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Wednesday, March 2, 2016

$68 Million Loss Reported by PDC Energy for 2015

From a press release:
Net loss for 2015 was $68.3 million, or $1.74 per diluted share, compared to net income of $155.4 million, or $4.24 per diluted share, for 2014. The year-over-year difference was primarily attributable to lower commodity prices and a year-over-year decrease in commodity price risk management gains. Net loss in 2015 and net income in 2014 included $161.6 and $167.3 million, respectively, of impairments primarily related to the Company’s Utica Shale asset as a result of low commodity prices. 
Adjusted net loss, a non-GAAP measure defined below, was $46.1 million, or $1.18 per diluted share in 2015 compared to $37.7 million, or $1.03 per diluted share in 2014. Adjusted net income for 2015, excluding the Utica impairment was $44.2 million, or $1.13 per diluted share. 
Net cash from operating activities was $411.1 million for 2015, compared to $236.7 million for 2014. Adjusted cash flows from operations, a non-GAAP financial measure defined below, were $420.8 million for 2015, compared to $250.2 million in 2014. The increase in 2015 cash flows is primarily a result of increased production.
Read the rest of this announcement by clicking here.

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