.
- Formulate your strategies based on in-depth analysis of your competitors' financial and operational data.
- Exploit the strengths and weakness of your closest competitors by comparing and analyzing their financial and operational metrics.
- Establish relative performance among the industry's players based on key operational and financial measures.

Table of Contents
Table of Contents 2
List of Tables 5
List of Figures 6
Company Snapshot 8
Key Information 8
Company Overview 8
PDC Energy Inc, Valuation and Financial Data 9
PDC Energy Inc, Share Price Performance 9
Share Price Performance, Q1, 2016-Q1, 2017 9
PDC Energy Inc, Key Valuation Metrics 10
Key Valuation Metrics, Q1, 2016-Q1, 2017 10
PDC Energy Inc, Quarterly Results of Oil & Gas Operations Per boe Produced 11
Results of Oil & Gas Operations Per boe Produced, Q1, 2016-Q1, 2017 11
Results of Oil & Gas Operations Per boe Growth Rates, Q1, 2016-Q1, 2017 12
PDC Energy Inc, Quarterly E&P Costs Trends 13
Upstream Capital Expenditure, Q1, 2016-Q1, 2017 13
PDC Energy Inc, Quarterly Production Trends 14
PDC Energy Inc, Total Oil and Gas Production 14
Total Crude Oil and Natural Gas Production Trend, Q1, 2016-Q1, 2017 14
Total Crude Oil & Natural Gas Production, By Country/Region, Q1, 2016-Q1, 2017 16
PDC Energy Inc, Crude Oil Production 17
Total Crude Oil Production Trend, Q1, 2016-Q1, 2017 17
Crude Oil Production, By Country/Region, Q1, 2016-Q1, 2017 18
PDC Energy Inc, Natural Gas Production 19
Total Natural Gas Production Trend, Q1, 2016-Q1, 2017 19
Natural Gas Production, By Country/Region, Q1, 2016-Q1, 2017 20
PDC Energy Inc, Valuation and Financial Data, 2012-2016 21
PDC Energy Inc, Share Price Performance, 2012-2016 21
Share Price Performance, 2012-2016 21
Key Valuation Metrics, 2012-2016 22
PDC Energy Inc, Production and Reserves Trends 23
Total Oil and Gas, Reserves and Production 23
Total Crude Oil and Natural Gas Production and Reserves Trend, 2012-2016 23
Total Crude Oil & Natural Gas Production and Reserves By Country/Region, 2012-2016 25
Total Crude Oil and Natural Gas Reserve Changes, 2012-2016 27
Crude Oil/Liquids Production and Reserve 28
Crude Oil/Liquids Production and Reserve Trend, 2012-2016 28
Crude Oil Production and Reserves By Country/Region, 2012-2016 29
Crude Oil/Liquids Reserve Changes, 2012-2016 31
Natural Gas Production and Reserve 32
Natural Gas Production and Reserve Trend, 2012-2016 32
Natural Gas Production and Reserves, By Country/Region, 2012-2016 33
Natural Gas Reserve Changes, 2012-2016 35
Total Crude Oil and Natural Gas Reserves Life Index 36
Total Crude Oil and Natural Gas Reserves Life Index, 2012-2016 36
Total Crude Oil and Natural Gas Reserves Life Index, By Country/Region, 2012-2016 37
PDC Energy Inc, E&P Costs Trends 39
Allocation of the Upstream Capital Expenditure 39
Upstream Capital Expenditure, 2012-2016 39
Acquisition Costs By Country/Region, 2012-2016 41
Exploration and Development Costs, By Country/Region, 2012-2016 43
Oil and Gas Cost Per boe, US$/boe 45
Oil and Gas Cost Per boe, US$/boe, 2012-2016 45
Oil and Gas Cost Per boe, US$/boe, By Country/Region, 2012-2016 47
PDC Energy Inc, Reserve Replacement Ratio 49
Oil and Gas Production Replacement Ratio 49
Oil and Gas Production Replacement Ratio, 2012-2016 49
Oil and Gas Production Replacement Ratio, By Country/Region, 2012-2016 52
PDC Energy Inc, Results of Oil & Gas Operations Trend 56
