Intrinsic value of PDC Energy - PDCE

Previous Close

$54.97

  Intrinsic Value

$9.62

stock screener

  Rating & Target

str. sell

-82%

Previous close

$54.97

 
Intrinsic value

$9.62

 
Up/down potential

-82%

 
Rating

str. sell

*Intrinsic value change (in %) minus stock price change (in %) in the past 12 months.

We calculate the intrinsic value of PDCE stock by summing up the current values of future distributable cash flows generated by the company and dividing the sum by the number of outstanding shares. As such, the intrinsic value calculation depends entirely on projections. The more accurate your projections of the company's performance are - the more reliable is the intrinsic value calculation result. Please make sure to check the stock valuation input data below and adjust it if necessary. The quality of the output (intrinsic valuation result) is only as good as the quality of the input. See also DISCLAIMERS.

STOCK VALUATION INPUT DATA

Initial revenue growth rate, %
Terminal revenue growth rate, %
Revenue decline factor
Initial discount rate, %
Discount rate multiplier
Shares outstanding, mln

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
2016(a)
   2017
   2018
   2019
   2020
   2021
   2022
   2023
   2024
   2025
   2026
   2027
   2028
   2029
   2030
   2031
   2032
   2033
   2034
   2035
   2036
   2037
   2038
   2039
   2040
   2041
   2042
   2043
   2044
   2045
   2046

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  -35.63
  11.60
  10.94
  10.35
  9.81
  9.33
  8.90
  8.51
  8.16
  7.84
  7.56
  7.30
  7.07
  6.86
  6.68
  6.51
  6.36
  6.22
  6.10
  5.99
  5.89
  5.80
  5.72
  5.65
  5.58
  5.53
  5.47
  5.43
  5.38
  5.35
  5.31
Revenue, $m
  383
  427
  474
  523
  575
  628
  684
  742
  803
  866
  931
  999
  1,070
  1,143
  1,220
  1,299
  1,382
  1,468
  1,557
  1,650
  1,748
  1,849
  1,955
  2,065
  2,181
  2,301
  2,427
  2,559
  2,697
  2,841
  2,992
Variable operating expenses, $m
 
  472
  523
  577
  633
  691
  752
  816
  882
  951
  1,022
  1,090
  1,167
  1,247
  1,330
  1,417
  1,507
  1,601
  1,699
  1,800
  1,906
  2,017
  2,132
  2,253
  2,379
  2,510
  2,648
  2,791
  2,942
  3,099
  3,263
Fixed operating expenses, $m
 
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total operating expenses, $m
  715
  472
  523
  577
  633
  691
  752
  816
  882
  951
  1,022
  1,090
  1,167
  1,247
  1,330
  1,417
  1,507
  1,601
  1,699
  1,800
  1,906
  2,017
  2,132
  2,253
  2,379
  2,510
  2,648
  2,791
  2,942
  3,099
  3,263
Operating income, $m
  -332
  -45
  -49
  -54
  -58
  -63
  -68
  -74
  -79
  -85
  -91
  -91
  -97
  -104
  -111
  -118
  -125
  -133
  -141
  -150
  -159
  -168
  -178
  -188
  -198
  -209
  -220
  -232
  -245
  -258
  -272
EBITDA, $m
  85
  422
  468
  517
  567
  620
  675
  733
  793
  855
  919
  986
  1,056
  1,129
  1,204
  1,282
  1,364
  1,449
  1,537
  1,629
  1,725
  1,825
  1,930
  2,039
  2,153
  2,272
  2,396
  2,526
  2,662
  2,805
  2,953
Interest expense (income), $m
  43
  53
  65
  76
  88
  101
  115
  129
  143
  158
  174
  190
  207
  224
  243
  262
  281
  302
  323
  346
  369
  393
  418
  445
  472
  501
  531
  562
  595
  629
  665
Earnings before tax, $m
  -393
  -98
  -114
  -130
  -147
  -165
  -183
  -202
  -222
  -243
  -264
  -281
  -304
  -328
  -354
  -380
  -407
  -435
  -465
  -496
  -528
  -561
  -596
  -632
  -670
  -710
  -751
  -795
  -840
  -887
  -937
Tax expense, $m
  -147
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Net income, $m
  -246
  -98
  -114
  -130
  -147
  -165
  -183
  -202
  -222
  -243
  -264
  -281
  -304
  -328
  -354
  -380
  -407
  -435
  -465
  -496
  -528
  -561
  -596
  -632
  -670
  -710
  -751
  -795
  -840
  -887
  -937

