Company profile

Ticker
PDCE
Exchange
Website
CEO
Barton R. Brookman
Employees
Incorporated
Location
Fiscal year end
Former names
Petroleum Development Corp
SEC CIK
IRS number
952636730

PDCE stock data

(
)

Calendar

8 May 20
6 Aug 20
31 Dec 20

News

Company financial data Financial data

Quarter (USD) Mar 20 Dec 19 Sep 19 Jun 19
Revenue 757.03M 265.02M 365.94M 390.66M
Net income -465.02M -20.95M 15.91M 68.55M
Diluted EPS -4.94 -0.34 0.25 1.04
Net profit margin -61.43% -7.91% 4.35% 17.55%
Operating income -448.59M -2.69M 44.38M 110.04M
Net change in cash 60.28M -3.6M 3.09M 362K
Cash on hand 61.24M 963K 4.57M 1.47M
Annual (USD) Dec 19 Dec 18 Dec 17 Dec 16
Revenue 1.16B 1.55B 921.62M 382.92M
Net income -56.67M 2.02M -127.5M -245.93M
Diluted EPS -0.89 0.03 -1.94 -5.01
Net profit margin -4.90% 0.13% -13.83% -64.23%
Operating income 11.11M 77.75M -238.25M -332.11M
Net change in cash -435K -179.28M -63.43M 243.25M
Cash on hand 963K 1.4M 180.68M 244.1M

Financial data from PDC Energy earnings reports

Date Owner Security Transaction Code 10b5-1 $Price #Shares $Value #Remaining
13 May 20 Swoveland Jeffrey C Common Stock Buy Aquire P No 10.51 7,135 74.99K 26,901
1 Apr 20 Griggs Douglas J Common Stock Grant Aquire A No 0 16,151 0 35,676
1 Apr 20 DeLawder John A Common Stock Payment of exercise Dispose F No 6.29 656 4.13K 14,748
1 Apr 20 Meyers R Scott Common Stock Payment of exercise Dispose F No 6.29 703 4.42K 76,637
1 Apr 20 Martinet Nicole L Common Stock Payment of exercise Dispose F No 6.29 865 5.44K 37,895
13F holders
Current Prev Q Change
Total holders 218 1 +21700.0%
Opened positions 218 1 +21700.0%
Closed positions 1 217 -99.5%
Increased positions 0 0
Reduced positions 0 0
13F shares
Current Prev Q Change
Total value 669.88M 3.68M +18083.6%
Total shares 107.45M 140.76K +76239.4%
Total puts 936.5K 0 NEW
Total calls 1.78M 0 NEW
Total put/call ratio 0.5
Largest owners
Shares Value Change
BLK BlackRock 15M $93.13M NEW
Vanguard 10.72M $66.59M NEW
Dimensional Fund Advisors 7.91M $49.14M NEW
STT State Street 6.02M $37.37M NEW
Citadel Advisors 3.58M $22.21M NEW
Harris Associates L P 3.36M $20.85M NEW
FMR 2.9M $17.99M NEW
Victory Capital Management 2.66M $16.52M NEW
Marshall Wace North America 2.54M $15.76M NEW
NTRS Northern Trust 2.18M $13.51M NEW
Largest transactions
Shares Bought/sold Change
BLK BlackRock 15M +15M NEW
Vanguard 10.72M +10.72M NEW
Dimensional Fund Advisors 7.91M +7.91M NEW
STT State Street 6.02M +6.02M NEW
Citadel Advisors 3.58M +3.58M NEW
Harris Associates L P 3.36M +3.36M NEW
FMR 2.9M +2.9M NEW
Victory Capital Management 2.66M +2.66M NEW
Marshall Wace North America 2.54M +2.54M NEW
NTRS Northern Trust 2.18M +2.18M NEW

