0000000000-20-010222.txt : 20201217 0000000000-20-010222.hdr.sgml : 20201217 20201028170058 ACCESSION NUMBER: 0000000000-20-010222 CONFORMED SUBMISSION TYPE: UPLOAD PUBLIC DOCUMENT COUNT: 2 FILED AS OF DATE: 20201028 FILED FOR: COMPANY DATA: COMPANY CONFORMED NAME: PDC ENERGY, INC. CENTRAL INDEX KEY: 0000077877 STANDARD INDUSTRIAL CLASSIFICATION: CRUDE PETROLEUM & NATURAL GAS [1311] IRS NUMBER: 952636730 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: UPLOAD BUSINESS ADDRESS: STREET 1: 1775 SHERMAN STREET STREET 2: SUITE 3000 CITY: DENVER STATE: CO ZIP: 80203 BUSINESS PHONE: 303-860-5800 MAIL ADDRESS: STREET 1: PDC ENERGY, INC. STREET 2: 1775 SHERMAN ST CITY: SUITE 3000 STATE: CO ZIP: 80203 FORMER COMPANY: FORMER CONFORMED NAME: PETROLEUM DEVELOPMENT CORP DATE OF NAME CHANGE: 19920703 FORMER COMPANY: FORMER CONFORMED NAME: YELLOW WING URANIUM CORP DATE OF NAME CHANGE: 19730606 LETTER 1 filename1.pdf begin 644 filename1 M)5!$1BTQ+C4*)>+CS],*,2 P(&]B:@H\/"]4>7!E+UA/8FIE8W0O0V]L;W)3 M<&%C92]$979I8V5',Z%$;3 BU,"VEA6J % M6J %6J %6J %6J %6O ]*WOEK(,D*\X#9H:[]P]6<&19EAU+^GP>RR(B(B(B M(B(B(B(B(B(B(B(B(B(B(B(B(B(B(B(B(B(B(B+_-A\?'^_O[V]O;Z^OKR\' MGI^?GP[$AY="%(AB43AV^=.M%A$1$1$1$9$?2,H4S\_/CX^/]_?WOP[<'=E- MR6+L]?OW[ZCAZ>GI]?5504-$1$1$1$1$+N;M[>WIZ>GAX6&_WS<"Q:]?O^[O M[^.KQW.(\K]__VZJBLJ1,EY>7M0Q1$1$1$1$1&3"Q\<'QA6_?__&K *98K_? 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Form 10-K for Fiscal Year Ended December 31, 2019 Filed February 27, 2020 Response Dated July 20, 2020 File No. 001-37419 Dear Mr. Brookman: We have reviewed your July 20, 2020 response to our comment letter and have the following comment. In some of our comments, we may ask you to provide us with information so we may better understand your disclosure. Please respond to this comment within ten business days by providing the requested information or advise us as soon as possible when you will respond. If you do not believe our comment applies to your facts and circumstances, please tell us why in your response. After reviewing your response to this comment, we may have additional comments. Unless we note otherwise, our references to prior comments are to comments in our July 7, 2020 letter. Form 10-K for Fiscal Year Ended December 31, 2019 Reconciliation of Non-U.S. GAAP Financial Measures Cash flows from operations to adjusted cash flows from operations and free cash flow (deficit), page 63 1. We have reviewed your response to comment 2. Please address the following additional matters: Expand your disclosure to explain why capital expenditures for acquisitions of crude oil and natural gas properties and for other property and equipment are not deducted from your measure of free cash flow. Given that your measure of free cash flow reflects deductions for certain capital Barton Brookman PDC ENERGY, INC. October 28, 2020 Page 2 expenditures and not others, revise the title of this measure to refer to adjusted free cash flow. Revise your disclosure to provide cautionary language indicating that you may have mandatory debt service requirements or other non-discretionary expenditures that are not deducted from the measure. Revise the caption Change in accounts payable related to capital expenditures to clarify, if true, that it consists solely of capital accruals related to capital expenditures for development of crude oil and natural gas properties. If otherwise, please explain. You may contact Sondra Snyder, Staff Accountant at (202) 551-3332 or Gus Rodriguez, Accounting Branch Chief at (202) 551-3752 if you have questions regarding the comment, or any other questions. FirstName LastNameBarton Brookman Sincerely, Comapany NamePDC ENERGY, INC. Division of Corporation Finance October 28, 2020 Page 2 Office of Energy & Transportation FirstName LastName