Oil and Gas Revenue and Expenses 56
Oil and Gas Revenue and Expenses, 2012-2016 56
Oil and Gas Revenue and Expenses, By Country/Region, 2012-2016 58
Oil and Gas Revenue and Expenses, Per boe 63
Oil and Gas Revenue and Expenses, By boe, 2012-2016 63
Oil and Gas Performance Metrics 68
PDC Energy Inc, Land Holdings and Well Data 69
Developed and Undeveloped Acreage 69
Gross and Net Developed and Undeveloped Acreage, 2012-2016 69
Gross and Net Developed and Undeveloped Acreage, By Country/Region, 2012-2016 70
Well Statistics 73
Producible Oil and Gas Well, 2012-2016 73
Producible Oil and Gas Well, By Country/Region, 2012-2016 74
Exploration and Development Wells Drilled, 2012-2016 79
Exploration and Development Wells Drilled, By Country/Region, 2012-2016 80
Recent Developments 81
PDC Energy Inc - Recent Developments 81
Aug 08, 2017: PDC Energy Announces 2017 Second Quarter Results 81
Jun 28, 2017: Carrizo Oil & Gas Announces Delaware Basin Acquisition And Provides Operational Update 83
May 05, 2017: PDC Energy Announces 2017 First Quarter Operating And Financial Results Including Production Increase Of 46% To 6.6 Million Barrels Of Oil Equivalent 85
Feb 28, 2017: PDC Energy Announces 2016 Full-Year And Fourth Quarter Operating And Financial Results; Production Increase Of 44 Percent To 22.2 MMBoe 87
Feb 01, 2017: PDC Energy Announces Year-End 2016 Proved Reserves Of Approximately 341 MMBoe And Full-Year 2016 Production Increase Of 44% to 22.2 MMBoe 91
Dec 05, 2016: PDC Energy Announces 2017 Capital Budget of $725 to $775 Million; Anticipates Greater Than 40% Annual Production Growth with Projected Year-End 2017 Debt to EBITDAX of Approximately 1.8x 92
Dec 01, 2016: PDC Energy appoints CFO and senior vice president 95
Nov 03, 2016: PDC Energy Reports 2016 Third Quarter Financial And Operating Results And Year-Over-Year Production Increase Of 39% To 6.0 Million Barrels Of Oil Equivalent 95
Aug 09, 2016: PDC Energy Reports 2016 Second Quarter Financial And Operating Results Including 54% Production Increase 98
May 16, 2016: PDC Energy's Borrowing Base On Revolving Credit Facility Re-Affirmed At $700 Million; 3.25% Convertible Senior Notes Settled Today 101
Appendix 102
Methodology 102
Coverage 102
Secondary Research 102
Primary Research 103
Data Information Sources 103
Company Source 103
SEC/Other Regulatory Filings 103
Other Sources 103
Expert Panel Validation 103
Data Definition 103
Oil and Gas Reserves 103
Units of Measure 104
About GlobalData 105
Disclosure 105
Disclaimer 105

List of Tables
Table 1: PDC Energy Inc, Key Facts 8
Table 2: PDC Energy Inc, Share Price Performance, Q1, 2016-Q1, 2017 9
Table 3: PDC Energy Inc, Key Valuation Metrics, Q1, 2016-Q1, 2017 10
Table 4: PDC Energy Inc, Results of Oil & Gas Operations Per boe Produced, US$/boe, Q1, 2016-Q1, 2017 11
Table 5: PDC Energy Inc, Results of Oil & Gas Operations Per boe Growth Rates, %, Q1, 2016-Q1, 2017 12
Table 6: PDC Energy Inc, Upstream Capital Expenditure, Q1, 2016-Q1, 2017 13
Table 7: PDC Energy Inc, Total Crude Oil and Natural Gas, Production, Q1, 2016-Q1, 2017 15
Table 8: PDC Energy Inc, Total Oil & Gas Production, By Country/Region, mmboe, Q1, 2016-Q1, 2017 16
Table 9: PDC Energy Inc, Total Crude Oil Production, mmbbl, Q1, 2016-Q1, 2017 17
Table 10: PDC Energy Inc, Crude Oil Production, By Country/Region, mmbbl, Q1, 2016-Q1, 2017 18
Table 11: PDC Energy Inc, Total Natural Gas Production, bcf, Q1, 2016-Q1, 2017 19
