Schedule of Guarantor Obligations [Table Text Block] | SUBSIDIARY GUARANTOR PDC Permian, Inc., our wholly-owned subsidiary, guarantees our obligations under our publicly-registered senior notes. The following presents the consolidating financial information separately for: (i) PDC Energy, Inc. ("Parent"), the issuer of the guaranteed obligations, including non-material subsidiaries; (ii) PDC Permian, Inc., the guarantor subsidiary ("Guarantor"), as specified in the indentures related to our senior notes; (iii) Eliminations representing adjustments to (a) eliminate intercompany transactions between or among Parent, Guarantor and our other subsidiaries and (b) eliminate the investments in our subsidiaries; and (iv) Parent and subsidiaries on a consolidated basis ("Consolidated"). The Guarantor was 100 percent owned by the Parent beginning in December 2016. The senior notes are fully and unconditionally guaranteed on a joint and several basis by the Guarantor. The guarantee is subject to release in limited circumstances only upon the occurrence of certain customary conditions. Each entity in the consolidating financial information follows the same accounting policies as described in the notes to the consolidated financial statements. The following consolidating financial statements have been prepared on the same basis of accounting as our consolidated financial statements. Investments in subsidiaries are accounted for under the equity method. Accordingly, the entries necessary to consolidate the Parent and Guarantor are reflected in the eliminations column. Consolidating Balance Sheets December 31, 2018 Parent Guarantor Eliminations Consolidated (in thousands) Assets Current assets: Cash and cash equivalents $ 1,398 $ — $ — $ 1,398 Accounts receivable, net 146,529 34,905 — 181,434 Fair value of derivatives 84,492 — — 84,492 Prepaid expenses and other current assets 6,725 411 — 7,136 Total current assets 239,144 35,316 — 274,460 Properties and equipment, net 2,270,711 1,732,151 — 4,002,862 Assets held-for-sale — 140,705 — 140,705 Intercompany receivable 451,601 — (451,601 ) — Investment in subsidiaries 1,316,945 — (1,316,945 ) — Fair value of derivatives 93,722 — — 93,722 Other assets 30,084 2,312 — 32,396 Total Assets $ 4,402,207 $ 1,910,484 $ (1,768,546 ) $ 4,544,145 Liabilities and Stockholders' Equity Liabilities Current liabilities: Accounts payable $ 110,847 $ 71,017 $ — $ 181,864 Production tax liability 53,309 7,410 — 60,719 Fair value of derivatives 3,364 — — 3,364 Funds held for distribution 90,183 15,601 — 105,784 Accrued interest payable 14,143 7 — 14,150 Other accrued expenses 73,689 1,444 — 75,133 Total current liabilities 345,535 95,479 — 441,014 Intercompany payable — 451,601 (451,601 ) — Long-term debt 1,194,876 — — 1,194,876 Deferred income taxes 162,368 35,728 — 198,096 Asset retirement obligations 79,904 5,408 — 85,312 Liabilities held-for-sale — 4,111 — 4,111 Fair value of derivatives 1,364 — — 1,364 Other liabilities 91,452 1,212 — 92,664 Total liabilities 1,875,499 593,539 (451,601 ) 2,017,437 Stockholders' equity Common shares 661 — — 661 Additional paid-in capital 2,519,423 1,766,775 (1,766,775 ) 2,519,423 Retained earnings 8,727 (449,830 ) 449,830 8,727 Treasury shares (2,103 ) — — (2,103 ) Total stockholders' equity 2,526,708 1,316,945 (1,316,945 ) 2,526,708 Total Liabilities and Stockholders' Equity $ 4,402,207 $ 1,910,484 $ (1,768,546 ) $ 4,544,145 Consolidating Balance Sheets December 31, 2017 Parent Guarantor Eliminations Consolidated (in thousands) Assets Current assets: Cash and cash equivalents $ 180,675 $ — $ — $ 180,675 Accounts receivable, net 160,490 37,108 — 197,598 