PDC Energy misses Q2 numbers but raises full-year production guidance

|About: PDC Energy, Inc. (PDCE)|By:, SA News Editor

PDC Energy (NASDAQ:PDCE+2.3% premarket even after reporting below consensus Q2 earnings and revenues, as it raises FY 2014 guidance.

PDCE says Q2 production jumped 64% Y/Y to 29.7K boe/day and 11% Q/Q,  primarily due to successful horizontal drilling in the Wattenberg field.

Says it exceeded quarterly production guidance by more than 10%, which prompts it to raise full-year guidance to 10.7M-10.9M boe from prior outlook of 9.5M-10M boe.

FY 2014 revenues are expected at $518M-$543M vs. earlier guidance of $461M-$498M, and adjusted cash flows from operations are seen at $275M-$290M vs. a prior outlook of $270M-$300M; full-year capex reamins unchanged at $647M.