PDC Energy (PDCE) Sees FY16 Capex of $450-$500M
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PDC Energy Announces 2016 Capital Budget of $450 to $500 Million; Anticipates 35% to 40% Annual Production Growth With Projected Year-End 2016 Debt to EBITDA of Approximately 1.4x
December 7, 2015 4:15 PM ESTDENVER, December 7, 2015 (GLOBE NEWSWIRE) -- PDC Energy, Inc. ("PDC", the "Company", "we" or "us") (NASDAQ: PDCE) today reported its 2016 capital budget and production forecast.
2016 Highlights
Targeted cash flow neutrality with planned capital budget of $450 to $500 million. Â Anticipated annual production of 20.0 to 22.0 MMBoe, 35% to 40% year-over-year growth. Â Projected 2016 year-end debt to EBITDA of approximately 1.4x. Â Hedged approximately 50% of 2016 oil volumes and 62% of natural gas volumes at nearly $85 per barrel and $3.65 per Mcf, respectively. Â Continued improvements in capital efficiencies through anticipated reductions in drilling times and well costs, enhanced... More