Overview | Print |
Overview as of August 14, 2018
Growing reserves and production
PDC Energy follows a simple and effective business strategy of value-added growth of reserves and production, while maximizing margins and cash flow and maintaining a strong balance sheet and debt metrics. The Company is focused on horizontal drilling and low-risk organic development of oil and natural gas reserves from shales and tight reservoir rocks.
PDC Energy currently operates in two geographically distinct areas of the country, with primary interest in the Wattenberg field and Delaware basins.
- Denver - Julesburg Basin
- Core Wattenberg Field - Weld County, Colorado
- Permian Basin
- Delaware Basin - Reeves and Culberson Counties, West Texas
Emphasis on oil and NGLs
PDC is focused on horizontal Niobrara and Codell development in the liquid-rich Wattenberg Field, where liquid content in new horizontal wells is expected to average 50% - 75% of the production stream. In the Delaware Basin, the Company is targeting the Wolfcamp A, B and C development where it expects the Eastern acreage block to be 70-80% liquids and the Central block 60-70% liquids.
Drilling and development
Annual production for 2017 averaged 87,200 Boe per day and proved reserves at year-end 2017 totaled 453 MMboe. During 2017, the Company spud 179 gross horizontal wells and turned-in-line 146 wells.
Fiscal management and marketing strategy
PDC Energy is committed to maintaining a strong balance sheet as part of its fiscal strategy. PDC utilizes an active hedging program for oil and natural gas to reduce the effects of variable commodity prices and help insulate cash flow to fund its capital expenditure program.