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  244
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total assets, $m
  4,486
  4,749
  5,269
  5,814
  6,384
  6,980
  7,601
  8,248
  8,920
  9,620
  10,347
  11,102
  11,887
  12,703
  13,552
  14,434
  15,352
  16,307
  17,302
  18,338
  19,419
  20,545
  21,721
  22,948
  24,230
  25,569
  26,968
  28,432
  29,963
  31,564
  33,241
Adjusted assets (=assets-cash), $m
  4,242
  4,749
  5,269
  5,814
  6,384
  6,980
  7,601
  8,248
  8,920
  9,620
  10,347
  11,102
  11,887
  12,703
  13,552
  14,434
  15,352
  16,307
  17,302
  18,338
  19,419
  20,545
  21,721
  22,948
  24,230
  25,569
  26,968
  28,432
  29,963
  31,564
  33,241
Revenue / Adjusted assets
  0.090
  0.090
  0.090
  0.090
  0.090
  0.090
  0.090
  0.090
  0.090
  0.090
  0.090
  0.090
  0.090
  0.090
  0.090
  0.090
  0.090
  0.090
  0.090
  0.090
  0.090
  0.090
  0.090
  0.090
  0.090
  0.090
  0.090
  0.090
  0.090
  0.090
  0.090
Average production assets, $m
  2,973
  3,318
  3,681
  4,061
  4,460
  4,876
  5,310
  5,762
  6,232
  6,720
  7,228
  7,756
  8,304
  8,874
  9,467
  10,083
  10,724
  11,392
  12,087
  12,811
  13,565
  14,353
  15,174
  16,031
  16,926
  17,862
  18,840
  19,862
  20,931
  22,050
  23,221
Working capital, $m
  129
  -127
  -141
  -156
  -171
  -187
  -204
  -221
  -239
  -258
  -278
  -298
  -319
  -341
  -363
  -387
  -412
  -437
  -464
  -492
  -521
  -551
  -583
  -615
  -650
  -686
  -723
  -763
  -804
  -847
  -892
Total debt, $m
  1,046
  1,268
  1,496
  1,735
  1,986
  2,247
  2,520
  2,804
  3,099
  3,406
  3,725
  4,057
  4,402
  4,760
  5,132
  5,519
  5,922
  6,342
  6,778
  7,233
  7,708
  8,202
  8,719
  9,257
  9,820
  10,408
  11,022
  11,665
  12,337
  13,040
  13,776
Total liabilities, $m
  1,863
  2,085
  2,313
  2,552
  2,803
  3,064
  3,337
  3,621
  3,916
  4,223
  4,542
  4,874
  5,219
  5,577
  5,949
  6,336
  6,739
  7,159
  7,595
  8,050
  8,525
  9,019
  9,536
  10,074
  10,637
  11,225
  11,839
  12,482
  13,154
  13,857
  14,593
Total equity, $m
  2,623
  2,664
  2,956
  3,262
  3,582
  3,916
  4,264
  4,627
  5,004
  5,397
  5,805
  6,228
  6,669
  7,127
  7,602
  8,097
  8,612
  9,148
  9,706
  10,288
  10,894
  11,526
  12,185
  12,874
  13,593
  14,344
  15,129
  15,950
  16,809
  17,708
  18,648
Total liabilities and equity, $m
  4,486
  4,749
  5,269
  5,814
  6,385
  6,980
  7,601
  8,248
  8,920
  9,620
  10,347
  11,102
  11,888
  12,704
  13,551
  14,433
  15,351
  16,307
  17,301
  18,338
  19,419
  20,545
  21,721
  22,948
  24,230
  25,569
  26,968
  28,432
  29,963
  31,565
  33,241
Debt-to-equity ratio
  0.399
  0.480
  0.510
  0.530
  0.550
  0.570
  0.590
  0.610
  0.620
  0.630
  0.640
  0.650
  0.660
  0.670
  0.680
  0.680
  0.690
  0.690
  0.700
  0.700
  0.710
  0.710
  0.720
  0.720
  0.720
  0.730
  0.730
  0.730
  0.730
  0.740
  0.740
Adjusted equity ratio
  0.561
  0.561
  0.561
  0.561
  0.561
  0.561
  0.561
  0.561
  0.561
  0.561
  0.561
  0.561
  0.561
  0.561
  0.561
  0.561
  0.561
  0.561
  0.561
  0.561
  0.561
  0.561
  0.561
  0.561
  0.561
  0.561
  0.561
  0.561
  0.561
  0.561
  0.561