Table 12: PDC Energy Inc, Natural Gas Production, By Country/Region, bcf, Q1, 2016-Q1, 2017 20
Table 13: PDC Energy Inc, Share Price Performance, 2012-2016 21
Table 14: PDC Energy Inc, Key Valuation Metrics, 2012-2016 22
Table 15: PDC Energy Inc, Total Crude Oil and Natural Gas, Production and Reserves, mmboe, 2012-2016 24
Table 16: PDC Energy Inc, Total Crude Oil & Natural Gas Production and Reserves, By Country/Region, mmboe, 2012-2016 26
Table 17: PDC Energy Inc, Total Crude Oil and Natural Gas Reserve Changes, mmboe, 2012-2016 27
Table 18: PDC Energy Inc, Crude Oil Production and Reserves Metrics, mmbbl, 2012-2016 28
Table 19: PDC Energy Inc, Crude Oil Production and Reserves, By Country/Region, mmbbl, 2012-2016 30
Table 20: PDC Energy Inc, Crude Oil Reserve Changes, mmbbl, 2012-2016 31
Table 21: PDC Energy Inc, Natural Gas Production and Reserves Metrics, bcf, 2012-2016 32
Table 22: PDC Energy Inc, Natural Gas Production and Reserves, By Country/Region, bcf, 2012-2016 34
Table 23: PDC Energy Inc, Natural Gas Reserve Changes, bcf, 2012-2016 35
Table 24: PDC Energy Inc, Oil and Gas Reserves Life Index, Years, 2012-2016 36
Table 25: PDC Energy Inc, Oil and Gas Reserves Life Index, By Country/Region, Years, 2012-2016 38
Table 26: PDC Energy Inc, Upstream Capital Expenditure, US$ mil, 2012-2016 40
Table 27: PDC Energy Inc, Proved and Unproved Acquisition Costs, By Country/Region, US$ mil, 2012-2016 42
Table 28: PDC Energy Inc, Exploration and Development Costs, By Country/Region, US$ mil, 2012-2016 44
Table 29: PDC Energy Inc, Reserves Replacement, Finding and Development Costs, Finding Cost and Proved Acquisition Costs Per boe, US$/boe, 2012-2016 46
Table 30: PDC Energy Inc, Reserves Replacement, Finding and Development Costs, Finding Cost and Proved Acquisition Costs Per boe, US$/boe, By Country/Region, 2012-2016 48
Table 31: PDC Energy Inc, Oil and Gas Production Replacement Ratio, %, 2012-2016 50
Table 32: PDC Energy Inc, 3-Year Wt.Avg. Oil and Gas Production Replacement Ratio, By Country/Region, %, 2012-2016 55
Table 33: PDC Energy Inc, Revenue and Expenses, US$ mil, 2012-2016 57
Table 34: PDC Energy Inc, Revenue and Expenses, By Country/Region, US$ mil, 2012-2016 62
Table 35: PDC Energy Inc, Oil and Gas Revenue and Expenses, US$/boe, 2012-2016 64
Table 36: PDC Energy Inc, Oil and Gas Revenue and Expenses, US$/boe, By Country/Region, 2012-2016 67
Table 37: PDC Energy Inc, Oil and Gas Performance Metrics, 2012-2016 68
Table 38: PDC Energy Inc, Land Holdings (Developed and Undeveloped Acreage), Acres, 2012-2016 69
Table 39: PDC Energy Inc, Land Holdings (Developed and Undeveloped Acreage), By Country/Region, Acres, 2012-2016 72
Table 40: PDC Energy Inc, Producible Oil and Gas Wells, 2012-2016 73
Table 41: PDC Energy Inc, Producible Oil and Gas Wells, By Country/Region, 2012-2016 78
Table 42: PDC Energy Inc, Exploratory and Developed Wells, 2012-2016 79
Table 43: PDC Energy Inc, Exploratory and Developed Wells, By Country/Region, 2012-2016 80

List of Figures
Figure 1: PDC Energy Inc, Share Price Performance, USD/Share, Q1, 2016-Q1, 2017 9
Figure 2: PDC Energy Inc, Key Valuation Metrics, EV/Production ($/boed), EV/Proved Reserve ($/boe), Q1, 2016-Q1, 2017 10
Figure 3: PDC Energy Inc, Results of Oil & Gas Operations Per boe Produced, US$/boe, Q1, 2016-Q1, 2017 11
Figure 4: PDC Energy Inc, Upstream Capital Expenditure, US$ mil, Q1, 2016-Q1, 2017 13
