History
Founded in 1969, PDC Energy is an independent exploration and production company focused on responsible development of natural resources in some of the most prolific oil and gas regions in the United States, specifically in the core of the Wattenberg Field in Colorado and the Delaware Basin in West Texas.
We apply our multi-disciplined technical expertise to the development of unconventional oil and gas resources to generate positive results in a responsible manner. PDC Energy is committed and dedicated to serving the interests of all our stakeholders by being both a good steward of the resources we operate and delivering attractive returns to our investors.
FOUNDING
PDC Energy was founded in Bridgeport, West Virginia in 1969. For the first 30 years, the Company operated exclusively in the Appalachian Basin where it focused on drilling Shallow Upper Devonian gas wells. In 1999, the Company greatly expanded its range of operations by entering the Wattenberg Field and Piceance Basin of Colorado as well as other basins, where the Company continued to focus on developing low-risk, predominately natural gas focused assets. In 2009, PDC moved its corporate headquarters to Denver, Colorado.
PORTFOLIO OPTIMIZATION
In 2010, the Company implemented a liquids-rich growth strategy that focused on acquiring and developing assets capable of delivering much higher long-term value as compared to its then-existing dry natural gas-weighted portfolio. The Company acquired key liquid-rich assets in the core Wattenberg in 2012 for approximately $305 million, including net production of ~2,800 Boe per day and 30,000 net acres, and also acquired approximately 67,000 net acres in the condensate and wet-gas windows of the emerging Utica Shale play. Additionally, the Company divested many of its dry gas-weighted assets like the Piceance Basin, NECO and Shallow Devonian in 2013. PDC completed its transition to a higher-valued, liquids focused portfolio in 2014, by divesting its dry gas Marcellus joint venture assets in Appalachia.
Over the last six years, the Company’s operating and technical teams have substantially improved the capital efficiency of the drilling program in its Wattenberg assets through an exclusive focus on horizontal drilling and completions. Additionally, the teams have focused on margin improvements by managing operating costs and pursuing improved marketing and midstream contracts.
DELAWARE BASIN ENTRY
In December 2016, PDC made a significant acquisition of assets in the Delaware Basin. At the time of the acquisition, the Company identified 785 drilling locations with an average lateral length of approximately 5,000′ through the acquisitions in Reeves and Culberson Counties in West Texas. As of year-end 2021, the Company’s had approximately 25,000 net acres.
SRC ENERGY ACQUISITION
In 2019, the Company announced the strategic acquisition of SRC Energy in an all-stock transaction valued at approximately $1.7 billion. The acquisition created a leading Colorado energy producer with approximately 182,000 net acres in the Core Wattenberg Field – 100% of which is located in Weld County. The acquisition closed in January of 2020.
PDC TODAY
The Company’s proved reserves have steadily grown to approximately 814 MMBoe as of year-end 2021. The reserves are comprised of about 56% crude oil and natural gas liquids. The Company’s year-end 2021 inventory consists of approximately 1,800 gross locations in the Wattenberg Field and 65 gross locations in the Delaware Basin. The Company exited 2021 with approximately 145 drill-uncompleted (DUC) wells and approximately 230 fully approved permits in Wattenberg, both of which are included in its inventory count.
CORPORATE STRATEGY
MANAGEMENT TEAM
COMPANY HISTORY
CORPORATE STRATEGY
A Word from our President and CEO
For 50 years, PDC Energy and our employees have put our core values to work – developing the oil and natural gas that powers our lives in a way that is environmentally conscious and working hand-in-glove with the communities where we live and operate. We greatly value these community relationships and seek opportunities to give back, through volunteer hours and charitable donations. We’re also committed to innovation, utilizing technology that lessens potential impact and allows us to work safer, smarter and more efficiently. PDC Energy is a proven best-in-class operator and I’m proud of what we have accomplished over the years.
BART BROOKMAN
President and Chief Executive Officer
