5d 1m 3m 1y 5y 10y
There are 2 articles on this stock available only to PRO subscribers.
PDC Energy Inc OGIS Florida (Webcast)Thu, Feb. 20
GlobeNewswire (Apr 10, 2014)
PDC Energy Announces 2013 Fourth Quarter and Year-End Investor Conference Call - Thursday, February 20, 2014GlobeNewswire (Feb 3, 2014)
PDCE vs. ETF Alternatives
Tuesday, Apr 812:52 PM
Tuesday, Apr 812:52 PM| 10 Comments
- Based on comments from energy company officials presenting at the Independent Petroleum Association of America conference yesterday, oil is still the prize and gas is almost an afterthought.
- Abraxas Petroleum (AXAS) CEO Bob Watson discussed how much of his company’s proved reserves are oil and liquids rather than gas (74%), PDC Energy (PDCE) said it’s sitting on huge leases in gas fields that aren’t worth drilling and Whiting Petroleum (WLL) CEO James Volker explained that oil sells for 3x more than the equivalent amount of natural gas.
- If natural gas is to be a bridge fuel from fossil fuels to clean energy - as Pres. Obama suggests - the transition can’t depend on supply alone; it needs more uses, writes Bloomberg's Issac Arnsdorf.
Thursday, Feb 208:39 AM
Tuesday, Jan 2811:44 AM
Tuesday, Jan 2811:44 AM| Comment!
- PDC Energy (PDCE +11.1%) shares are surging after reporting total proved reserves as of Dec. 31 were 266M boe vs. 193M boe in the prior year.
- Pre-tax PV-10 proved reserve value rose to $2.7B as of Dec. 31 vs. $1.7B at year-end 2012, driven primarily by highly economic reserve additions in the Wattenberg Field; proved reserves at year-end 2013 were comprised of ~54% liquids and 46% natural gas.
- PDCE plans to ramp up the pace of development by adding a fifth drilling rig in Wattenberg in Q2 2014 and a second drilling rig in the Utica in H2.
Monday, Jan 612:27 PM
Monday, Jan 612:27 PM| Comment!
- Bonanza Creek Energy (BCEI +3.8%) is upgraded to Buy from Neutral and Hess (HES -0.7%) is cut to Neutral from Buy at Mizuho on valuation as part of the firm's broader sector outlook, which sees crude prices remaining above breakeven for key basins despite headwinds.
- The firm expects further efficiency gains as key players in the Bakken (HES), Permian (APA, APC), Eagle Ford (MRO, APC) and DJ Basin (APC, NBL, PDCE, SYRG, BCEI) continue to hone skills; its top picks going into 2014 are APA, Kosmos (KOS) and, on the riskier side, APC.
- With APA, the firm sees a continued turnaround to a leaner, shareholder-focused E&P with material catalysts; with KOS, a seasoned explorer with big drilling upside alongside cash flow generation; with APC, market caution until a Tronox damages number is revealed but rebounding given solid assets and liquidity.
Friday, Dec 202013, 11:49 AM
Friday, Dec 202013, 11:49 AM| 2 Comments
- With the threat of more supply hanging over the market, Credit Suisse narrows its list of top energy stock picks for 2014 to those that can truly have top upside gains in 2014.
- Chevron (CVX) is the only major domestic integrated on the Credit Suisse list; it may be looking to expand domestic production by acquiring one of the top E&P stocks, CS says.
- Phillips 66 (PSX) and Tesoro (TSO) are the firm's best-liked refiners.
- The firm's three favorite E&P names - PDC Energy (PDCE), Diamondback Energy (FANG) and EOG Resources (EOG) - were all considered takeover candidates during 2013.
- Among oil services companies, the firm thinks Halliburton (HAL) is making a strong comeback in the North American drilling market.
- Offshore driller Rowan (RDC) should roughly double its EBITDA in two years, CS says.
Wednesday, Dec 112013, 12:11 PM
Wednesday, Dec 112013, 12:11 PM| Comment!
- PDC Energy (PDCE -6.7%) slides after announcing a 2014 capital budget of $647M, targeting organic growth within its inventory of liquid-rich projects in the core Wattenberg Field and Utica Shale.
- Production for 2014 is seen averaging 9.5M-10M boe/day, up 34% Y/Y, with 60% in crude oil and natural gas liquids; guidance includes a reduction in dry gas volumes due to the anticipated closing of the sale of its shallow Upper Devonian assets and the suspension of drilling in its Marcellus Shale assets.
Tuesday, Dec 102013, 10:57 AM
Tuesday, Dec 102013, 10:57 AM| Comment!
- PDC Energy (PDCE +2.3%) is upgraded to Buy from Hold with a $75 price target at Stifel, which looks for PDCE to increasingly direct its ramping drilling program toward its core acreage.
- After drilling most of its Niobrara wells in the Wattenberg Outer Core over the past three years in order to save acreage and minimize gas pipeline constraints, the firm looks for PDCE to shift its drilling emphasis to the Middle Core of the play where well economics are superior.
Friday, Dec 62013, 5:27 AM
Friday, Dec 62013, 5:27 AM| Comment!
- Brean downgrades Bonanza Creek Energy (BCEI) to Hold from Buy.
