Petroleum Development Corporation (dba PDC Energy) ("PDC," or the
"Company") (Nasdaq:PETD) today reported its 2011 fourth quarter and
year-end operating and financial results.
Full Year 2011 Highlights
- The Company reported net income attributable to shareholders
for 2011 of $13 million, or $0.56 per diluted share, compared with
2010 net income of $6 million, or $0.31 per diluted share.
- Adjusted net loss attributable to shareholders, a non-GAAP
financial measure defined below, was $4 million for 2011, compared
to an adjusted net income of $400,000 for 2010. In 2011, impacting
both net income attributable to shareholders and adjusted net loss
attributable to shareholders, the Company recorded an after-tax
impairment charge of $14 million, or $0.58 per diluted share,
related to its Northeast Colorado ("NECO") proved natural gas
properties.
- Adjusted EBITDA, a non-GAAP financial measure defined below,
increased 26% to $188 million for 2011, compared to $149 million
for 2010.
- The Company's 2011 production, including discontinued
operations, increased 23% to 47.5 billion cubic feet equivalent
("Bcfe") compared to 38.6 Bcfe for 2010. Production from continuing
operations increased 21% to 45 Bcfe for 2011 compared to 37 Bcfe
for 2010.
- Total proved reserves as of December 31, 2011 increased 18% to
slightly over one trillion cubic feet equivalent ("Tcfe") from 861
Bcfe as of December 31, 2010.
Fourth Quarter 2011 Highlights
- The Company reported a net loss attributable to shareholders
for the fourth quarter 2011 of $8 million, or $0.35 per diluted
share, compared to a fourth quarter 2010 net loss of $18 million,
or $0.86 per diluted share.
- Adjusted net loss attributable to shareholders, a non-GAAP
financial measure defined below, was $6 million for the fourth
quarter of 2011, compared to an adjusted net loss of $4 million for
the same 2010 period. In the fourth quarter of 2011, the Company
recorded an after-tax impairment charge, referenced above, which
impacted both net loss and adjusted net loss attributable to
shareholders for the fourth quarter 2011.
- Adjusted EBITDA, a non-GAAP financial measure defined below,
was $59 million for the fourth quarter 2011, compared to an
adjusted EBITDA of $35 million for the fourth quarter 2010.
- Fourth quarter 2011 production from continuing operations
increased 36% to 12.8 Bcfe compared to 9.4 Bcfe in the fourth
quarter 2010, and increased 13% compared to 11.3 Bcfe in the third
quarter 2011.
Financial Results
Full Year 2011 Results:
PDC's 2011 total revenues were $396 million, a 15% increase from
$343 million for 2010. Natural gas, natural gas liquids ("NGL"),
and crude oil sales revenues from the Company's continuing
operations increased 35% to $277 million compared to $205 million
in 2010. The average realized sales price for natural gas, NGLs,
and crude oil, including net realized gains on derivatives, was
$6.53 per Mcfe for 2011, compared to $6.89 per Mcfe for 2010. The
average realized sales price, excluding net realized gains on
derivatives, during 2011 was $6.15 per Mcfe, an increase of 9% from
$5.63 per Mcfe for 2010.
Commodity price risk management activities for 2011 resulted in
a gain of $46 million for the year. The $46 million net gain was
comprised of a $17 million net realized gain and a $29 million net
unrealized gain. The net realized gain for 2011 was the result of a
decrease in natural gas prices as compared to the derivative strike
price, offset in part by a realized loss on the Company's crude oil
positions as a result of higher prices at settlement as compared to
the derivative strike price. The net unrealized gain for 2011 was
the result of a decrease in forward natural gas prices relative to
the derivative's strike price, partially offset by an increase in
spot and forward crude oil prices relative to the derivative's
strike price. Hedging activity produced a net gain of $60 million
for 2010. The $60 million net gain for 2010 was comprised of a $47
million realized gain, and a $13 million unrealized gain.