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  -246
  -98
  -114
  -130
  -147
  -165
  -183
  -202
  -222
  -243
  -264
  -281
  -304
  -328
  -354
  -380
  -407
  -435
  -465
  -496
  -528
  -561
  -596
  -632
  -670
  -710
  -751
  -795
  -840
  -887
  -937
Depreciation, amort., depletion, $m
  417
  467
  517
  570
  626
  683
  744
  806
  872
  940
  1,010
  1,077
  1,153
  1,233
  1,315
  1,400
  1,489
  1,582
  1,679
  1,779
  1,884
  1,993
  2,107
  2,227
  2,351
  2,481
  2,617
  2,759
  2,907
  3,063
  3,225
Funds from operations, $m
  505
  369
  403
  440
  479
  519
  561
  604
  650
  697
  746
  796
  849
  904
  961
  1,021
  1,083
  1,147
  1,214
  1,284
  1,356
  1,432
  1,512
  1,594
  1,681
  1,771
  1,865
  1,964
  2,067
  2,175
  2,288
Change in working capital, $m
  19
  -13
  -14
  -15
  -15
  -16
  -17
  -17
  -18
  -19
  -19
  -20
  -21
  -22
  -23
  -24
  -25
  -26
  -27
  -28
  -29
  -30
  -32
  -33
  -34
  -36
  -38
  -39
  -41
  -43
  -45
Cash from operations, $m
  486
  382
  417
  455
  494
  535
  577
  622
  668
  715
  765
  817
  870
  926
  984
  1,044
  1,107
  1,172
  1,241
  1,311
  1,385
  1,463
  1,543
  1,627
  1,715
  1,807
  1,903
  2,003
  2,108
  2,218
  2,333
Maintenance CAPEX, $m
  0
  -413
  -461
  -511
  -564
  -619
  -677
  -737
  -800
  -865
  -933
  -1,004
  -1,077
  -1,153
  -1,233
  -1,315
  -1,400
  -1,489
  -1,582
  -1,679
  -1,779
  -1,884
  -1,993
  -2,107
  -2,227
  -2,351
  -2,481
  -2,617
  -2,759
  -2,907
  -3,063
New CAPEX, $m
  -1,514
  -345
  -363
  -381
  -398
  -416
  -434
  -452
  -470
  -489
  -508
  -528
  -548
  -570
  -593
  -616
  -641
  -667
  -695
  -724
  -755
  -787
  -821
  -857
  -895
  -935
  -978
  -1,022
  -1,069
  -1,119
  -1,171
Cash from investing activities, $m
  -1,509
  -758
  -824
  -892
  -962
  -1,035
  -1,111
  -1,189
  -1,270
  -1,354
  -1,441
  -1,532
  -1,625
  -1,723
  -1,826
  -1,931
  -2,041
  -2,156
  -2,277
  -2,403
  -2,534
  -2,671
  -2,814
  -2,964
  -3,122
  -3,286
  -3,459
  -3,639
  -3,828
  -4,026
  -4,234
Free cash flow, $m
  -1,023
  -376
  -406
  -437
  -469
  -501
  -534
  -568
  -603
  -639
  -676
  -715
  -755
  -797
  -841
  -887
  -934
  -984
  -1,037
  -1,091
  -1,149
  -1,209
  -1,272
  -1,338
  -1,407
  -1,479
  -1,556
  -1,636
  -1,720
  -1,808
  -1,900
Issuance/(repayment) of debt, $m
  434
  223
  228
  239
  250
  261
  273
  284
  295
  307
  319
  332
  345
  358
  372
  387
  403
  419
  437
  455
  474
  495
  516
  539
  563
  588
  614
  642
  672
  703
  736
Issuance/(repurchase) of shares, $m
  848
  383
  405
  436
  467
  499
  531
  565
  600
  635
  672
  705
  744
  786
  829
  875
  922
  971
  1,023
  1,077
  1,134
  1,193
  1,255
  1,321
  1,389
  1,461
  1,536
  1,615
  1,699
  1,786
  1,877
Cash from financing (excl. dividends), $m  
  1,266
  606
  633
  675
  717
  760
  804
  849
  895
  942
  991
  1,037
  1,089
  1,144
  1,201
  1,262
  1,325
  1,390
  1,460
  1,532
  1,608
  1,688
  1,771
  1,860
  1,952
  2,049
  2,150
  2,257
  2,371
  2,489
  2,613
Total cash flow (excl. dividends), $m
  243
  230
  227
  238
  249
  260
  270
  281
  292
  304
  315
  321
  334
  347
  361
  375
  390
  406
  423
  441
  459
  479
  500
  522
  545
  569
  595
  622
  651
  681
  713
Retained Cash Flow (-), $m
  -1,336
  -383
  -405
  -436
  -467
  -499
  -531
  -565
  -600
  -635
  -672
  -705
  -744
  -786
  -829
  -875
  -922
  -971
  -1,023
  -1,077
  -1,134
  -1,193
  -1,255
  -1,321
  -1,389
  -1,461
  -1,536
  -1,615
  -1,699
  -1,786
  -1,877
Prev. year cash balance distribution, $m
 
