QUARTERLY FINANCIAL INFORMATION

12 Months Ended

Dec. 31, 2011

Quarterly Financial Data [Abstract]

Quarterly Financial Information [Text Block]

QUARTERLY FINANCIAL INFORMATION - UNAUDITED

Quarterly financial data for the years ended December 31, 2011 and 2010, is presented below. The sum of the quarters may not equal the total of the year's net income or loss per share attributable to shareholders due to changes in the weighted average shares outstanding throughout the year.

	2011
	Quarter Ended
	March 31			June 30			September 30			December 31			Year Ended
	(in thousands, except per share data)
Revenues:
Natural gas, NGL and crude oil sales	$	58,810		$	65,762		$	72,044		$	79,989		$	276,605
Sales from natural gas marketing	15,202			18,897			17,209			15,111			66,419
Commodity price risk management gain (loss), net	(23,882		)	20,537			46,706			2,729			46,090
Well operations, pipeline income and other	1,843			1,755			1,670			1,578			6,846
Total revenues	51,973			106,951			137,629			99,407			395,960
Costs, expenses and other:
Production costs	18,472			16,895			14,016			19,702			69,085
Cost of natural gas marketing	14,993			18,207			17,227			15,038			65,465
Exploration expense	1,669			1,215			1,135			2,234			6,253
Impairment of natural gas and crude oil properties	453			499			531			23,676			25,159
General and administrative expense	13,873			19,509			13,683			14,389			61,454
Depreciation, depletion and amortization	30,985			30,592			31,523			35,807			128,907
Gain on sale of properties and equipment	—			—			(32		)	(164		)	(196		)
Total costs, expenses and other	80,445			86,917			78,083			110,682			356,127
Income (loss) from operations	(28,472		)	20,034			59,546			(11,275		)	39,833
Interest income	9			2			36			—			47
Interest expense	(9,062		)	(9,067		)	(9,496		)	(9,360		)	(36,985		)
Income (loss) from continuing operations before income taxes	(37,525		)	10,969			50,086			(20,635		)	2,895
Provision (benefit) for income taxes	(14,278		)	2,804			19,218			(7,927		)	(183		)
Income (loss) from continuing operations	(23,247		)	8,165			30,868			(12,708		)	3,078
Income from discontinued operations, net of tax	3,323			1,000			1,692			4,344			10,359
Net income (loss)	$	(19,924	)	$	9,165		$	32,560		$	(8,364	)	$	13,437
Earnings (loss) per share:
Basic
Income (loss) from continuing operations	$	(0.99	)	$	0.35		$	1.31		$	(0.54	)	$	0.13
Income from discontinued operations	0.14			0.04			0.07			0.18			0.44
Net income (loss)	$	(0.85	)	$	0.39		$	1.38		$	(0.35	)	$	0.57
Diluted
Income (loss) from continuing operations	$	(0.99	)	$	0.34		$	1.30		$	(0.54	)	$	0.13
Income from discontinued operations	0.14			0.04			0.07			0.18			0.43
Net income (loss)	$	(0.85	)	$	0.39		$	1.37		$	(0.35	)	$	0.56
Weighted average common shares outstanding
Basic	23,428			23,491			23,569			23,592			23,521
Diluted	23,428			23,723			23,783			23,592			23,871

	2010
	Quarter Ended
	March 31			June 30			September 30			December 31			Year Ended
	(in thousands, except per share data)
Revenues:
Natural gas, NGL and crude oil sales	$	57,827		$	48,729		$	45,904		$	52,569		$	205,029
Sales from natural gas marketing	22,687			12,589			18,337			15,458			69,071
Commodity price risk management gain (loss), net	43,222			12,257			19,029			(14,617		)	59,891
Well operations, pipeline income and other	2,589			2,148			2,157			2,136			9,030
Total revenues	126,325			75,723			85,427			55,546			343,021
Costs, expenses and other:
Production costs	14,961			16,004			15,925			17,982			64,872
Cost of natural gas marketing	22,323			12,207			18,300			15,185			68,015
Exploration expense	5,818			3,274			2,679			1,904			13,675
Impairment of natural gas and crude oil properties	600			556			1,033			4,292			6,481
General and administrative expense	10,694			9,855			10,426			11,213			42,188
Depreciation, depletion and amortization	27,458			26,945			27,664			26,028			108,095
Gain on sale of properties and equipment	—			(96		)	(57		)	(21		)	(174		)
Total costs, expenses and other	81,854			68,745			75,970			76,583			303,152
Income (loss) from operations	44,471			6,978			9,457			(21,037		)	39,869
Interest income	5			34			21			11			71
Interest expense	(7,800		)	(7,672		)	(8,174		)	(9,604		)	(33,250		)
Income (loss) from continuing operations before income taxes	36,676			(660		)	1,304			(30,630		)	6,690
Provision (benefit) for income taxes	13,804			(238		)	(1,321		)	(11,593		)	652
Income (loss) from continuing operations	22,872			(422		)	2,625			(19,037		)	6,038
Income (loss) from discontinued operations, net of tax	797			(2,313		)	729			683			(104		)
Net income (loss)	23,669			(2,735		)	3,354			(18,354		)	5,934
Less: net loss attributable to noncontrolling interests	(55		)	(6		)	(5		)	(214		)	(280		)
Net income (loss) attributable to shareholders	$	23,724		$	(2,729	)	$	3,359		$	(18,140	)	$	6,214
Amounts attributable to Petroleum Development Corporation shareholders:
Income (loss) from continuing operations	$	22,927		$	(416	)	$	2,630		$	(18,823	)	$	6,318
Income (loss) from discontinued operations, net of tax	797			(2,313		)	729			683			(104		)
Net income (loss) attributable to shareholders	$	23,724		$	(2,729	)	$	3,359		$	(18,140	)	$	6,214
Earnings (loss) per share attributable to shareholders:
Basic
Income (loss) from continuing operations	$	1.19		$	(0.03	)	$	0.14		$	(0.89	)	$	0.33
Income (loss) from discontinued operations	0.04			(0.12		)	0.03			0.03			(0.01		)
Net income (loss) attributable to shareholders	$	1.23		$	(0.15	)	$	0.17		$	(0.86	)	$	0.32
Diluted
Income (loss) from continuing operations	$	1.19		$	(0.03	)	$	0.14		$	(0.89	)	$	0.32
Income (loss) from discontinued operations	0.04			(0.12		)	0.03			0.03			(0.01		)
Net income (loss) attributable to shareholders	$	1.23		$	(0.15	)	$	0.17		$	(0.86	)	$	0.31
Weighted average common shares outstanding
Basic	19,191			19,213			19,250			21,026			19,674
Diluted	19,287			19,213			19,406			21,026			19,821