Production costs from the Company's continuing operations were
$69 million, or $1.54 per Mcfe for 2011 compared to $65
million, or $1.75 per Mcfe for 2010. The per unit expense decrease
was primarily attributable to an increase in production. Lease
operating expenses increased for 2011 primarily due to the increase
in production, offset in part by a decrease in saltwater disposal
and water hauling expenses of $2 million following the completion
of the Company's salt water disposal facility in the Piceance
Basin. Production taxes increased $6 million, or 50%, for 2011
compared to 2010, primarily related to an increase in natural gas,
NGL and crude oil sales.
Depreciation, depletion and amortization ("DD&A") expense
from continuing operations for 2011 increased 19% to $129 million,
or $2.86 per Mcfe, from $108 million, or $2.92 per Mcfe for 2010.
Both the increase in DD&A expense and the decrease on a per
Mcfe basis were primarily attributable to the 21% increase in
production volumes for 2011 as compared to 2010.
General and administrative ("G&A") expense increased to $61
million for 2011, from $42 million for 2010. The increase was
primarily due to an increase in payroll and payroll-related expense
of $14 million, of which $7 million was related to a separation
agreement with its former chief executive officer. Payroll and
payroll-related expenses also increased as a result of the
reassignment of certain exploration department personnel to
administrative duties during the first quarter 2011, new hires, and
an increase in employee benefit expenses. Additionally, 2011
G&A included a $2 million charge to legal fees related to the
settlement of a West Virginia royalty lawsuit.
The Company's exploration expense decreased 54% to $6 million
for 2011 compared to $14 million for 2010. The decrease was
primarily related to a $4 million reduction in personnel costs
resulting from the previously noted reassignment of certain
exploration department personnel, and a $4 million dry hole expense
recorded in 2010.
Interest expense for 2011 increased 12% to $37 million, compared
to $33 million for 2010, primarily a result of interest and
amortization of debt discount related to the Company's issuance of
convertible notes in November 2010.
The Company's liquidity position as of December 31, 2011 was
$196 million, compared to $379 million as of December 31, 2010. As
of December 31, 2011, PDC had outstanding on its $400 million
revolving credit facility a balance of $209 million and an undrawn
letter of credit of $19 million.
Fourth Quarter 2011 Results:
Natural gas, NGL, and crude oil sales revenues from the
Company's continuing operations for fourth quarter 2011 were up 52%
to $80 million, compared to $53 million for fourth quarter 2010.
The average realized sales price of natural gas, NGLs, and crude
oil, including net realized gains on derivatives, was $6.79 per
Mcfe for fourth quarter 2011 compared to $6.56 per Mcfe for fourth
quarter of 2010. The average realized sales price, excluding net
gains on derivatives, for fourth quarter 2011 was $6.27 per Mcfe,
an increase of 12% from $5.62 per Mcfe for the fourth quarter
2010.
Commodity price risk management activities resulted in a net
gain of $3 million for fourth quarter 2011, which was comprised of
a $7 million net unrealized gain, and a $4 million net unrealized
loss. Commodity price risk management activities resulted in a net
loss of $14 million for fourth quarter 2010, which was comprised of
a $23 million net unrealized loss and a $9 million net realized
gain.
Production costs were $20 million, or $1.54 per Mcfe for fourth
quarter 2011, compared to $18 million, or $1.92 per Mcfe for fourth
quarter 2010. The per unit expense decrease was primarily the
result of increased production volumes for fourth quarter 2011 as
compared to fourth quarter 2010.
DD&A expense from continuing operations for fourth quarter
2011 was $36 million, or $2.81 per Mcfe, compared to $26 million,
or $2.78 per Mcfe, for fourth quarter 2010. The increase was
primarily attributable to the increase in production volumes for
fourth quarter of 2011 as compared to fourth quarter 2010.
