PDC Energy, Inc (PDCE) swung to a net loss for the quarter ended Dec. 31, 2016. The company has made a net loss of $55.64 million, or $ 0.94 a share in the quarter, against a net profit of $3.02 million, or $0.07 a share in the last year period. On the other hand, adjusted net income for the quarter stood at $10.70 million, or $0.18 a share compared with $12 million or $0.29 a share, a year ago. Revenue during the quarter plunged 35.90 percent to $108.10 million from $168.63 million in the previous year period. Gross margin for the quarter contracted 1014 basis points over the previous year period to 77.61 percent. Operating margin for the quarter stood at negative 65.23 percent as compared to a positive 9.65 percent for the previous year period.
Operating loss for the quarter was $70.51 million, compared with an operating income of $16.28 million in the previous year period.
However, the adjusted EBITDA for the quarter stood at $138.20 million compared with $129.10 million in the prior year period.
President and Chief Executive Officer, Bart Brookman commented, “Our strong performance in 2016 highlights our ability to fulfill our strategic initiative of positioning the Company for growth in two premier basins. I am extremely proud that we have delivered top-tier, value-driven production growth while simultaneously completing our large-scale Delaware Basin acquisition and Core Wattenberg acreage trade. Throughout the year, we were extremely focused on improving our cost structure and increasing our operational efficiencies. By these standards, 2016 was a resounding success.
Operating cash flow improves
PDC Energy, Inc has generated cash of $486.26 million from operating activities during the year, up 18.29 percent or $75.19 million, when compared with the last year. The company has spent $1,509.13 million cash to meet investing activities during the year as against cash outgo of $604.26 million in the last year. It has incurred net capital expenditure of $431.94 million on net basis during the year, down 27.91 percent or $167.20 million from year ago.
Cash flow from financing activities was $1,266.11 million for the year, up 611.40 percent or $1,088.14 million, when compared with the last year.
Cash and cash equivalents stood at $244.10 million as on Dec. 31, 2016, up 28,617.65 percent or $243.25 million from $0.85 million on Dec. 31, 2015.
Working capital increases sharply
PDC Energy, Inc has recorded an increase in the working capital over the last year. It stood at $129.25 million as at Dec. 31, 2016, up 320.77 percent or $98.53 million from $30.72 million on Dec. 31, 2015. Current ratio was at 1.48 as on Dec. 31, 2016, up from 1.10 on Dec. 31, 2015.
Debt increases substantially
PDC Energy, Inc has witnessed an increase in total debt over the last one year. It stood at $1,043.95 million as on Dec. 31, 2016, up 62.51 percent or $401.58 million from $642.38 million on Dec. 31, 2015. Total debt was 23.27 percent of total assets as on Dec. 31, 2016, compared with 27.10 percent on Dec. 31, 2015. Debt to equity ratio was at 0.40 as on Dec. 31, 2016, down from 0.50 as on Dec. 31, 2015.
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