PDC Energy (PDCE) Tops Q4 EPS by 20c

PDC Energy (NASDAQ: PDCE) reported Q4 EPS of $0.60, $0.20 better than the analyst estimate of $0.40.

President and CEO Bart Brookman commented, “I’m incredibly proud of our team for not only having achieved significant cost savings and operational efficiencies throughout 2019, but more importantly, doing so in what we deem to be a stellar year from a safety perspective. Further, we were able to deliver on several key strategic initiatives, including divesting our Delaware Basin midstream assets, instituting a stock repurchase plan and announcing a merger with SRC Energy, each of which we expect to deliver significant, long-term shareholder value.”

“As we demonstrated in 2019 through mid-year adjustments to our capital program, PDC is committed to generating free cash flow. Through a continued and deliberate focus on operational execution combined with a peer-leading cost structure, we anticipate generating approximately $650 million of free cash flow through 2021, which enables us to not only complete our $525 million share repurchase program, but also to retire debt and further improve our already top-tier leverage metrics. These attributes position PDC to differentiate itself against not only the E&P sector, but the broader market as well.”

For earnings history and earnings-related data on PDC Energy (PDCE) click here.

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