- "Attractive, linear growth and long-lived inventory make this a solid story, but we find the upside in PDC Energy (PDCE) and Synergy Resources (SYRG) as more compelling at this point despite richer multiples."
- NBL analyst meeting on December 18th might give reason to revisit NAV assumptions.
Friday, Nov 152013, 12:41 PM
Friday, Nov 152013, 12:41 PM| 6 Comments
- Voters in the Denver suburb of Broomfield, Colo., narrowly approve a five-year moratorium on fracking after a recount by county officials; the new results mean that all four Colorado communities with similar measures on the ballot this month voted to reject fracking.
- The results in Broomfield, on the edge of the Niobrara Shale, were closely watched because the community is considered less liberal than those which passed anti-fracking measures.
- Active in the Niobrara: NBL, APC, WPX, BBG, CRZO, BCEI, SYRG, PDCE.
Friday, Nov 12013, 3:59 PM
Friday, Nov 12013, 3:59 PM| Comment!
- PDC Energy (PDCE -6.3%) is downgraded to Hold from Buy with a $69 price target at Miller Tabak on valuation.
- The firm says PDCE remains one of its favorite E&Ps thanks to a large inventory of future drilling locations in the core areas of the Wattenberg and Utica, and several data points in the coming months - Utica EUR assumption, results from the Neill and other Utica wells, December production and capex guidance - could offer an opportunity to revisit the rating.
Thursday, Oct 312013, 8:47 AM
Wednesday, Oct 232013, 12:56 PM
Wednesday, Oct 232013, 12:56 PM| 2 Comments
- Continental Resources (CLR -5.5%) falls sharply after Global Hunter downgrades shares to Neutral from Buy because the price has breached the firm’s $120 target.
- Despite CLR’s “strong production growth trajectory,” the firm is no longer urging investors to accumulate shares “due to limited estimated upside.”
- Global Hunter downgraded several other energy companies to Neutral: PDCE -4.3%, REXX -6.5%, EOX +0.2%, EPL -7.8% and OAS -0.4%.
- The firm upgraded RRC, SFY and KOG to Buy, and KOG to Accumulate.
Monday, Sep 302013, 3:59 PM
Monday, Sep 302013, 3:59 PM| 7 Comments
- Chevron (CVX) and Range Resources (RRC) stand out among energy plays Credit Suisse thinks will thrive amid fast-rising U.S. production and declining demand.
- The firm favors upstream companies with repeatable drilling inventory at the low end of the cost curve (e.g. Wattenberg, Eagle Ford, Northern Midland, Utica, super-rich Marcellus, core Bakken): Taking value into account, it likes Pioneer Natural Resources (PXD), Noble Energy (NBL), Anadarko Petroleum (APC), Marathon Oil (MRO), Gulfport Energy (GPOR), Diamondback Energy (FANG) and PDC Energy (PDCE).
Wednesday, Sep 252013, 3:13 PM
Wednesday, Sep 252013, 3:13 PM| Comment!
- It could take weeks for Colorado oil producers including Anadarko (APC +0.6%) and Noble Energy (NBL +0.1%) to tally the damage from a flood that has shut down an estimated 12% of the state’s daily oil production.
- State workers are being hampered by "wet and slow-going conditions” as they evaluate wells and tank batteries.
- Flooding may mean Q3 sales volumes at APC fall within or at the low end of the company’s expected range, and Q4 volumes also may be affected, an Alembic Global analyst says; APC still has 600-plus wells shut in the Wattenberg field.
- NBL says it had put ~325 wells back online, with 433 remaining shut.
- Three new spills were reported yesterday, including 5,100 gallons of oil from an NBL facility and 2,500 gallons from a PDC Energy (PDCE) location.
Monday, Sep 162013, 5:26 PM
Monday, Sep 162013, 5:26 PM| Comment!
- Synergy Resources (SYRG) says the "vast majority" of its existing production is unaffected by the flooding in northern Colorado, and its initial assessment reveals only "a small number" of existing vertical wells will be offline for an undetermined period of time.
- Production from the first four horizontal wells at the Renfroe pad continues uninterrupted, and final completion of the fifth well has been delayed; drilling operations on the Leffler pad are not affected, where spudding for a fourth well later this week remains on schedule.
- PDC Energy (PDCE) says it suspended production from a "limited number" of wells in its Wattenberg field operations.
Monday, Sep 162013, 9:31 AM
Monday, Sep 162013, 9:31 AM| Comment!
- Anadarko Petroleum (APC) has shut in at least 300 wells in the Wattenberg field, one of several operators affected by strong floods in Colorado over the weekend.
- Encana (ECA) says it shut in an unspecified number of wells and closed a field office due to lack of road access.
- Noble Energy (NBL) says its operations north of Denver are operating normally.
- Other smaller operators such as Synergy Resources (SYRG) and PDC Energy (PDCE) likely are affected; operators such as EOG, Bonanza Creek (BCEI) and Carrizo (CRZO) may have logistical issues.
Instablogs are blogs which are instantly set up and networked within the Seeking Alpha community. Instablog posts are not selected, edited or screened by Seeking Alpha editors, in contrast to contributors' articles.