We use cookies to understand how you use our site and to improve your experience. This includes personalizing content and advertising. To learn more, click here. By continuing to use our site, you accept our use of cookies, revised Privacy Policy and Terms of Service.
You are being directed to ZacksTrade, a division of LBMZ Securities and licensed broker-dealer. ZacksTrade and Zacks.com are separate companies. The web link between the two companies is not a solicitation or offer to invest in a particular security or type of security. ZacksTrade does not endorse or adopt any particular investment strategy, any analyst opinion/rating/report or any approach to evaluating individual securities.
If you wish to go to ZacksTrade, click OK. If you do not, click Cancel.
PDC Energy (PDCE) Q1 Earnings Miss as Commodity Prices Dive
Read MoreHide Full Article
Upstream energy operator PDC Energy reported adjusted earnings per share of $2.61, missing the Zacks Consensus Estimate of $2.91 and falling from the year-ago period’s profit of $3.66. The underperformance reflects lower oil and natural gas prices.
Meanwhile, PDC Energy recorded total revenues of 957.7 million, surging from the year-ago level of $316.4 million and exceeding the consensus mark by 23.3%. This was primarily on account of higher production numbers and improved risk management.
PDC Energy, Inc. Price, Consensus and EPS Surprise
For the first quarter of 2023, PDC Energy’s production totaled 21,971 thousand barrels of oil equivalent/MBoe (60% liquids), reflecting an increase of 22.6% from 17,924 MBoe a year ago. However, the Colorado-focused company’s quarterly average daily production of 244,000 Boe came in below the Zacks Consensus Estimate of 245,228 Boe due to certain technical issues in the black oil South acreage in the DJ Basin. Of the aggregate output, 19,420 MBoe (or some 88%) came from Wattenberg Field and the rest from Delaware Basin.
The average realized natural gas price decreased 2.4% from $3.78 per thousand cubic feet (Mcf) in the year-ago quarter to $3.07. PDC Energy sold NGLs at an average price of $21.95 per barrel (Bbls) compared to $34.70 a year ago. Meanwhile, the average oil price realization came in at $74.13 per barrel, 21.1% lower than $93.93 in the year-ago period. Overall, PDC Energy fetched $37.02 per MBoe compared with $49.23 a year ago.
Capital Expenditure & Balance Sheet
The energy explorer shelled out $362 million in the form of oil and gas capital investments while it raked in $101 million in adjusted free cash flow. As of Mar 31, 2023, PDC Energy had approximately $17.4 million in cash and cash equivalents, and $1.3 billion in long-term debt, representing a debt-to-capitalization of 23.5%.
2023 Guidance
For 2023, PDC Energy still expects to pump 255,000-265,000 Boe per day of hydrocarbon. It also projected average oil production of 82,000-86,000 barrels per day. The company, which returned $170 million to its shareholders during the first quarter through share buybacks, forecast full-year capital spending between $1.35 billion and $1.45 billion.
Zacks Rank & Stock Picks
PDC Energy — an upstream oil and gas company focused on the Wattenberg Field in Colorado and the Delaware Basin in Texas — carries a Zacks Rank #3 (Hold) at present.
Weatherford International: The company beat the Zacks Consensus Estimate for earnings in two of the trailing four quarters and missed in the other two. Weatherford International has a trailing four-quarter earnings surprise of 0.5%, on average.
WFRD is valued at around $4.3 billion. Weatherford International has seen its shares inch up 78.9% in a year.
Sunoco LP: SUN beat the Zacks Consensus Estimate for earnings twice in the trailing four quarters and missed in the other two. Over the past 30 days, Sunoco saw the Zacks Consensus Estimate for 2023 move up 0.7%.
Sunoco is valued at around $4.6 billion. SUN has seen its shares gain 1% in a year.
Riley Exploration Permian: Riley Exploration Permian beat the Zacks Consensus Estimate for earnings in three of the last four quarters and missed in the other. REPX has a trailing four-quarter earnings surprise of roughly 12.7%, on average.
