PDC Energy (PDCE; $57.91--Aug 13; Outperform; PT: $70)2Q showed much better-than-expected production of 29.7 Mboe/d (~55% liquids), up 64% y/y and better than ICP/Street forecasts. Better production driven by more DJ well tie-ins and higher non-op production. Importantly, guidance raised for full year and adjusted 2H production forecast was essentially unchanged from previous quarters.Helps alleviate concerns about 2H stemming from infrastructure issues. With good 2H guidance, substantial cash flow generation in the "out years,"......
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