Figure 5: PDC Energy Inc, Total Crude Oil and Natural Gas, Production, mmboe, Q1, 2016-Q1, 2017 14
Figure 6: PDC Energy Inc, Total Oil & Gas Production, By Country/Region, mmboe, Q1, 2016-Q1, 2017 16
Figure 7: PDC Energy Inc, Total Crude Oil Production, mmbbl, Q1, 2016-Q1, 2017 17
Figure 8: PDC Energy Inc, Crude Oil Production, By Country/Region, mmbbl, Q1, 2016-Q1, 2017 18
Figure 9: PDC Energy Inc, Total Natural Gas Production, bcf, Q1, 2016-Q1, 2017 19
Figure 10: PDC Energy Inc, Natural Gas Production, By Country/Region, bcf, Q1, 2016-Q1, 2017 20
Figure 11: PDC Energy Inc, Share Price Performance, USD/Share, 2012-2016 21
Figure 12: PDC Energy Inc, Key Valuation Metrics, EV/Production ($/boed), EV/Proved Reserve (US$/boe), 2012-2016 22
Figure 13: PDC Energy Inc, Total Crude Oil and Natural Gas, Production and Reserves, mmboe, 2012-2016 23
Figure 14: PDC Energy Inc, Total Oil & Gas Reserves, End of Period, By Country/Region, mmboe, 2012-2016 25
Figure 15: PDC Energy Inc, Total Oil & Gas Production, By Country/Region, mmboe, 2012-2016 25
Figure 16: PDC Energy Inc, Total Crude Oil and Natural Gas Reserve Changes, mmboe, 2016 27
Figure 17: PDC Energy Inc, Crude Oil Production and Reserves Metrics, mmbbl, 2012-2016 28
Figure 18: PDC Energy Inc, Oil Reserves, End of Period, By Country/Region, mmbbl, 2012-2016 29
Figure 19: PDC Energy Inc, Oil Production, By Country/Region, mmbbl, 2012-2016 29
Figure 20: PDC Energy Inc, Crude Oil Reserve Changes, mmbbl, 2016 31
Figure 21: PDC Energy Inc, Natural Gas Production and Reserves Metrics, bcf, 2012-2016 32
Figure 22: PDC Energy Inc, Gas Reserves, End of Period, By Country/Region, bcf, 2012-2016 33
Figure 23: PDC Energy Inc, Gas Production, By Country/Region, bcf, 2012-2016 33
Figure 24: PDC Energy Inc, Natural Gas Reserve Changes, bcf, 2016 35
Figure 25: PDC Energy Inc, Oil and Gas Reserves Life Index, Years, 2012-2016 36
Figure 26: PDC Energy Inc, Gas Reserve Life Index, By Country/Region, Years, 2012-2016 37
Figure 27: PDC Energy Inc, Oil & Gas Reserve Life Index, By Country/Region, Years, 2012-2016 37
Figure 28: PDC Energy Inc, Oil Reserve Life Index, By Country/Region, Years, 2012-2016 38
Figure 29: PDC Energy Inc, Upstream Capital Expenditure, US$ mil, 2012-2016 39
Figure 30: PDC Energy Inc, Proved Acquisition Costs, By Country/Region, US$ mil, 2012-2016 41
Figure 31: PDC Energy Inc, Unproved Acquisition Costs, By Country/Region, US$ mil, 2012-2016 41
Figure 32: PDC Energy Inc, Development Costs, By Country/Region, US$ mil, 2012-2016 43
Figure 33: PDC Energy Inc, Exploration Costs, By Country/Region, US$ mil, 2012-2016 43
Figure 34: PDC Energy Inc, 3-Year Wt.Avg., Reserves Replacement, Finding and Development Costs, Finding Cost and Proved Acquisition Costs Per boe, US$/boe, 2012-2016 45
Figure 35: PDC Energy Inc, Oil & Gas Finding & Development Cost/boe, 3-Year Average, By Country/Region, US$/boe, 2012-2016 47
Figure 36: PDC Energy Inc, Oil & Gas Finding Cost per boe, 3-Year Average, By Country/Region, US$/boe, 2012-2016 47
Figure 37: PDC Energy Inc, Reserve Replacement Cost per boe, 3-Year Average, By Country/Region, US$/boe, 2012-2016 48
Figure 38: PDC Energy Inc, 3-Year Wt.Avg., Oil and Gas Production Replacement Ratio, %, 2012-2016 49
Figure 39: PDC Energy Inc, 3-Year Wt. Avg. Gas F&D Production Replacement, By Country/Region, %, 2012-2016 52
