PDC Energy sees FY production towards bottom of 32-33MMBoe range
SVP and CFO David Honeyfield, commented, "As we manage the capital investment program, we are also adjusting the timing of completions, resulting in full-year estimated production towards the bottom of our 32 to 33 MMBoe range. This production outlook takes into account our updated turn-in-line schedule, anticipated midstream constraints in Wattenberg, and our updated production forecast from our Delaware assets. In terms of capital investment, we are committed to prioritizing the strength of our balance sheet while delivering highly economic rates-of-return on our capital program. After adjusting for the timing of drilling and certain completions and increased well costs in the Delaware, we expect full-year capital to be approximately $800M. This should set us up to exit 2017 with more than $100M of cash on the balance sheet together with the undrawn $700M commitment level on our current bank revolving credit facility." PDC Energy previously forecast FY production in the "top third" of the 30-33MMBoe range, likely in the 32-33MMBoe range.