  243
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash flow adjustment, $m
 
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash available for distribution, $m
 
  90
  -178
  -198
  -218
  -239
  -261
  -284
  -307
  -332
  -357
  -383
  -411
  -439
  -469
  -499
  -532
  -565
  -600
  -636
  -674
  -714
  -755
  -799
  -844
  -892
  -941
  -993
  -1,048
  -1,105
  -1,164
Discount rate, %
 
  4.30
  4.52
  4.74
  4.98
  5.23
  5.49
  5.76
  6.05
  6.35
  6.67
  7.00
  7.35
  7.72
  8.11
  8.51
  8.94
  9.39
  9.86
  10.35
  10.87
  11.41
  11.98
  12.58
  13.21
  13.87
  14.56
  15.29
  16.05
  16.86
  17.70
PV of cash for distribution, $m
 
  86
  -163
  -172
  -180
  -185
  -189
  -192
  -192
  -190
  -187
  -182
  -175
  -167
  -157
  -147
  -135
  -123
  -110
  -98
  -86
  -74
  -63
  -52
  -43
  -35
  -27
  -21
  -16
  -12
  -9
Current shareholders' claim on cash, %
  100
  89.7
  80.8
  73.1
  66.3
  60.3
  54.9
  50.2
  45.9
  42.1
  38.6
  35.5
  32.7
  30.2
  27.9
  25.7
  23.8
  22.0
  20.4
  18.9
  17.5
  16.2
  15.0
  14.0
  13.0
  12.0
  11.2
  10.4
  9.6
  9.0
  8.3

PDC Energy, Inc. is an independent exploration and production company. The Company produces, develops, acquires and explores for crude oil, natural gas and natural gas liquids (NGLs) with operations in the Wattenberg Field in Colorado and the Utica Shale in southeastern Ohio. The Company operates through two segments: Oil and Gas Exploration and Production, and Gas Marketing. The Company's Oil and Gas Exploration and Production segment includes all of its crude oil and natural gas properties. The Company's Gas Marketing segment purchases, aggregates and resells natural gas. The Company's operations in the Wattenberg Field are focused on the horizontal Niobrara and Codell plays. Its Delaware Basin operations are focused in the Wolfcamp zones and its Ohio operations are focused in the Utica Shale play. As of December 31, 2016, the Company owned an interest in approximately 2,900 productive gross wells.

