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PDC Energy is an exploration and production company headquartered in Denver, Colorado focused on value-added organic growth through active horizontal drilling programs. PDC's operations include production, development, exploration and marketing of crude oil, natural gas and natural gas liquids (“NGLs”). PDC’s portfolio is comprised of two areas: the Wattenberg Field in Colorado and the Utica Shale in Ohio. The Company’s total 2015 net production increased approximately 65% year-over-year to 15.4 MMBoe, which was derived primarily from the Wattenberg Field, and consisted of 64% crude oil and NGLs, and 36% natural gas.
As of year-end 2015, the Company had proved reserves of 273 MMBoe and owned an interest in approximately 3,000 gross productive wells. PDC has a very large inventory of predictable, high-value horizontal locations (approximately 2,150 2P as of year-end 2015 with an average lateral of 4,700 feet) that offer significant organic development and long-term growth opportunities.
PDC Energy was founded in Bridgeport, West Virginia in 1969. For the first 30 years, the Company operated exclusively in the Appalachian Basin where it focused on drilling Shallow Upper Devonian gas wells. In 1999, the Company greatly expanded its range of operations by entering the Wattenberg Field and Piceance Basin of Colorado as well as the Michigan Basin, among others, where the company continued its focus on developing low-risk, predominately natural gas focused assets. In 2009, PDC moved its corporate headquarters to Denver, Colorado. Also that year, PDC formed a joint venture to accelerate and fund the exploration and development of its natural gas assets in the emerging Marcellus Shale of West Virginia and Pennsylvania.
In 2010, the Company implemented a liquids-rich growth strategy that focused on acquiring and developing assets capable of delivering much higher long term value added growth than from its dry natural gas-weighted portfolio. The Company acquired key liquid-rich assets like Merit Energy’s core Wattenberg assets in 2012 for approximately $305 million, including net production of ~2,800 boe per day and 30,000 net acres in the Inner and Middle Core areas, as well as acquiring approximately 67,000 net acres in the condensate and wet-gas windows of the emerging Utica Shale play. Additionally, the Company divested many of its dry gas-weighted assets like the Piceance Basin, NECO and Shallow Devonian in 2013. PDC completed its transition to a higher-valued, liquids focused portfolio in 2014, by divesting its dry gas Marcellus joint venture assets in Appalachia.
Over the last five years, the Company’s operating and technical teams have substantially improved the capital efficiency of the drilling programs in both its Wattenberg and Utica assets through an exclusive focus on horizontal drilling and completions. Additionally, the teams have focused on margin improvements by managing their operating costs and pursuing improved marketing and midstream contracts.
The Company’s proved reserves have steadily grown to approximately 273 million boe as of year-end 2015 comprised of about 60% crude oil and natural gas liquids, up substantially from year-end 2009 proved reserves of only 120 million Boe comprised of 15% crude oil and 85% natural gas.
Generate shareholder value through the acquisition, exploration and development of crude oil and natural gas assets capable of delivering strong, value-added growth in production, reserves and cash flow. Maintain a conservative and disciplined financial strategy which includes a strong balance sheet and debt metrics, abundant liquidity and a robust hedging program. Pursue various midstream, marketing and cost reduction initiatives designed to increase per unit operating margins.
The Company places a strong emphasis on organic development – growing its production, reserves and cash flow from its high-value, horizontal drilling programs in the Wattenberg Field. The Company is focused on maintaining its strong balance sheet and conservative debt metrics, especially in a continued low commodity price environment. PDC is well positioned to deliver value from its organic growth focus:
| Company Name | Petroleum Development Corporation |
| Business Category | Oil & Gas |
| Address | 303-860-5800 1775 Sherman Street, Suite 3000 Denver Colorado United States ZIP: 80203 |
| President | Barton R. Brookman |
| Year Established | 1969 |
| Employees | 500 |
| Memberships | NA |
| Hours of Operation | NA |
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