Riley Exploration Permian is valued at around $814 million. REPX has seen its shares surge 56.2% in a year.
See More Zacks Research for These Tickers
Normally $25 each - click below to receive one report FREE:
Image: Bigstock
PDC Energy (PDCE) Q1 Earnings Miss as Commodity Prices Dive
Upstream energy operator PDC Energy reported adjusted earnings per share of $2.61, missing the Zacks Consensus Estimate of $2.91 and falling from the year-ago period’s profit of $3.66. The underperformance reflects lower oil and natural gas prices.
Meanwhile, PDC Energy recorded total revenues of 957.7 million, surging from the year-ago level of $316.4 million and exceeding the consensus mark by 23.3%. This was primarily on account of higher production numbers and improved risk management.
PDC Energy, Inc. Price, Consensus and EPS Surprise
PDC Energy, Inc. price-consensus-eps-surprise-chart | PDC Energy, Inc. Quote
Production & Prices
For the first quarter of 2023, PDC Energy’s production totaled 21,971 thousand barrels of oil equivalent/MBoe (60% liquids), reflecting an increase of 22.6% from 17,924 MBoe a year ago. However, the Colorado-focused company’s quarterly average daily production of 244,000 Boe came in below the Zacks Consensus Estimate of 245,228 Boe due to certain technical issues in the black oil South acreage in the DJ Basin. Of the aggregate output, 19,420 MBoe (or some 88%) came from Wattenberg Field and the rest from Delaware Basin.
The average realized natural gas price decreased 2.4% from $3.78 per thousand cubic feet (Mcf) in the year-ago quarter to $3.07. PDC Energy sold NGLs at an average price of $21.95 per barrel (Bbls) compared to $34.70 a year ago. Meanwhile, the average oil price realization came in at $74.13 per barrel, 21.1% lower than $93.93 in the year-ago period. Overall, PDC Energy fetched $37.02 per MBoe compared with $49.23 a year ago.
Capital Expenditure & Balance Sheet
The energy explorer shelled out $362 million in the form of oil and gas capital investments while it raked in $101 million in adjusted free cash flow. As of Mar 31, 2023, PDC Energy had approximately $17.4 million in cash and cash equivalents, and $1.3 billion in long-term debt, representing a debt-to-capitalization of 23.5%.
2023 Guidance
For 2023, PDC Energy still expects to pump 255,000-265,000 Boe per day of hydrocarbon. It also projected average oil production of 82,000-86,000 barrels per day. The company, which returned $170 million to its shareholders during the first quarter through share buybacks, forecast full-year capital spending between $1.35 billion and $1.45 billion.
Zacks Rank & Stock Picks
PDC Energy — an upstream oil and gas company focused on the Wattenberg Field in Colorado and the Delaware Basin in Texas — carries a Zacks Rank #3 (Hold) at present.
Meanwhile, investors interested in the energy sector might look at operators like Weatherford International (WFRD - Free Report) , Riley Exploration Permian (REPX - Free Report) and Sunoco LP (SUN - Free Report) . Each of the companies has a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
Weatherford International: The company beat the Zacks Consensus Estimate for earnings in two of the trailing four quarters and missed in the other two. Weatherford International has a trailing four-quarter earnings surprise of 0.5%, on average.
WFRD is valued at around $4.3 billion. Weatherford International has seen its shares inch up 78.9% in a year.
Sunoco LP: SUN beat the Zacks Consensus Estimate for earnings twice in the trailing four quarters and missed in the other two. Over the past 30 days, Sunoco saw the Zacks Consensus Estimate for 2023 move up 0.7%.
Sunoco is valued at around $4.6 billion. SUN has seen its shares gain 1% in a year.
Riley Exploration Permian: Riley Exploration Permian beat the Zacks Consensus Estimate for earnings in three of the last four quarters and missed in the other. REPX has a trailing four-quarter earnings surprise of roughly 12.7%, on average.
Riley Exploration Permian is valued at around $814 million. REPX has seen its shares surge 56.2% in a year.