FINANCIAL RATIOS  of  PDC Energy (PDCE)

Valuation Ratios
P/E Ratio -14.7
Price to Sales 9.4
Price to Book 1.4
Price to Tangible Book
Price to Cash Flow 7.4
Price to Free Cash Flow -3.5
Growth Rates
Sales Growth Rate -35.6%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 150.2%
Cap. Spend. - 3 Yr. Gr. Rate 30.8%
Financial Strength
Quick Ratio 244
Current Ratio 0
LT Debt to Equity 39.8%
Total Debt to Equity 39.9%
Interest Coverage -8
Management Effectiveness
Return On Assets -6.4%
Ret/ On Assets - 3 Yr. Avg. 0.1%
Return On Total Capital -8.8%
Ret/ On T. Cap. - 3 Yr. Avg. -1.1%
Return On Equity -12.6%
Return On Equity - 3 Yr. Avg. -1.2%
Asset Turnover 0.1
Profitability Ratios
Gross Margin 89.3%
Gross Margin - 3 Yr. Avg. 88.7%
EBITDA Margin 17.5%
EBITDA Margin - 3 Yr. Avg. 36%
Operating Margin -86.7%
Oper. Margin - 3 Yr. Avg. -23.8%
Pre-Tax Margin -102.6%
Pre-Tax Margin - 3 Yr. Avg. -33.3%
Net Profit Margin -64.2%
Net Profit Margin - 3 Yr. Avg. -19.2%
Effective Tax Rate 37.4%
Eff/ Tax Rate - 3 Yr. Avg. 37.8%
Payout Ratio 0%

PDCE stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the PDCE stock intrinsic value calculation we used $383 million for the last fiscal year's total revenue generated by PDC Energy. The default revenue input number comes from 2016 income statement of PDC Energy. You may change it if you feel that it should be adjusted for some unusual circumstances that are not expected to be repeated in the future or if you already know (from interim financial statements, for example) that this year's revenue is going to be quite different.

Revenue growth rate. Forecasted future revenue growth rate is the most important input parameter for the intrinsic value calculation. Unlike other input parameters that are reasonably expected to be in line with their historic averages or their historic trends, the revenue growth rate by and large is a wild card: nobody really knows what the company's revenue will be in the future. Of course, the level of unpredictability is different for different industries (utility companies being the most predictable and, thus, less risky).
    We use three input parameters to forecast the revenue growth rate in our PDCE stock valuation model: a) initial revenue growth rate of 11.6% whose default value is the revenue growth rate in the most recent quarter compared to the quarterly revenue a year ago; b) terminal revenue growth rate of 5% whose default value is chosen to be close to the average nominal (i.e. not adjusted for inflation) GDP growth rate; and c) revenue decline factor of 0.9, which stipulates that revenue growth rate in each forecasted year will be equal to the difference of the revenue growth rate in the preceding year and the terminal revenue growth rate multiplied by this revenue decline factor (with the passage of time the revenue growth rate will be approaching the terminal revenue growth rate, but not quite reaching it - though the difference could be infinitesimally small).
    At the revenue decline factor of 1, the future revenue growth rate is forecasted to be constant and equal to the initial revenue growth rate. The smaller the revenue decline factor, the faster the revenue growth rate will approach the terminal revenue growth.

Discount rate. The discount rate is used for determining the present value of future cash flows: future cash flows are "discounted" as at normal conditions (that translate into positive expected return on investment) one dollar today is worth more than the same dollar in the future. Unlike all other valuation models, we use variable discount rate, i.e. it increases for each consecutive year. This is done to account for higher risk of cash flows coming in further in the future.
    The initial discount rate of 4.3%, whose default value for PDCE is calculated based on our internal credit rating of PDC Energy, is applied to the cash flow expected to be received a year from now (well, actually, to be precise, in the financial year following the base year - the last year for which we have financial statements). For each consecutive year the discount rate is multiplied by the discount rate multiplier of 1.05, e.i. each year it increases by 5%. Feel free to change this number to correspond to your level of risk assessment of PDC Energy.
    By the way, it is easy to set the discount rate to be constant (this would make comparison with other valuation models easier): just set the discount rate multiplier equal to 1 and chose the magnitude of the initial discount rate to your liking.

