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Petroleum Development Corp. (PETD) filed Quarterly Report for the period ended 2011-09-30.
Petroleum Development Corp. has a market cap of $623.8 million; its shares were traded at around $26.44 with and P/S ratio of 1.9. Petroleum Development Corp. had an annual average earning growth of 14.7% over the past 10 years.
This is the annual revenues and earnings per share of PETD over the last 10 years. For detailed 10-year financial data and charts, go to 10-Year Financials of PETD.
Highlight of Business Operations:
Natural gas, NGL and crude oil sales increased 67.8% quarter-over-quarter and 40% year-over-year. These increases were primarily driven by an increase in production of 23.9% quarter-over-quarter and 21.9% year-over-year and an increase in average price per Mcfe of 26.7% quarter-over-quarter and 12.4% year-over-year. Leading the increases in production were liquids, with crude oil production increasing 65% quarter-over-quarter and 43.4% year-over-year and NGL production increasing 46.9% and 22.8%, respectively. Strategically, it is our goal to increase our liquids to gas ratio. For the three and nine months ended 2011, our liquids to gas ratio (in percentages) was 38/62 and 33/67, respectively, compared to 30/70 for each of the three and nine months ended 2010, with Wattenberg's production accounting for approximately 86% of our total liquids produced during each of the three and nine months ended 2011.Reflects immaterial estimate to actual sales adjustments recorded during the three months ended 2011. These adjustments had a negative impact on the average sales price of $0.99 per Mcf.
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