PDC shares soar on jump in 4Q revenue
DENVER (AP) — PDC Energy Inc. said Wednesday its fourth-quarter loss ballooned to $126.2 million, hurt by a write-down on the value of some of its natural gas and oil properties.
But PDC's revenue was significantly higher than expected and the company's shares jumped to a new 52-week high.
The Denver-based independent oil and gas company's loss amounted to $4.17 per share and compared with a loss of $8.4 million, or 35 cents per share, in the same quarter the year before.
Excluding one-time items, the company posted an adjusted loss of $128.6 million, or $4.25 per share, for the recent quarter.
PDC said the bulk of the loss stemmed from after-tax impairment charges related to its Piceance Basin oil and natural gas properties and the extinguishment of debt.
Revenue rose 9 percent to $108.6 million from $99.4 million, while analysts polled by FactSet expected $93.3 million.
For the full year 2012, PDC posted a loss of $130.7 million, or $4.72 per share, compared with a profit of $13.4 million, or 56 cents per share, in 2011. Revenue fell to $356.1 million from $396 million.
PDC shares jumped $4.47, or 11 percent, to $46.18 in heavy late trading, after peaking at $48.38 earlier in the day and passing their previous 52-week high of $44.43 and marking their highest price since April 2011.