PDC Energy (ticker: PDCE) CEO Bart Brookman rang the Nasdaq opening bell today in celebration of PDC’s 40 years trading on Nasdaq. The company had numerous executives on site for the occasion at the Nasdaq MarketSite in Times Square.
PDCE: a thumbnail
PDC started off in Bridgeport, West Virginia, in 1969 as Petroleum Development Corporation. The company was focused on shallow Upper Devonian drilling partnerships in the Appalachian basin, drilling for natural gas.
The company began trading on Nasdaq under the symbol PEDT in 1977, with a $1.75 share price, a $9 million market cap and proved reserves of 1.4 MMBOE (89% natural gas).
PDC moved its headquarters to Denver in 2009 as it acquired additional assets in the Rocky Mountains.
In 2010 it began trading under the ticker PDCE and its focus moved toward liquids. By 2014 the company had achieved a market cap of $2 billion.
In 2016, PDC consolidated its acreage in a trade with Noble Energy in the Wattenberg field north of Denver. During the period PDC put together a $1.6 billion Delaware basin acquisition of 61,500 acres.
Today PDCE is trading at $60 per share and the company’s market cap is $4 billion. The company has proved reserves of 341 MMBoe (58% liquids) and operates in the Wattenberg field in Colorado, the Delaware basin in Texas and in the condensate and wet gas portion of the Utica in Ohio.