G&A expense was $14 million for fourth quarter 2011,
compared to $11 million for fourth quarter 2010. The increase was
primarily attributable to a reclassification of employee expenses
from exploration expense to G&A expense, an increase in
employee headcount and wages of $2 million, and a $1 million
increase related to the Company's IT initiatives.
Exploration expense was unchanged at $2 million for fourth
quarter 2011 compared to fourth quarter 2010. Interest expense was
unchanged at $9 million for fourth quarter 2011, compared to fourth
quarter 2010.
James Trimble, President and Chief Executive Officer, stated,
"PDC turned in a very solid performance in 2011. We exceeded our
production guidance and delivered cash flow at the high end of our
guidance range. Additionally, we successfully de-risked our
horizontal Niobrara position in the core Wattenberg Field and
increased our liquid-rich mix of proved reserves to 34%. We reached
an agreement for the 2012 divestiture of our Permian assets for a
premium valuation. The proceeds from this divestiture will
contribute to the funding of our 2012 capital expenditures and
enable us to maintain our balance sheet and liquidity strength.
Additionally in 2012, we will be focused on accelerating our
liquid-rich horizontal Niobrara development program, and de-risking
our Utica Shale acreage while pursuing a JV partner."
Average Costs Related to
Oil and Gas Operations (per Mcfe) |
|
Three Months Ended
December 31, |
Twelve Months Ended
December 31, |
|
2011 |
2010 |
2011 |
2010 |
Average lifting costs (lease operating
expense, exclusive of production taxes) |
$ 0.93 |
$ 1.20 |
$ 0.95 |
$ 1.09 |
Exploration expense |
$ 0.18 |
$ 0.20 |
$ 0.14 |
$ 0.37 |
DD&A (oil and gas properties only) |
$ 2.68 |
$ 2.55 |
$ 2.72 |
$ 2.71 |
Natural Gas, NGL and Crude Oil Sales Production
The following table provides production from continuing
operations for the three months and twelve months ended December
31, 2011 and 2010:
|
Three Months Ended |
Twelve Months Ended |
|
December 31, |
December 31, |
|
2011 |
2010 |
Percent |
2011 |
2010 |
Percent |
|
|
|
|
|
|
|
Natural gas (MMcf) |
|
|
|
|
|
|
Western |
6,833.9 |
5,930.8 |
15.2% |
26,004.0 |
23,650.8 |
9.9% |
Eastern |
1,199.4 |
712.3 |
68.4% |
4,389.9 |
2,526.0 |
73.8% |
Other |
6.8 |
16.9 |
(59.8)% |
35.8 |
62.3 |
(42.5)% |
Total |
8,040.1 |
6,660.0 |
20.7% |
30,429.7 |
26,239.1 |
16.0% |
|
|
|
|
|
|
|
Weighted Average Sales Price |
$ 2.97 |
$ 3.54 |
(16.1)% |
$ 3.27 |
$ 3.61 |
(9.4)% |
|
|
|
|
|
|
|
Crude oil (MBbls) |
|
|
|
|
|
|
Western |
546.6 |
309.5 |
76.6% |
1,705.1 |
1,224.9 |
39.2% |
Eastern |
1.0 |
1.7 |
(41.2)% |
4.8 |
5.9 |
(18.6)% |
Other |
0.2 |
0.3 |
(33.3)% |
— |
0.6 |
(100.0)% |
Total |
547.8 |
311.5 |
75.9% |
1,709.9 |
1,231.4 |
38.9% |
|
|
|
|
|
|
|
Weighted Average Sales Price |
$ 86.78 |
$ 85.22 |
1.8% |
$ 87.63 |
$ 73.96 |
18.5% |
|
|
|
|
|
|
|
NGLs (MBbls) |
|
|
|
|
|
|
Western |
236.3 |
133.8 |
76.6% |
712.1 |
561.1 |
26.9% |
Other |
2.3 |
3.5 |
(34.3)% |
7.1 |
8.5 |
(16.5)% |
Total |
238.6 |
137.3 |
73.8% |
719.2 |
569.6 |
26.3% |
|
|
|
|
|
|
|
Weighted Average Sales Price |
