PDC Energy to Invest Up to $290 Mln in 2Q — Energy Comment

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By Chris Wack

PDC Energy Inc. said its second-quarter outlook remains generally unchanged as it expects to invest nearly $ 260 million to $ 290 million and deliver total production of 240,000 to 250,000 barrels of oil equivalent per day and oil production of 79,000 to 83,000 barrels per day.

On its 2023 outlook:

“The company’s outlook through 2023 is predicated on generating substantial levels of free cash flow through consistent capital investments from efficient operations with an output of low-single digit compound annual growth rate in both total production and oil production.”

“With the 2022 pricing assumptions and assuming $ 85 per Bbl WTI, $ 5.00 per Mcf NYMEX natural gas and $ 31.50 NGL realizations in 2023, PDC projects to generate more than $ 1.7 billion of FCF in each of the next two years, which would bring the total two year cumulative FCF to $ 3.5 billion. “

“As we streamline our operations, the Great Western acquisition provides the company with additional scale and high value inventory with increased shareholder returns.”

Write to Chris Wack at chris.wack@wsj.com

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