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PDC Energy Co
Q2 2012 Teleconference
| James Trimble; Gusle Shellum; Bart Brookman | Page 4 of 11 |
March 11, 2014
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"Q2 2012 Teleconference"
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2012 Second Quarter Highlights 4 8/2/2012 • Net income for the second quarter 2012 was $12.3 million, or $0.46 per diluted share • Adjusted cash flows from operations decreased 14% from the second quarter 2012 to $29.2 million, but increased 31% to $78.7 million for the six months ended 6/30/12 compared to the same 2011 period • Net production from continuing operations increased 11% from the second quarter of 2011 to 11.5 Bcfe; 51% of total production was attributable to the Wattenberg Field • Crude oil production from continuing operations for the second quarter of 2012 increased 22% over the second quarter of 2011, and natural gas liquids ("NGLs") production from continuing operations for the second quarter of 2012 increased 41% over the same 2011 period • Per-unit lifting cost expense increased 5% from the second quarter of 2011 to $1.03 per Mcfe • Continued to deliver 100% drilling success in the liquid-rich horizontal Niobrara Core Wattenberg – drilled seven horizontal wells and completed five of those wells; participated in two horizontal non-operated drilling projects and executed 44 refrac/recompletes of existing vertical wells