$ 36.09 |
$ 64.86 |
(44.4)% |
$ 37.82 |
$ 39.66 |
(4.6)% |
|
|
|
|
|
|
|
Natural gas equivalent (MMcfe) |
|
|
|
|
|
|
Western |
11,531.0 |
8,590.3 |
34.2% |
40,505.3 |
34,367.2 |
17.9% |
Eastern |
1,205.4 |
722.6 |
66.8% |
4,418.9 |
2,561.4 |
72.5% |
Other |
22.0 |
39.7 |
(44.6)% |
80.6 |
116.3 |
(30.7)% |
Total |
12,758.4 |
9,352.6 |
36.4% |
45,004.8 |
37,044.9 |
21.5% |
|
|
|
|
|
|
|
Weighted Average Sales
Price |
$ 6.27 |
$ 5.62 |
11.6% |
$ 6.15 |
$ 5.63 |
9.2% |
Commodity Price Risk Management Activities
The Company uses various derivative instruments to manage
fluctuations in natural gas and crude oil prices. PDC has in place
a series of floors, collars, fixed price and basis swaps on a
portion of its natural gas and crude oil production. A complete
listing of the Company's derivative positions as of December 31,
2011 is included in the Company's Form 10-K, available at the
Company's website at www.petd.com.
Non-GAAP Financial Measures
This release refers to "adjusted cash flow from operations",
"adjusted net income (loss) attributable to shareholders", and
"adjusted EBITDA", each of which are non-GAAP financial measures.
Adjusted cash flow from operations is the cash flow earned or
incurred from operating activities without regard to the collection
or payment of associated receivables or payables. Adjusted net
income (loss) attributable to shareholders is net income (loss)
excluding the after tax impact of unrealized gains or losses from
the change in the mark-to-market value of the Company's derivatives
during the period. Adjusted EBITDA is net income (loss) plus
unrealized derivative loss, interest expense, net of interest
income, income taxes, impairment of natural gas and crude oil
properties and depreciation, depletion and amortization for the
period minus unrealized derivative gain. The Company believes it is
important to consider adjusted cash flow from operations, adjusted
net income (loss) attributable to shareholders and adjusted EBITDA
separately, as the Company believes it can often be a better way to
discuss changes in operating trends in its business caused by
changes in production, prices, operating costs, and related
operational factors, without regard to fluctuations in future
commodity prices and without regard to whether the earned or
incurred item was collected or paid during that year. The Company
also uses these measures because the collection of its receivables
or payment of its obligations and the change in fair market value
of derivatives has not been a significant issue for the Company's
business, but merely a timing issue from one period to the next,
with fluctuations generally caused by considerable changes in
commodity prices. Adjusted cash flow from operations, adjusted net
income (loss) attributable to shareholders, and adjusted EBITDA are
not measures of financial performance under U.S. GAAP and should be
considered in addition to, not as a substitute for, cash flows from
operations, investing, or financing activities, nor as a liquidity
measure or indicator of cash flows reported in accordance with U.S.
GAAP.
