From Colorado-based PDC Energy on Thursday:
PDC Energy Inc. today reported its 2013 third quarter financial and operating results from continuing operations.
Third Quarter 2013 Highlights
Third Quarter 2013 Results
Net loss for the third quarter of 2013 was
Production for the third quarter of 2013 increased 29% to 18,600 Boe/d, from 14,400 Boe/d in the third quarter of last year. The increase in production was primarily due to ongoing successful horizontal drilling in the Wattenberg Field and
Crude oil, natural gas and NGLs sales revenues were
Commodity price risk management activities for the third quarter of 2013 resulted in a net loss of
Production costs, which include lease operating expenses ("LOE"), production taxes and certain production and engineering staff-related overhead costs, as well as other costs to operate wells and pipelines, were
General and administrative ("G&A") expense for the third quarter of 2013 increased to
Depreciation, depletion and amortization ("DD&A") expense related to crude oil and natural gas properties was
Interest expense for the third quarter of 2013 was
PDC's available consolidated liquidity position as of
Third Quarter 2013 Operations Update
On the Company's southern
PDC began initial testing of its Stiers three-well pad in
In the Wattenberg Field, the Company recently initiated production on its 16-wells per section downspacing project (known as the Waste Management Section). Drilling on this project was completed in early October and eight of the 16 wells are currently on production. Initial production from the four Codell wells has been tracking above the Company's established Codell type curve and production from the four Niobrara wells has been tracking between the Company's outer core and middle core Niobrara type curves. The remaining eight wells are expected to be on production in early November.
"Initial results from our Waste Management downspacing project are very positive and provide further confidence in at least 16-wells per section, as well as the quality of our more than 2,000 potential locations in the Wattenberg Field. Initial data from the Garvin well is also extremely encouraging, particularly with the sustained pressures and permeability we observed during early testing," said
PDC's Wattenberg Field operations were affected by the severe flooding in
Chesapeake Energy Corp,the Oklahoma-based firm is the No. 1 driller in Ohio.
Rig Count Interactive Map by Baker Hughes, an energy services company.
Shale Sheet Fracking, a Youngstown Vindicator blog.
The Ohio Environmental Council, a statewide eco-group based in Columbus.
Earthjustice, a national eco-group.
People's Oil and Gas Collaborative-Ohio, a grass-roots group in Northeast Ohio.
Concerned Citizens of Medina County, a grass-roots group.
No Frack Ohio, a Columbus-based grass-roots group.
Fracking: Gas Drilling's Environmental Threat by ProPublica, an online journalism site.
Pipeline, blog from Pittsburgh Post-Gazette on Marcellus shale drilling.
Allegheny Front, environmental public radio for Western Pennsylvania.