Figure 40: PDC Energy Inc, 3-Year Wt. Avg. Gas RRC Production Replacement, By Country/Region, %, 2012-2016 52
Figure 41: PDC Energy Inc, 3-Year Wt. Avg. Oil & Gas F&D Production Replacement, By Country/Region, %, 2012-2016 53
Figure 42: PDC Energy Inc, 3-Year Wt. Avg. Oil & Gas RRC Production Replacement, By Country/Region, %, 2012-2016 53
Figure 43: PDC Energy Inc, 3-Year Wt. Avg. Oil F&D Production Replacement, By Country/Region, %, 2012-2016 54
Figure 44: PDC Energy Inc, 3-Year Wt. Avg. Oil RRC Production Replacement, By Country/Region, %, 2012-2016 54
Figure 45: PDC Energy Inc, Revenue and Expenses, US$ mil, 2012-2016 56
Figure 46: PDC Energy Inc, Depreciation, Depletion and Amortization From Upstream Oil & Gas Operations, By Country/Region, US$ mil, 2012-2016 58
Figure 47: PDC Energy Inc, Exploration Expenses, By Country/Region, US$ mil, 2012-2016 58
Figure 48: PDC Energy Inc, Income Tax Provision (Benefit) From Upstream Oil & Gas Operations, By Country/Region, US$ mil, 2012-2016 59
Figure 49: PDC Energy Inc, Net Income/ Loss From Upstream Oil & Gas Operations, By Country/Region, US$ mil, 2012-2016 59
Figure 50: PDC Energy Inc, Oil & Gas Revenue, By Country/Region, US$ mil, 2012-2016 60
Figure 51: PDC Energy Inc, Profit (loss) Before Taxation From Upstream Oil & Gas Operations, By Country/Region, US$ mil, 2012-2016 60
Figure 52: PDC Energy Inc, Production Costs, By Country/Region, US$ mil, 2012-2016 61
Figure 53: PDC Energy Inc, Total Expenses From Upstream Oil & Gas Operations, By Country/Region, US$ mil, 2012-2016 61
Figure 54: PDC Energy Inc, Oil and Gas Revenue and Expenses, US$/boe, 2012-2016 63
Figure 55: PDC Energy Inc, Lifting Cost per boe, By Country/Region, US$/boe, 2012-2016 65
Figure 56: PDC Energy Inc, Oil & Gas Revenue per boe, By Country/Region, US$/boe, 2012-2016 65
Figure 57: PDC Energy Inc, Total DD&A per boe, By Country/Region, US$/boe, 2012-2016 66
Figure 58: PDC Energy Inc, Total Revenue per boe, By Country/Region, US$/boe, 2012-2016 66
Figure 59: PDC Energy Inc, Oil and Gas Performance Metrics, 2012-2016 68
Figure 60: PDC Energy Inc, Land Holdings (Developed and Undeveloped Acreage), Acres, 2012-2016 69
Figure 61: PDC Energy Inc, Total Gross Undeveloped Acreage, By Country/Region, Acres, 2012-2016 70
Figure 62: PDC Energy Inc, Total Net Undeveloped Acreage, By Country/Region, Acres, 2012-2016 70
Figure 63: PDC Energy Inc, Total Gross Developed Acreage, By Country/Region, Acres, 2012-2016 71
Figure 64: PDC Energy Inc, Total Net Developed Acreage, By Country/Region, Acres, 2012-2016 71
Figure 65: PDC Energy Inc, Producible Oil and Gas Wells, 2012-2016 73
Figure 66: PDC Energy Inc, Gross Productive Gas Wells, By Country/Region, Number, 2012-2016 74
Figure 67: PDC Energy Inc, Gross Productive Oil & Gas Wells, By Country/Region, Number, 2012-2016 74
Figure 68: PDC Energy Inc, Gross Productive Oil Wells, By Country/Region, Number, 2012-2016 75
Figure 69: PDC Energy Inc, Net/Gross Oil & Gas Ratio, By Country/Region, %, 2012-2016 75
Figure 70: PDC Energy Inc, Net Productive Gas Wells, By Country/Region, Number, 2012-2016 76
Figure 71: PDC Energy Inc, Net Productive Oil & Gas Wells, By Country/Region, Number, 2012-2016 76
Figure 72: PDC Energy Inc, Net Productive Oil Wells, By Country/Region, Number, 2012-2016 77
Figure 73: PDC Energy Inc, Exploratory and Developed Wells, 2012-2016 79


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