The following tables provide the calculation of adjusted cash
flow from operations, adjusted net income (loss) attributable to
shareholders, and adjusted EBITDA, non-GAAP measures, from its
nearest U.S. GAAP measure (in millions, except per share data):
Adjusted Cash Flow from
Operations |
|
Three Months Ended |
Twelve Months Ended |
|
December 31, |
December 31, |
|
2011 |
2010 |
2011 |
2010 |
Adjusted cash flow from operations: |
|
|
|
|
Net cash provided by operating
activities |
$ 61.4 |
$ 35.0 |
$ 166.8 |
$ 151.8 |
Changes in assets and
liabilities |
(6.3) |
(4.6) |
(0.6) |
(19.6) |
Adjusted cash flow from
operations |
$ 55.1 |
$ 30.4 |
$ 166.2 |
$ 132.2 |
|
|
|
|
|
Adjusted Net Income
(Loss) Attributable to Shareholders |
|
Three Months Ended |
Twelve Months Ended |
|
December 31, |
December 31, |
|
2011 |
2010 |
2011 |
2010 |
Adjusted net income (loss) attributable to
shareholders: |
|
|
|
|
Net income (loss) attributable
to shareholders |
$ (8.4) |
$ (18.1) |
$13.4 |
$ 6.2 |
Unrealized (gain) loss on
derivatives, net |
4.0 |
23.4 |
(28.6) |
(12.6) |
Provision for underpayment of
natural gas sales |
— |
— |
— |
3.3 |
Tax effect of above adjustments |
(1.5) |
(8.9) |
10.9 |
3.5 |
Adjusted net income (loss) attributable
to shareholders |
$ (5.9) |
$ (3.6) |
$ (4.3) |
$ 0.4 |
Weighted average diluted shares
outstanding |
23.6 |
21.0 |
23.9 |
19.8 |
Adjusted diluted earnings (loss) per
share |
$ (0.25) |
$ (0.17) |
$ (0.18) |
$ 0.02 |
|
|
|
|
|
Adjusted EBITDA |
|
Three Months Ended |
Twelve Months Ended |
|
December 31, |
December 31, |
|
2011 |
2010 |
2011 |
2010 |
Adjusted EBITDA: |
|
|
|
|
Net income (loss) attributable
to shareholders |
$ (8.4) |
$ (18.1) |
$ 13.4 |
$ 6.2 |
Unrealized (gain) loss on
derivatives, net |
4.0 |
23.4 |
(28.6) |
(12.6) |
Interest expense, net |
9.4 |
9.6 |
36.9 |
33.2 |
Income tax expense
(benefit) |
(5.2) |
(11.0) |
6.2 |
0.4 |
Impairment of natural gas and
crude oil properties |
23.7 |
4.2 |
25.2 |
11.1 |
Depreciation, depletion and
amortization |
35.8 |
27.0 |
135.2 |
111.1 |
Adjusted EBITDA |
$ 59.3 |
$ 35.1 |
$ 188.3 |
$ 149.4 |
|
PETROLEUM DEVELOPMENT
CORPORATION |
(dba PDC
Energy) |
Consolidated Statements
of Operations |
(in thousands except
per share data) |
|
|
|
|
|
|
Three Months Ended |
Twelve Months Ended |
|
December 31, |
December 31, |
|
2011 |
2010 |
2011 |
2010 |
|
|
|
|
|
Revenues: |
|
|
|
|
Natural gas, NGL and crude oil
sales |
$79,989 |
$ 52,569 |
$ 276,605 |
$ 205,029 |
Sales from natural gas
marketing |
15,111 |
15,458 |
66,419 |
69,071 |
Commodity price risk management
gain (loss), net |
2,729 |
(14,617) |
46,090 |
59,891 |
Well operations, pipeline
income and other |
1,578 |
2,136 |
6,846 |
9,030 |
Total revenues |
99,407 |
55,546 |
395,960 |
343,021 |
|
|
|
|
|
Costs, expenses and other: |
|
|
|
|
Production costs |
19,702 |
17,982 |
69,085 |
64,872 |
Cost of natural gas
marketing |
15,038 |
15,185 |
65,465 |
68,015 |
Exploration expense |
2,234 |
1,904 |
6,253 |
13,675 |
Impairment of natural gas and
crude oil properties |
23,676 |
4,292 |
25,159 |
6,481 |
General and administrative
expense |
14,389 |
11,213 |
61,454 |
42,188 |
Depreciation, depletion and
amortization |
35,807 |
26,028 |
128,907 |
108,095 |
Gain on sale of properties and
equipment |
