American City Business Journals
Higher oil prices push Denver oil company to nearly double 2020 revenue
Improved oil prices helped PDC Energy Inc. (Nasdaq: PDCE) reverse losses and post more third-quarter profit than expected after its revenue from oil sales nearly doubled compared to last year. The Denver-based oil and gas producer sold $486 million worth of oil, natural gas and liquids during the quarter, even after contracted sales meant to hedge against price drops meant the company missed out on $217.7 million that market-rate sales would’ve added. PDC Energy notched third-quarter profit of $145.3 million, or $1.45 per share.
