Exclusives / Features | Hedging | Capital Markets
Armed with a Strong Hedge Book, PDC Confident as Price Falls
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[Summary: At the 2017 JP Morgan Energy Equity Conference, PDC President and CEO Bart Brookman detailed the company's "resilient case" plan which the company will implement to combat the low oil price.
Although the "resilient case" plan would cause PDC to decrease its overall rig count, a strong hedge book will fuel the company.]
Despite the current low oil price, PDC anticipates 20-40% growth over the next several years, with 2,600 drilling projects in the Wattenberg and Delaware. To combat the low price, PDC's "resilient case" plan allows the company to grow at 21% and achieve cash flow neutrality through 2020. The "resilient case" would lower PDC's over-all rig count. While the rig number was not disclosed, Brookman said that the company would, at a minimum, have to continue to run 2 rigs…
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