(164) |
(21) |
(196) |
(174) |
Total costs, expenses and
other |
110,682 |
76,583 |
356,127 |
303,152 |
|
|
|
|
|
Income (loss) from operations |
(11,275) |
(21,037) |
39,833 |
39,869 |
Interest income |
— |
11 |
47 |
71 |
Interest expense |
(9,360) |
(9,604) |
(36,985) |
(33,250) |
Income (loss) from continuing operations
before income taxes |
(20,635) |
(30,630) |
2,895 |
6,690 |
Provision (benefit) for income taxes |
(7,927) |
(11,593) |
(183) |
652 |
Income (loss) from continuing operations |
(12,708) |
(19,037) |
3,078 |
6,038 |
Income (loss) from discontinued operations,
net of tax |
4,344 |
683 |
10,359 |
(104) |
Net income (loss) |
(8,364) |
(18,354) |
13,437 |
5,934 |
Less: net loss attributable to
noncontrolling interests |
— |
(214) |
— |
(280) |
Net income (loss) attributable to
shareholders |
$ (8,364) |
$ (18,140) |
$ 13,437 |
$ 6,214 |
|
|
|
|
|
Amounts attributable to PDC Energy
shareholders: |
|
|
|
|
Income (loss) from continuing
operations |
$ (12,708) |
$ (18,823) |
$ 3,078 |
$ 6,318 |
Income (loss) from discontinued
operations, net of tax |
4,344 |
683 |
10,359 |
(104) |
Net income (loss) attributable
to shareholders |
$ (8,364) |
$ (18,140) |
$ 13,437 |
$ 6,214 |
|
|
|
|
|
Earnings (loss) per share attributable to
shareholders: |
|
|
|
|
Basic |
|
|
|
|
Income (loss) from continuing
operations |
$ (0.54) |
$ (0.89) |
$ 0.13 |
$ 0.33 |
Income (loss) from discontinued
operations |
0.18 |
0.03 |
0.44 |
(0.01) |
Net income (loss) attributable
to shareholders |
$ (0.35) |
$ (0.86) |
$ 0.57 |
$ 0.32 |
Diluted |
|
|
|
|
Income (loss) from continuing
operations |
$ (0.54) |
$ (0.89) |
$ 0.13 |
$ 0.32 |
Income (loss) from discontinued
operations |
0.18 |
0.03 |
0.43 |
(0.01) |
Net income (loss) attributable
to shareholders |
$ (0.35) |
$ (0.86) |
$ 0.56 |
$ 0.31 |
|
|
|
|
|
Weighted average common shares
outstanding |
|
|
|
|
Basic |
23,592 |
21,026 |
23,521 |
19,674 |
Diluted |
23,592 |
21,026 |
23,871 |
19,821 |
2011 Fourth Quarter and Year-End Teleconference and Webcast
PDC will host a conference call with investors to discuss 2011
fourth quarter and year-end results. The Company invites you to
join James Trimble, President and Chief Executive Officer; Gysle
Shellum, Chief Financial Officer; Barton Brookman, Senior Vice
President – Exploration and Production; and Lance Lauck, Senior
Vice President – Business Development, for a conference call on
Thursday, March 1, 2012, for a discussion of its results. The
related slide presentation will also be available on PDC's website
at www.petd.com.
Conference Call and Webcast: |
Date/Time: Thursday, March 1, 2012,
11:00 a.m. EST (9:00 a.m. MST) |
Webcast available at: www.petd.com |
Domestic (toll free): 877-312-5520 |
International: 253-237-1142 |
Conference ID: 42976017 |
|
Replay Numbers: |
Domestic (toll free): 855-859-2056 |
International: 404-537-3406 |
Conference ID: 42976017 |
The replay of the call will be available through Thursday, March
8, 2012.
PDC Analyst Day
PDC plans to host an analyst day in Boston on Tuesday, March 13,
2012. This event is scheduled to be held at the Boston Harbor
Hotel, 70 Rowes Warf, Boston, Massachusetts 02110. The related
slide presentation will be available on the Company's website
immediately prior to the event.
