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PDC IDs $475MM Budget for 2016; Wattenberg Focus
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PDC Energy, Inc. reported its 2016 capital budget and production forecast.
2016 Highlights Targeted cash flow neutrality with planned capital budget of $450 to $500 million. Anticipated annual production of 20.0 to 22.0 MMBoe, 35% to 40% year-over-year growth. Projected 2016 year-end debt to EBITDA of approximately 1.4x. Hedged approximately 50% of 2016 oil volumes and 62% of natural gas volumes at nearly $85 per barrel and $3.65 per Mcf, respectively. Continued improvements in capital efficiencies through anticipated reductions in drilling times and well costs, enhanced completion designs and extended reach lateral development.Bart Brookman, President and Chief Executive Officer, commented, "Our ability to execute our 2015 plan has positioned us to carry a lot of momentum into 2016…
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