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PDC Energy reported year-end 2016 proved reserves and full-year production.
Highlights:
- Year-end 2016 proved reserves of 341.4 MMBOE, an approximate 25% increase over year-end 2015 proved reserves with estimated all-sources reserve replacement of 409%
- Estimated 2016 production of 22.2 MMBoe, a 44% increase over 2015.
- Increased the average lateral length of proved undeveloped horizontal ("PUD") Niobrara locations in the Wattenberg Field from approximately 5,400 feet to approximately 7,000 feet.
- Proved reserve additions of 32.5 MMBoe attributable to the Delaware basin acquisitions that closed in December 2016. The acquisitions included approximately 61,500 net acres in Reeves and Culberson counties, Texas.
2016 Proved Reserves
PDC's total proved reserves as of December 31, 2016 increased 25% to 341.4 MMBoe compared to 272.8 MMBoe reported at year-end 2015. The composition of the reserves at the end of 2016 were 59% liquid and 41% natural gas, with 29% of the reserves classified as proved developed. Year-end 2015 reserves were 60% liquid, 40% natural gas, and 26% proved developed. Proved reserves in the Wattenberg Field and Utica Shale increased 13% to 308.9 MMBoe. In 2016, the Company acquired approximately 61,500 net acres in the Delaware Basin and established total proved reserves of 32.5 MMBoe in the Wolfcamp A and B.
The value of the Company's proved reserves increased to $1.7 billion as of December 31, 2016, compared to $1.3 billion as of year-end 2015.
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