PDC Energy Q4 Profit From Cont. Ops. Rises - Quick Facts

(RTTNews) - PDC Energy, Inc. (PDCE) reported fourth-quarter income from continuing operations of $83.97 million or $2.32 per share, compared to $14.80 million or $0.40 per share, prior year. Total earnings per share was $3.64, compared to $0.36, prior year. Adjusted net loss was $39.9 million or $1.11 per share, for the fourth quarter of 2014.

On average, 23 analysts polled by Thomson Reuters expected the company to report profit per share of $0.21 for the quarter. Analysts' estimates typically exclude special items.

Revenue increased to $407.69 million from $135.38 million last year. Analysts expected revenue of $136.49 million for the quarter. Fourth-quarter production from continuing operations increased 29% to 28,060 Boe/d compared to 21,735 Boe/d in the fourth quarter of 2013.

The company also announced a reduction of its 2015 capital budget to $473 million from the previously announced $557 million. The company maintained its 50% production growth guidance, driven by its five rig drilling program in the core Wattenberg.