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PDC Energy (PDCE) Declares Revised Guidance for Full-Year 2022
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PDC Energy , the Denver, CO-based independent upstream operator, recently announced its updated annual outlook for the year 2022 after it closed the acquisition of Great Western Petroleum early last month.
PDC Energy’s management came out with pro-forma estimates earlier this year when the acquisition was made public, with an intended second-quarter closing. The revised guidance is largely in line with earlier forecasts but with some changes.
The total oil and gas production outlook was raised by about 4.3% from the earlier number to 242.5 thousand barrels of oil equivalent per day (Mboe/d) (midpoint). The capital expenditure guidance now stands in the range of $950-$1,000 million, up from its earlier figure in the $900-$1,000 million range.
Due to PDCE’s updated price deck and the assuming price realizations of $95 per barrel of oil and natural gas at $6 per million British thermal units (MMBtu), management now anticipates generating $1.7 billion in adjusted free cash flow. The earlier guidance for the same stood at $1.3 billion, with prices assumed at $75 per barrel of oil and natural gas at $4 per MMBtu.
As a consequence of increased free cash flow forecasts, the company lifted its total return of capital to shareholder guidance from $800 million to $1 billion and the base dividend to 35 cents per share on a quarterly basis ($1.40 annually).
PDC Energy, Inc. is engaged in the exploration, development and production of natural gas, crude oil and natural gas liquids. The firm is focused on the Wattenberg Field in Colorado and the Delaware Basin in Texas. PDC Energy’s Wattenberg operations are centered around the Niobrara and Codell formations, while the Delaware Basin development primarily targets the Wolfcamp zones.
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The Zacks Consensus Estimate for MGY’s 2022 earnings is projected at $4.24 per share, up about 75.2% from the projected year-ago figure of $2.42.
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Civitas stock has gone up 70.2% in a year. The Zacks Consensus Estimate for CIVI’s 2022 earnings has been revised upward by about 17% over the past 60 days from $12.62 to $14.76 per share.
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PDC Energy (PDCE) Declares Revised Guidance for Full-Year 2022
PDC Energy , the Denver, CO-based independent upstream operator, recently announced its updated annual outlook for the year 2022 after it closed the acquisition of Great Western Petroleum early last month.
PDC Energy’s management came out with pro-forma estimates earlier this year when the acquisition was made public, with an intended second-quarter closing. The revised guidance is largely in line with earlier forecasts but with some changes.
The total oil and gas production outlook was raised by about 4.3% from the earlier number to 242.5 thousand barrels of oil equivalent per day (Mboe/d) (midpoint). The capital expenditure guidance now stands in the range of $950-$1,000 million, up from its earlier figure in the $900-$1,000 million range.
Due to PDCE’s updated price deck and the assuming price realizations of $95 per barrel of oil and natural gas at $6 per million British thermal units (MMBtu), management now anticipates generating $1.7 billion in adjusted free cash flow. The earlier guidance for the same stood at $1.3 billion, with prices assumed at $75 per barrel of oil and natural gas at $4 per MMBtu.
As a consequence of increased free cash flow forecasts, the company lifted its total return of capital to shareholder guidance from $800 million to $1 billion and the base dividend to 35 cents per share on a quarterly basis ($1.40 annually).
PDC Energy, Inc. is engaged in the exploration, development and production of natural gas, crude oil and natural gas liquids. The firm is focused on the Wattenberg Field in Colorado and the Delaware Basin in Texas. PDC Energy’s Wattenberg operations are centered around the Niobrara and Codell formations, while the Delaware Basin development primarily targets the Wolfcamp zones.
PDC Energy currently sports a Zacks Rank #1 (Strong Buy). Some other similar-ranked stocks from the energy space that warrant a look include Magnolia Oil & Gas Corp (MGY - Free Report) , Civitas Resources (CIVI - Free Report) and Earthstone Energy . You can see the complete list of today’s Zacks #1 Rank stocks here.
Magnolia stock has increased 96% in a year. The Zacks Consensus Estimate for Magnolia’s 2022 earnings has been revised upward by about 45.2% over the past 60 days from $2.92 to $4.24 per share.
The Zacks Consensus Estimate for MGY’s 2022 earnings is projected at $4.24 per share, up about 75.2% from the projected year-ago figure of $2.42.
The Zacks Consensus Estimate for Civitas’ 2022 earnings is projected at $14.76 per share, up about 403.7% from the projected year-ago figure of $2.93.
Civitas stock has gone up 70.2% in a year. The Zacks Consensus Estimate for CIVI’s 2022 earnings has been revised upward by about 17% over the past 60 days from $12.62 to $14.76 per share.
The Zacks Consensus Estimate for Earthstone’s 2022 earnings has been revised upward by about 41.8% over the past 60 days from $2.80 to $3.97 per share. Earthstone’s stock has increased 89.9% in a year.
The Zacks Consensus Estimate for ESTE’s 2022 earnings is projected at $3.97 per share, up about 217.6% from the projected year-ago earnings of $1.25.