Variable cost ratio is the ratio of variable costs (i.e. costs that fluctuate with fluctuation of the volume of production) to the revenue expressed as a percentage. In the calculation of intrinsic value of PDCE stock the variable cost ratio is equal to 110.7%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $0 million in the base year in the intrinsic value calculation for PDCE stock. These expenses increase with the level of inflation in subsequent years.

Interest rate on debt is the average all-in rate of interest paid by the company on its debt. It is set at 5.1% for PDC Energy.

Corporate tax rate of 27% is the nominal tax rate for PDC Energy. In reality, companies find ways to pay much less taxes than that or not to pay them at all.

Cash flow adjustment could be used for any adjustment the investor deems necessary. Most commonly we use this field to account for stock options-related effects in excess of what is reported on the company's income statement. The cash flow adjustment is expressed as a percentage of the revenue, and in the current valuation of the PDCE stock is equal to 0%.

Production assets are the company's assets used for manufacturing products or provision of services. In the valuation model input table they are expressed as a percentage of revenue and for PDCE are equal to 776.2%.

Life of production assets of 7.2 years is the average useful life of capital assets used in PDC Energy operations. It is used to calculate yearly capital expenditures needed to keep these assets in good order - we call it the maintenance CAPEX.

Working capital is the difference between the company's current assets and liabilities. In the model we use the ratio of working capital to revenue, which for PDCE is equal to -29.8%. A negative number means that the company is apt at using financial resources of its suppliers and customers; a large positive number, on the other hand, means that it either provides in-kind financing to others or is not good at managing its inventories.

Book value of equity - $2623 million for PDC Energy - is used in calculation of the "floor" for intrinsic valuation based on the discounted cash flow (DCF) method. Even if the prospects are very bad for a company, its assets could always be sold now for their current fair market value.

Shares outstanding of 66.55 million for PDC Energy is needed to calculate the intrinsic value of one share.

Market capitalization is used here only for reference purposes and as a quick check that the share price and the number of shares outstanding numbers are correct - something especially to be cognizant about at stock splits. So, the market capitalization of PDC Energy at the current share price and the inputted number of shares is $3.7 billion.

