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PDC Energy posts Q2 net loss despite climbing production

U.S.-based oil and gas producer PDC Energy Inc. on Aug. 8 reported an adjusted loss of $84.5 million, or $1.28 per share, for the second quarter, compared to adjusted net income of $12.5 million, or 19 cents per share, a year earlier.

The S&P Global Market Intelligence consensus normalized earnings estimate for the second quarter was 60 cents per share.

Net loss totaled $160.3 million, compared to net income of $41.3 million in the prior-year period.

The company recorded total revenue of $212.5 million in the second quarter, compared to $275.2 million a year earlier.

On the other hand, total production increased. Daily production was pegged at 103,000 barrels of oil equivalent per day in the second quarter, compared to 88,100 boe/d a year earlier.

In addition, the company increased its production guidance for the year by one million barrels of oil equivalent to a new range spanning 40 MMboe to 42 MMboe, citing the outperformance of the Delaware basin.