PDC Energy Q1 Loss Narrows - Quick Facts

(RTTNews) - PDC Energy, Inc. (PDCE) Tuesday reported a narrower loss for the first quarter, helped by higher revenues and a decrease in tax provision. In addition, the company recorded a significantly higher impairment of crude oil and natural gas properties in the prior-year quarter.

For the three months to March, net loss narrowed to $2.13 million or $0.06 per share, from a loss of $39.42 million or $1.30 per share a year ago.

Excluding certain items, the company reported earnings of $9.6 million, or $0.27 per share, compared with loss of $20.4 million or $0.67 per share a year earlier.

On average, 20 analysts polled by Thomson-Reuters estimated the company's earnings to be $0.36 for the quarter. Analysts' estimates typically exclude one-time items.

Impairment of crude oil and natural gas properties was $979,000 during the first quarter, compared with $46.46 million in the year-ago quarter. The company recorded a income tax provision of $1.39 million, sharply lower than $22.49 million a year earlier.

For the first quarter, adjusted EBITDA grew to $76.5 million from $61.1 million a year ago.

Revenues for the 3-month period rose to $130.26 million from $71.83 million in the same period last year. Analysts expected revenues of $134.85 million.

First-quarter production increased by 44 percent to 26,700 Boe/d from 18,500 Boe/d last year. The company attributed the rise to successful horizontal drilling in the Wattenberg Field, Utica Shale and Marcellus Shale.