Revenue during the quarter dropped 29.08 percent to $163.89 million from $231.10 million in the previous year period. Gross margin for the quarter contracted 462 basis points over the previous year period to 86.49 percent. Operating margin for the quarter stood at negative 9.33 percent as compared to a negative 22.48 percent for the previous year period.

Operating loss for the quarter was $15.29 million, compared with an operating loss of $51.95 million in the previous year period.

However, the adjusted EBITDA for the quarter was almost stable at $128.70 million, when compared with the prior year period. At the same time, adjusted EBITDA margin improved 2267 basis points in the quarter to 78.53 percent from 55.86 percent in the last year period.

Bart Brookman, President and Chief Executive Officer, commented, “The third quarter was truly transformational for PDC. The announcement of our large-scale entry into the Core Delaware Basin, combined with the closing of our Core Wattenberg acreage trade and the production from our first two-mile lateral wells, demonstrates our ongoing focus on capital efficiency and substantial future growth. Our priorities are to continue building upon the tremendous momentum in the Wattenberg while we integrate and develop our new Delaware assets. As we begin our budget process for 2017, look for us to emphasize a strong balance sheet while delivering top-tier production growth from our premier asset portfolio.”