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28 February, 2024 19:08 IST
PDC ENERGY, INC swings to first-quarter profit on a YOY basis
Source: IRIS | 23 May, 2017, 04.35PM

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PDC Energy, Inc (PDCE) swung to a net profit for the quarter ended Mar. 31, 2017. The company has made a net profit of $46.15 million, or $ 0.70 a share in the quarter, against a net loss of $71.53 million, or $1.72 a share in the last year period. On the other hand, adjusted net loss for the quarter narrowed to $4.10 million, or $0.06 a share from a loss of $37 million or $0.89 a share, a year ago.  

Revenue during the quarter surged 201.34 percent to $273.71 million from $90.83 million in the previous year period. Gross margin for the quarter expanded 1349 basis points over the previous year period to 89.32 percent.

Operating income for the quarter was $91.70 million, compared with an operating loss of $103.03 million in the previous year period.

However, the adjusted EBITDA for the quarter stood at $130.20 million compared with $57.80 million in the prior year period. At the same time, adjusted EBITDA margin contracted 1607 basis points in the quarter to 47.57 percent from 63.63 percent in the last year period.

President and Chief Executive Officer, Bart Brookman commented, “I am very pleased with our ability to deliver strong results in the first quarter. Our Core Wattenberg position, highlighted by the increased type curves and enhanced internal rates-of-return disclosed at our recent Analyst Day, continues to be the primary growth driver for PDC. In the Delaware Basin, we are very excited by the early results of the wells turned-in-line in the first quarter and are quickly gaining operational momentum as we integrate the new assets into the company. Our results this quarter are a great first step in once again delivering impressive annual growth.”

Operating cash flow improves significantly
PDC Energy, Inc has generated cash of $139.50 million from operating activities during the quarter, up 37.91 percent or $38.35 million, when compared with the last year period.

The company has spent $173.62 million cash to meet investing activities during the quarter as against cash outgo of $122.67 million in the last year period. It has incurred net capital expenditure of $80.67 million on net basis during the quarter, down 33.99 percent or $41.55 million from year ago period.

The company has spent $2.36 million cash to carry out financing activities during the quarter as against cash inflow of $259.21 million in the last year period.

Cash and cash equivalents stood at $207.62 million as on Mar. 31, 2017, down 12.96 percent or $30.92 million from $238.54 million on Mar. 31, 2016.

 

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