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PDC Energy reverses prior-year loss in Q2 but misses Street estimates

PDC Energy Inc. on Aug. 7 reported an adjusted second-quarter net income of $22.5 million, or 34 cents per share, up from the adjusted net loss of $85.5 million, or $1.28 per share, posted for the second quarter of 2018.

The S&P Global Market Intelligence normalized earnings estimate for the second quarter was a net income of 42 cents per share.

The company's GAAP net income came in at $68.5 million, compared to the net loss of $160.3 million seen a year ago.

Total revenues were pegged at $390.7 million for the quarter, up from the $212.5 million posted during the same period in 2018.

The company produced 12.4 million barrels of oil equivalent in the second quarter, up from the 9.4 million boe seen a year ago. Prices turned lower during the quarter with a weighted average crude oil equivalent of $27.28/boe, compared to $34.74/boe a year prior.

PDC also lowered its full-year capital investment guidance to a range of $810 million to $840 million from $810 million to $870 million, which includes reducing the Wattenberg rig count from three to two in September. The firm also increased its full-year production guidance to a range of 48 million boe to 50 million boe, up 1 million boe at the midpoint.