PDC Energy Inc (NASDAQ: PDCE) was a major gainer in yesterday’s trading session and closed the day with gains of 31.76%. In spite of an overall loss in the stock markets, PDCE made some gains after announcing positive financial results.

The company reported that in 2019, its free cash flow stood at $40 million, with $200 million of those free cash flows being recorded in H2 of 2019. The company also spent $790 million in capital projects, $50 million lower than it had projected. The company also noted that there was an improvement in costs especially in H2 of the year due to CapEX. The company also noted that its production for the year stood at $49.4 billion barrels, a figure that was within the company’s expectations. On top of that, lifting costs recorded an improvement of 12% compared to a year earlier.

The company also offered favorable projections for 2020.  The company projected that it would have a free cash flow of $250 million in 2020 if oil hits $52.50 and natural gas trades at $2. It also expects a free cash flow yield of 12% or 3 times the average of the S&P 500.

The company also intends to further strengthen its balance sheet in 2020 and continue to work on the stock repurchase program. It also expects production to hit 210k barrels a day or 76.6 million barrels of oil every year.  It also expects lifting costs and G&A to be lower than $5 per BOE.

Looking at its price action, PDCE is regaining some upside momentum. The stock opened the day at $7.84 and traded between a low of $6.20 and a high of $9.50 before closing the day at $9.50. Volumes in the day stood at 3.77 million. 

About PDC Energy Inc

PDC Energy Inc is an oil and gas exploration company. It is based in Denver Colorado.