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Forex Broker Petroleum Development Corporation fourth quarter net income rises to $8 million verses $3 million in that period the prior year, setting a new company record.Visit our AXcess News Forum and add your comments on this story. Try your hand at writing, the best story will be published on our news network. Take our oil & gas poll too!

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Real Estate Broker February 28, 2004 (AXcess News) Bridgeport W. VA - Appalachian natural gas exploration, development and production company, Petroleum Development Corporation (Nasdaq: PETD), weighed in with record results for the fourth quarter and yearend Friday.

Agency Brokerage Spark Net Income for the fourth quarter was $8.0 million ($.49 per diluted share) compared to $3.0 million ($.20 per diluted share) in the prior year. Net Income for the year was $22.6 million ($1.39 per diluted share) compared to $9.3 million ($.58 per diluted share) in 2002. All of these results were new company records. The principal drivers of the improved performance were record oil and natural gas production, strong energy prices, and higher levels of drilling activity.Revenues for the three months ended December, 2003 were $59,456,200 compared to the same period in 2002 when PETD recorded $37,638,500 in revenue. Net income for the three months ended December, 2003 was $7,989,500, or $.52 a share, compared to $3,044,900 for the same period in 2002, or $.20 a share.

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Business Broker Revenues for the year were $202,851,000 compared to $135,341,900 in 2002. Net income for the year was $22,619,100, or $1.45 per basic share, as compared to 2002 when Petroleum Development Corporation earned $9,284,800, or $.59 per basic share.

Brokerage Account In an announcement Friday, Steven R. Williams, CEO of Petroleum Development Corporation, said, "Last year was a remarkable year for the Company. Our acquisitions of producing properties, the results of our Wattenberg Field recompletion program, and our interests in new wells drilled by the Company helped us increase production by almost 34% for the year."

Stock Broker Williams took the reins as CEO in January following the retirement of co-founder, James N. Ryan, which was announced in March 2003.

Brokerage Online Stock Trading With Williams at the helm, PETD aggressively moved west, recently acquiring a 75% working interest in 77 producing Niobrara wells, 100% interest in 16 shut-in Niobrara wells, over 100,000 acres of leasehold, a gas gathering pipeline system and access to seismic data. The Denver-Julesburg Basin property is located in Yuma and Kit Carson Counties, Colorado and Cheyenne County, Kansas. Petroleum Development announced the acquisition Tuesday, February 3, 2004.

Broker Justin Ticket The natural gas properties were purchased for $6 million in cash from Cogeneration Holdings LLC, a joint venture owned by Kinder Morgan, Inc. and American Electric Power, Inc.

Real Estate Brokerage Williams shared his view towards future revenue saying, "We believe the prospects for strong sales in 2004 are excellent. We enjoyed excellent oil and natural gas prices in 2003, and the market looks good so far in 2004."

Commodity Broker Thanks to the high prices and demand, Petroleum Development was able to bring its natural gas production up. "In the fourth quarter of the year our average daily production rate was over 34 million cubic feet equivalent (MMcfe), a 62% increase from the fourth quarter rate in 2002," said Williams.

Brokerage House The Company drilled a total of 111 new wells during 2003, including 36 wells in the fourth quarter. Only one well, an exploratory well in Alabama, was dry.The successful wells included 90 wells in Wattenberg Field, and 20 wells in the Piceance Basin. Other than the exploratory dry hole, all of the wells drilled by the Company were drilled in conjunction with public investment partnerships sponsored by the Company.Sales of interests in Company-sponsored drilling programs and the resulting drilling and development activity was a major contributor to the success of the quarter and year. The Company sold a total of $78.3 million of partnership interests in four partnerships during 2003, and had drilling revenues of $71.8 million during the year associated with these and prior partnerships.

Real Estate Broker Exam At the end of 2003 there was a carryover of $50.5 million of projects to be drilled in 2004 compared to a carryover of $37.3 million at the end of 2002. The Company expects to complete those projects in the first six months of this year. An additional $100 million in partnership drilling and exploration projects are planned for the year, subject to market conditions and results.

Brokerage Services Shares of Petroleum Development Corp. (Nasdaq: PETD) closed Friday at $28.60, up $.03 or 0.11%, after hitting a new 52 week hi of $29.75 after opening at $29.39 on heavy volume of 1,100,279 shares. The 90-day average daily volume was reported to be 484,272 shares.AXcess News will be reporting on any new market trends related to this story. Members should watch their in-box for late breaking news. If you're not a member, consider joining now. Members get the latest business news, commentaries and stock picks delivered right to their in-box.

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