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COMPANY NEWS

▶ PDC Energys Performance: What Happened to the Stock in 2017?   [Jan-17-18 10:31AM  Market Realist]
▶ US Gasoline Inventories: More Concerns for Oil in 2018?   [Jan-11-18 10:35AM  Market Realist]
▶ Will US Crude Oil Production Undermine Crude Oil Futures?   [Jan-05-18 08:17AM  Market Realist]
▶ PDC Energy Appoints New Chief Financial Officer   [Jan-04-18 09:00AM  GlobeNewswire]
▶ Investment Banks Estimates for Crude Oil Prices in 2018   [Jan-03-18 11:00AM  Market Realist]
▶ Will US Crude Oil Futures Test a 3-Year High?   [Jan-02-18 10:56AM  Market Realist]
▶ US Crude Oil Inventories Have Fallen ~10.6% in 2017   [Dec-29-17 05:20PM  Market Realist]
▶ PDC Energy Announces New Director Appointment   [Dec-21-17 12:48PM  GlobeNewswire]
▶ Global Crude Oil Supply Outage Is near 2012 Low   [Dec-20-17 10:00AM  Market Realist]
▶ Where Whiting Petroleum Stands Next to Peers   [12:26PM  Market Realist]
▶ Is OPEC Underestimating US Crude Oil Production?   [Dec-07-17 11:10AM  Market Realist]
▶ How Could US Tax Bill Affect Dollar and Crude Oil Prices?   [Dec-04-17 12:50PM  Market Realist]
▶ Will OPECs Meeting Disappoint Crude Oil Traders?   [Nov-29-17 11:00AM  Market Realist]
▶ Crude Oil Futures: What Could Drive Volatility This Week?   [Nov-27-17 09:57AM  Market Realist]
▶ How US Distillate Inventory Levels Affect Oil Prices   [Nov-23-17 03:15PM  Market Realist]
▶ Stocks Already Have the Holiday Spirit   [Nov-22-17 09:15AM  Zacks]
▶ US Crude Oil Production Could Hit a Record   [Nov-21-17 08:34AM  Market Realist]
▶ Which Energy Stocks Underperformed Weak Oil Last Week?   [Nov-20-17 05:55PM  Market Realist]
▶ Will US Gasoline Demand Help Oil Bulls or Bears?   [Nov-15-17 08:15AM  Market Realist]
▶ PDC Energy Announces Pricing of 5.75% Senior Notes Offering   [Nov-14-17 05:15PM  GlobeNewswire]
▶ PDC Energy -- Moody's upgrades PDC Energy to Ba3   [Nov-13-17 12:59PM  Moody's]
▶ PDC Energy reports 3Q loss   [06:05AM  Associated Press]
▶ PDC Energy settles federal, state lawsuit over oil and gas pollution in Colorado   [Oct-31-17 04:05PM  American City Business Journals]
▶ Saudi Arabia and Russia Are Impacting Crude Oil Prices   [Oct-26-17 10:49AM  Market Realist]
▶ Is US Gasoline Demand Impacting Crude Oil Prices?   [Oct-25-17 10:02AM  Market Realist]
▶ Oil Bears Track OECDs Crude Oil Inventories   [Oct-24-17 09:20AM  Market Realist]
▶ Why US Crude Oil Production Hit a 5-Week Low   [Oct-13-17 03:25PM  Market Realist]
▶ What Dennis Gartman Thinks about Crude Oil Prices   [Oct-11-17 02:07PM  Market Realist]
▶ ETFs with exposure to PDC Energy, Inc. : October 6, 2017   [Oct-06-17 11:00AM  Capital Cube]
▶ US Gasoline Demand: Are the Crude Oil Bears Taking Control?   [Oct-04-17 12:46PM  Market Realist]
▶ Is the US Crude Oil Bull Market Sustainable?   [Oct-02-17 01:06PM  Market Realist]
▶ What US Crude Oil Productions 26-Month High Could Mean   [Sep-28-17 12:36PM  Market Realist]
▶ Will the EIAs Gasoline Inventories Surprise Traders?   [Sep-27-17 12:38PM  Market Realist]
▶ How President Trump Could Impact Irans Crude Oil Production   [Sep-26-17 01:08PM  Market Realist]
▶ Denver oil and gas company consolidates its holdings in DJ Basin   [Sep-25-17 07:05PM  American City Business Journals]
▶ Iraq Could Extend the Output Cut Deal to December 2018   [Sep-20-17 01:36PM  Market Realist]
▶ Why US Crude Oil Inventories Rose Again   [Sep-14-17 02:10PM  Market Realist]
▶ Russias Crude Oil Production Hit a 1-Year Low   [Sep-12-17 01:06PM  Market Realist]
▶ Why the US Dollar Hit a 33-Month Low   [Sep-11-17 03:42PM  Market Realist]
▶ Could Crude Oil Futures Rise Due to Short Covering?   [Sep-01-17 05:10PM  Market Realist]
▶ How I'm Playing the Energy Sector Amid Harvey's Hit   [Aug-28-17 05:06PM  TheStreet.com]
▶ Crude Oil: Price Forecasts and Hedge Funds Position   [Aug-09-17 09:09AM  Market Realist]
▶ PDC Energy tops Street 2Q forecasts   [Aug-08-17 07:04PM  Associated Press]
▶ Cushing Inventories Fell 20% from the Peak   [12:35PM  Market Realist]
▶ US Crude Oil Production Hit a 16-Month High   [11:05AM  Market Realist]
▶ Why US Gasoline Demand Rose for 2nd Consecutive Month   [Aug-02-17 10:02AM  Market Realist]
▶ Will US Crude Oil Prices Stay above $50 per Barrel?   [Aug-01-17 12:05PM  Market Realist]
▶ US Crude Oil Production Near 2-Year High   [Jul-13-17 12:35PM  Market Realist]
▶ New Strong Sell Stocks for July 7th   [Jul-07-17 10:12AM  Zacks]
Financial statements of PDCE
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