Upcoming Industry Conference Participation
PDC is scheduled to present at the IPAA-OGIS Conference in New
York in April 2012. Please see the Company's website at
www.petd.com for full details and webcast information.
About PDC Energy
PDC Energy is an independent energy company engaged in the
development, production and marketing of natural gas and
oil. Its operations are focused primarily in the Wattenberg
Field of Colorado, including the horizontal Niobrara, the Marcellus
Shale development in West Virginia and the Utica Shale in
Ohio. PDC is included in the S&P SmallCap 600 Index and
the Russell 3000 Index of Companies.
NOTE REGARDING FORWARD-LOOKING STATEMENTS
This press release contains forward-looking statements within
the meaning of Section 27A of the Securities Act of 1933
("Securities Act") and Section 21E of the Securities Exchange Act
of 1934 ("Exchange Act") regarding PDC's business, financial
condition, results of operations and prospects. All statements
other than statements of historical facts included in and
incorporated by reference into this report are forward-looking
statements. Words such as expects, anticipates, intends, plans,
believes, seeks, estimates and similar expressions or variations of
such words are intended to identify forward-looking statements
herein, which include statements of estimated natural gas and oil
production and reserves, drilling plans, future cash flows,
anticipated liquidity, anticipated capital expenditures and
management's strategies, plans and objectives. However, these are
not the exclusive means of identifying forward-looking statements
herein. Although forward-looking statements contained in this
report reflect the Company's good faith judgment, such statements
can only be based on facts and factors currently known to PDC.
Consequently, forward-looking statements are inherently subject to
risks and uncertainties, including risks and uncertainties
incidental to the exploration for, and the acquisition,
development, production and marketing of natural gas and oil, and
actual outcomes may differ materially from the results and outcomes
discussed in the forward-looking statements. Important factors that
could cause actual results to differ materially from the
forward-looking statements include, but are not limited to:
- changes in production volumes, worldwide demand and commodity
prices for natural gas and oil;
- changes in estimates of proved reserves;
- declines in the values of PDC's natural gas and oil properties
resulting in impairments;
- the timing and extent of the Company's success in discovering,
acquiring, developing and producing natural gas and oil
reserves;
- PDC's ability to acquire leases, drilling rigs, supplies and
services at reasonable prices;
- the timing and closing, if consummated, of the mergers of the
three 2005 partnerships;
- reductions in the borrowing base under the Company's credit
facility;
- risks incident to the drilling and operation of natural gas and
oil wells;
- future production and development costs;
- the availability of sufficient pipeline and other
transportation facilities to carry PDC's production and the impact
of these facilities on price;
- the effect of existing and future laws, governmental
regulations and the political and economic climate of the United
States of America ("U.S.");
- changes in environmental laws and the regulations and
enforcement related to those laws;
- the identification of and severity of environmental events and
governmental responses to the events;
- the effect of natural gas and oil derivative activities;
- conditions in the capital markets; and
- losses possible from pending or future litigation.
Further, PDC urges you to carefully review and consider the
cautionary statements made in this press release, the Item 1-A Risk
Factors in the 2011 annual report on Form 10-K for the year ended
December 31, 2011, filed with the Securities and Exchange
Commission ("SEC") on March 1, 2011, and other subsequent filings
with the SEC for further information on risks and uncertainties
that could affect the Company's business, financial condition and
results of operations, which are incorporated by this reference as
though fully set forth herein. The Company cautions you not to
place undue reliance on forward-looking statements, which speak
only as of the date made. Other than as required under
the securities laws, PDC undertakes no obligation to update any
forward-looking statements in order to reflect any event or
circumstance occurring after the date of this release or currently
unknown facts or conditions or the occurrence of unanticipated
events. All forward looking statements are qualified in their
entirety by this cautionary statement.
CONTACT: Ron Wirth
Director - Investor Relations
303-860-5830
rwirth@petd.com
Marti Dowling
Investor Relations Manager
303-831-3926
mdowling@petd.com
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