Quarterly / Earnings Reports | Second Quarter (2Q) Update | IP Rates-30-Day | IP Rates-24 Hour | Forecast - Production | Capital Markets | Drilling Activity | Capex Increase
PDC Touts +20% Jump in Delaware Basin Output from 1Q18; Increases Spending
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PDC Energy reported its Q2 2018 Delaware Basin results.
Corporate Highlights
- Production of 9.4 MMBOE, or approximately 103,000 barrels of oil equivalent (“Boe”) per day, representing a year-over-year increase of 20 percent from Wattenberg and Delaware basin operations.
- Delaware basin production averaged approximately 25,000 Boe per day, a sequential increase of approximately 20 percent from the first quarter of 2018.
Updated Full-Year 2018 Guidance Highlights
- Increased midpoint of total production to 41 MMBoe with an updated range of 40 to 42 MMBoe, primarily as a result of Delaware basin outperformance.
- Anticipated capital investment of $950 to $985 million with an expected outspend of $75 to $100 million. The Company expects to generate free cash flow in the second half of 2018, which is an increase from initial guidance of $850-$920
Delaware Basin
Production
- Q2 Delaware production of 25 MBOEPD (up +150% YOY and up +20% from 1Q18)
Wells Activity
- Spud 6 Wells
- Turned-in-line 5 Wells
Year-to-date, the Company has seven Central area TILs averaging peak 30-day IP rates of approximately 220 Boe per day per thousand feet and 53 percent crude oil, both of which are above internal expectations.
In June 2018, the Company sold initial crude oil volumes under its previously announced five and half year firm transportation agreement to the Gulf Coast.
Average price realizations for all Delaware oil volumes in June, including volumes not covered by the new agreement, were approximately 92 percent of NYMEX.
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