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PDC Dropping Wattenberg Rig Count to Three; Cuts Budget
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PDC Energy, Inc. reported its 2016 second quarter financial and operating results and updated its full-year 2016 guidance.
Key Points: Full-year capital expenditures reduced to $400 to $420 million from the previously guided $410 to $440 million. Due to improvement in rig efficiencies and increased working interests, the Company plans to reduce its Wattenberg rig count from four to three in the third quarter of 2016 2016 Second Quarter Highlights: Production of more than 57,100 barrels of oil equivalent per day; 54% increase year-over-year and 14% increase over the first quarter of 2016. Turned-in-line 37 gross operated wells including the 10,000 foot lateral Neff well in the Utica. Began completions on first extended-reach lateral wells in the Core Wattenberg.2016 Updated…
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