Complimentary Stock: PDC Energy, Inc. (NASDAQ: PDCE)

PDC Energy, Inc. (NASDAQ: PDCE) stock observed trading -45.49% off 52-week high price. On the other end, the stock has been noted 31.73% away from low price over the last 52-weeks. The stock disclosed a move of 5.38% away from 50 day moving average and -15.47% away from 200 day moving average. Moving closer, we can see that shares have been trading -0.18% off 20-day moving average.

PDC Energy, Inc (PDCE) recently stated its 2019 third quarter financial and operating results.

Third Quarter 2019 Highlights:

Net cash from operating activities of $234M, adjusted cash flow from operations, a non-U.S. GAAP financial measure defined below, of about $202M, and oil and gas capital investments of $164M.

About $39M of free cash flow, a non-U.S. GAAP measure defined as net cash from operating activities, adjusted for changes in working capital, less oil and gas capital investments.

Total production of 12.7M barrels of oil equivalent (“MMBoe”), or about 138,000 Boe per day, a 26 percent increase from the third quarter of 2018.

Lease operating expenses (“LOE”) of $2.87 per Boe, a 12 percent improvement from the third quarter of 2018.

Average Delaware Basin drilling, completion and facility costs of about $1,150 per lateral foot, a 37 percent improvement contrast to average full-year 2018 costs of $1,835 per lateral foot.

In October, the Company’s borrowing base under its revolving credit facility was reaffirmed at $1.6B with an elected commitment level of $1.3B. Contingent upon closing the acquisition of SRC Energy, Inc. (“SRC”), the Company’s borrowing base has been accepted at $2.1B with an elected commitment level of up to $1.9B.

Operations Update

In the third quarter, the Company invested about $164M while delivering production of 12.7 MMBoe, or about 138,000 Boe per day, a raise of 26 percent from the third quarter of 2018 and one percent from the second quarter of 2019. Oil production of 4.9M barrels in the third quarter represents similar volumes as the second quarter of 2019 and a raise of 13 percent contrast to the third quarter of 2018. Both total production and oil production volumes in the third quarter 2019 are in-line with internal expectations as modest Delaware Basin outperformance offset the negative impacts to Wattenberg volumes Because of unplanned third-party midstream downtime in parts of September.

In Wattenberg, the Company invested about $123M while reducing its rig count from three to two at the end of the quarter and utilizing one full-time completion crew to spud 26 wells and TIL 43 wells with average working interests of 94 percent. Average well costs for the quarter were between $100,000 and $200,000 below budget and reflect both drilling and completion efficiency gains realized year-to-date. The Company’s oil production mix for the quarter was negatively influenced from high line pressures as a result of the delayed processing capacity expansion from its primary third-party midstream provider. Fourth quarter volumes are predictable to increase modestly Because of the gradually improving basin-wide operating environment.

In the Delaware Basin, the Company invested about $41M to spud and TIL four wells with average working interests of 96 percent. Well costs for the quarter averaged about $1,150 per lateral foot and represent total drilling, completion and facility costs between $200,000 and $800,000 below budget, depending on lateral length. The Company idled its completion crew in early-July and plans to run two drilling rigs through the remainder of 2019. Fourth quarter 2019 production volumes are predictable to decrease five to ten percent from third quarter levels Because of no additional TILs planned through year-end, as consistent with the Company’s guidance.

The USA based company PDC Energy, Inc. moved with change of 2.02% to $25.78 with the total traded volume of 1400495 shares in recent session versus to an average volume of 1417.23K. PDCE’s shares are at 2.42% for the quarter and driving a -23.21% return over the course of the past year and is now at -1.49% since this point in 2018. The average volatility for the week and month was at 4.68% and 3.61% respectively. There are 62.08M shares outstanding and 60.88M shares are floated in market.