Financial report summary

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Risks
  • Our results may suffer if we do not effectively manage our expanded operations following the SRC Acquisition.
  • Sales of substantial amounts of our common stock in the open market, by former SRC shareholders or otherwise, could depress our stock price.
  • The market price of our common stock will continue to fluctuate, and may decline if the benefits of the SRC Acquisition do not meet the expectations of financial analysts.
  • Crude oil, natural gas and NGL prices fluctuate and declines in these prices, or an extended period of low prices, can significantly affect the value of our assets and our financial results and may impede our growth.
  • The marketability of our production is dependent upon transportation and processing facilities, the capacity and operation of which we do not control. Market conditions or operational impediments affecting midstream facilities and services could hinder our access to crude oil, natural gas and NGL markets, increase our costs or delay production. Our efforts to address midstream issues may not be successful.
  • Changes in laws and regulations applicable to us could increase our costs, impose additional operating restrictions or have other adverse effects on us.
  • Our undeveloped acreage must be drilled before lease expiration to hold the acreage by production. In highly competitive markets for acreage, failure to drill sufficient wells to hold acreage could result in substantial lease renewal costs or, if renewal is not feasible, loss of our lease and prospective drilling opportunities.
  • A substantial part of our crude oil, natural gas and NGLs production is located in the Wattenberg Field, making us vulnerable to risks associated with operating primarily in a single geographic area. In addition, we have a large amount of proved reserves attributable to a small number of producing formations.
  • Certain of our properties are subject to land use restrictions, which could limit the manner in which we conduct our business.
  • We may incur losses as a result of title defects in the properties in which we invest or acquire.
  • We are subject to complex federal, state, local and other laws and regulations that adversely affect the cost and manner of doing business.
  • Our ability to produce crude oil, natural gas and NGLs economically and in commercial quantities could be impaired if we are unable to acquire adequate supplies of water for our drilling and completion operations or are unable to dispose of or recycle the water we use at a reasonable cost, in a timely manner and within applicable environmental rules.
  • Reduced commodity prices could result in significant impairment charges and significant downward revisions of proved reserves.
  • Our estimated reserves are based on many assumptions that may turn out to be inaccurate. Any material inaccuracies in these reserve estimates or underlying assumptions may materially affect the quantities and present value of our reserves.
  • Unless reserves are replaced as they are produced, our reserves and production will decline, which would adversely affect our future business, financial condition and results of operations. We may not be able to develop our identified drilling locations as planned.
  • The wells we drill may not yield crude oil, natural gas or NGLs in commercially viable quantities and productive wells may be less successful than we expect.
  • Drilling for and producing crude oil, natural gas and NGLs are high risk activities with many uncertainties that could adversely affect our business, financial condition and results of operations.
  • The inability of one or more of our customers or other counterparties to meet their obligations may adversely affect our financial results.
  • Seasonal weather conditions and lease stipulations can adversely affect our operations.
  • We have limited control over activities on properties in which we own an interest but we do not operate, which could reduce our production and revenues.
  • We participate in oil and gas leases with third parties who may not be able to fulfill their commitments to our projects.
  • We may not be able to keep pace with technological developments in our industry.
  • Competition in our industry is intense, which may adversely affect our ability to succeed.
  • Our success depends on key members of our management and our ability to attract and retain experienced technical and other professional personnel.
  • A failure to complete successful acquisitions would limit our growth.
  • Acquisitions of properties are subject to the uncertainties of evaluating recoverable reserves and potential liabilities, including environmental uncertainties.
  • We operate in a litigious environment. The cost of defending any suits brought against us, and any judgments or settlements resulting from such suits, could have an adverse effect on our results of operations and financial condition.
  • Our business could be negatively impacted by security threats, including cybersecurity threats and other disruptions.
  • The physical effects of climate change could disrupt our production and cause us to incur significant costs in preparing for or responding to those effects.
  • Our development and exploration operations require substantial capital, and we may be unable to obtain needed capital or financing on satisfactory terms, which could lead to a loss of properties and a decline in our production and reserves, and ultimately our profitability.
  • We have a substantial amount of debt and the cost of servicing, and risks related to refinancing, that debt could adversely affect our business. Those risks could increase if we incur more debt.
  • Covenants in our debt agreements currently impose, and future financing agreements may impose, significant operating and financial restrictions.
  • Our revolving credit facility has substantial restrictions and financial covenants and our ability to comply with those restrictions and covenants is uncertain. Our lenders can unilaterally reduce our borrowing availability based on anticipated commodity prices.
  • If we are unable to comply with the restrictions and covenants in our debt agreements, the resulting default could lead to an acceleration of payment of funds that we have borrowed and we may not have or be able to obtain the funds necessary to repay those amounts.
  • Our variable rate indebtedness subjects us to interest rate risk, which could cause our debt service obligations to increase significantly.
  • We may be adversely affected by the phaseout of the London Interbank Offered Rate ("LIBOR") or the replacement of LIBOR with a different reference rate.
  • Notwithstanding our current indebtedness levels and restrictive covenants, we may still be able to incur substantial additional debt, which could exacerbate the risks described above.
  • Under the “successful efforts” accounting method that we use, unsuccessful exploratory wells must be expensed in the period in which they are determined to be non-productive, which reduces our net income in such periods.
  • Our commodity derivative activities could result in financial losses or reduced income from failure to perform by our counterparties, could limit our potential gains from increases in prices and could result in volatility in our net income.
  • Our insurance coverage may not be sufficient to cover some liabilities or losses that we may incur.
  • The price of our common stock has been and may continue to be highly volatile, which may make it difficult for shareholders to sell our common stock when desired or at attractive prices.
  • Derivatives legislation and regulation could adversely affect our ability to hedge crude oil and natural gas prices and increase our costs and adversely affect our profitability.
Management Discussion
  • We have been adversely affected as a result of the ongoing global COVID-19 pandemic, including its effects on commodity demand and pricing, downstream capacity, employee health and safety, business continuity and regulatory matters. We expect those impacts to continue in the near-term and we may experience additional impacts in the future. See Item 1A. Risk Factors for additional information regarding the potential impacts of the COVID-19 pandemic.
  • Production volumes increased to 16.8 MMboe for the three months ended March 31, 2020, representing an increase of 50 percent as compared to the three months ended March 31, 2019. The majority of the increase can be attributed to producing properties received in the SRC Acquisition. Total liquids production of crude oil and NGLs comprised 59 percent of production during the three months ended March 31, 2020. For the month ended March 31, 2020, we maintained an average daily production rate of approximately 194,000 Boe per day, up from approximately 124,000 Boe per day for the month ended March 31, 2019.
  • On a sequential quarterly basis, total production for the three months ended March 31, 2020 as compared to the three months ended December 31, 2019 increased by 3.8 MMboe, or 29 percent, with the increase in production attributable to producing properties received in the SRC Acquisition. The increase was partially offset by the impact of decreased capital investments during the fourth quarter of 2019.
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