PDC Energy Announces Year-End 2017 Proved Reserves of Approximately 453 MMBoe, Including Nearly 100 MMBoe in Delaware Basin
- Year-end 2017 proved reserves of 452.9 million barrels of oil equivalent ("MMBoe"), an approximate 33% increase over year-end 2016 proved reserves with estimated all-sources reserve replacement of 450%(1).
- Proved reserves of 97.9 MMBoe in the
Delaware Basin, an increase of 65.4 MMBoe or 200% from year-end 2016.
- Before-tax SEC PV10 of the year-end 2017 reserves of
$3.2 billion, an increase of approximately 92% from year-end 2016.
- Anticipated 2017 production of 31.8 MMBoe, a 44% increase over 2016, with estimated 2017 oil production of 12.9 MM barrels, a 48% increase over 2016.
- Anticipated fourth quarter 2017 oil production of over 40,400 barrels per day, an 8% increase over third quarter 2017.
December 2017production exit rate of 97,000 barrels of oil equivalent ("Boe") per day.
- Anticipated 2017 capital investment of approximately
"Given the midstream constraints in Wattenberg, we are pleased with our full-year 2017 production of 31.8 MMBoe, compared to our guidance of approximately 32 MMBoe. We are particularly pleased with oil production that came in slightly above expectations. These higher oil volumes were attributable to strong results in
2017 Proved Reserves
PDC's total proved reserves as of
Year-End Proved Reserve Breakdown by Basin|
| || |
PDC's independent reserve engineering firms,
of the Company's proved reserves, utilizing the
|2017 Year-End Proved Reserves Summary|
|Beginning balance at ||341.4|
|Extensions, revisions, dispositions and acquisitions||143.3|
|2017 estimated production||(31.8||)|
|Ending balance at ||452.9|
(1) All-sources reserve replacement defined as the sum of the year-over-year net additions in proved reserves from extensions, revisions, dispositions and acquisitions, divided by 2017 estimated production.
Upcoming Investor Presentations
PDC is scheduled to present at the
NOTE REGARDING FORWARD-LOOKING STATEMENTS
Statements in this news release and all other statements other than statements of historical fact, are forward-looking statements that are made pursuant to the Safe Harbor Provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements including those related to pending acquisitions are subject to a number of risks and uncertainties that may cause actual results to differ materially from the forward-looking statements. Words such as expects, anticipates, intends, plans, believes, seeks, estimates, outlook, targets, and similar expressions or variations of such words are intended to identify forward-looking statements herein, which may include
statements regarding PDC's 2017 proved reserves, including that its estimated crude oil and natural gas reserves are based on many assumptions that may turn out to be inaccurate, and any material inaccuracies in these reserve estimates or underlying assumptions may materially affect the quantities and present value of its reserves. Forward-looking statements may include, among other things, statements regarding PDC's future production, cash flows, capital expenditures and projects, cost-saving initiatives, operational enhancements, rates-of-return, debt metrics, liquidity, future differentials and management's strategies, plans and objectives; closing of the sale of the Company's
Before tax PV-10 is a non-GAAP measure and is different than the standard measure of discounted future net cash flows ("standardized measure"), which measure will be presented in PDC's upcoming Annual Report on Form 10-K, in that before tax PV-10 is a pre-tax number, while standardized measure includes the effect of estimated future income taxes. Estimates of non-proved reserves, including 3P reserves, are based on more limited information, and are subject to significantly greater risk of not being produced than proved reserves.
Senior Director Investor Relations
Manager Investor Relations
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