Fair value of derivatives 14,338 — — 14,338 Prepaid expenses and other current assets 8,284 329 — 8,613 Total current assets 363,787 37,437 — 401,224 Properties and equipment, net 1,891,314 2,042,153 — 3,933,467 Assets held-for-sale 40,583 — — 40,583 Intercompany receivable 250,279 — (250,279 ) — Investment in subsidiaries 1,617,537 — (1,617,537 ) — Other assets 42,547 2,569 — 45,116 Total Assets $ 4,206,047 $ 2,082,159 $ (1,867,816 ) $ 4,420,390 Liabilities and Stockholders' Equity Liabilities Current liabilities: Accounts payable $ 85,000 $ 65,067 $ — $ 150,067 Production tax liability 35,902 1,752 — 37,654 Fair value of derivatives 79,302 — — 79,302 Funds held for distribution 83,898 11,913 — 95,811 Accrued interest payable 11,812 3 — 11,815 Other accrued expenses 42,543 444 — 42,987 Total current liabilities 338,457 79,179 — 417,636 Intercompany payable — 250,279 (250,279 ) — Long-term debt 1,151,932 — — 1,151,932 Deferred income taxes 62,857 129,135 — 191,992 Asset retirement obligations 65,301 5,705 — 71,006 Liabilities held-for-sale 499 — — 499 Fair value of derivatives 22,343 — — 22,343 Other liabilities 57,009 324 — 57,333 Total liabilities 1,698,398 464,622 (250,279 ) 1,912,741 Stockholders' equity Common shares 659 — — 659 Additional paid-in capital 2,503,294 1,766,775 (1,766,775 ) 2,503,294 Retained earnings 6,704 (149,238 ) 149,238 6,704 Treasury shares (3,008 ) — — (3,008 ) Total stockholders' equity 2,507,649 1,617,537 (1,617,537 ) 2,507,649 Total Liabilities and Stockholders' Equity $ 4,206,047 $ 2,082,159 $ (1,867,816 ) $ 4,420,390 Consolidating Statements of Operations Year Ended December 31, 2018 Parent Guarantor Eliminations Consolidated (in thousands) Revenues Crude oil, natural gas and NGLs sales $ 1,050,696 $ 339,265 $ — $ 1,389,961 Commodity price risk management gain, net 145,237 — — 145,237 Other income 10,744 2,717 — 13,461 Total revenues 1,206,677 341,982 — 1,548,659 Costs, expenses and other Lease operating expenses 92,228 38,729 — 130,957 Production taxes 67,819 22,538 — 90,357 Transportation, gathering and processing expenses 16,607 20,796 — 37,403 Exploration, geologic and geophysical expense 1,234 4,970 — 6,204 Impairment of properties and equipment 27 458,370 — 458,397 General and administrative expense 152,798 17,706 — 170,504 Depreciation, depletion and amortization 389,841 169,952 — 559,793 Accretion of asset retirement obligations 4,617 458 — 5,075 (Gain) loss on sale of properties and equipment (4,387 ) 4,781 — 394 Other expenses 11,829 — — 11,829 Total costs, expenses and other 732,613 738,300 — 1,470,913 Income (loss) from operations 474,064 (396,318 ) — 77,746 Interest expense (73,251 ) 2,521 — (70,730 ) Interest income 413 — — 413 Income (loss) before income taxes 401,226 (393,797 ) — 7,429 Income tax (expense) benefit (98,611 ) 93,205 — (5,406 ) Equity in loss of subsidiary (300,592 ) — 300,592 — Net income (loss) $ 2,023 $ (300,592 ) $ 300,592 $ 2,023 Net loss for the Guarantor for the year ended 2018 is primarily the result of impairment of certain unproved Delaware Basin leasehold positions. Consolidating Statements of Operations Year Ended December 31, 2017 Parent Guarantor Eliminations Consolidated (in thousands) Revenues Crude oil, natural gas and NGLs sales $ 788,400 $ 124,684 $ — $ 913,084 Commodity price risk management loss, net (3,936 ) — — (3,936 ) Other income 11,901 567 — 12,468 Total revenues 796,365 125,251 — 921,616 Costs, expenses and other Lease operating expenses 68,031 21,610 — 89,641 Production taxes 53,236 7,481 — 60,717 Transportation, gathering and processing expenses 23,301 9,919 — 33,220 Exploration, geologic and geophysical expense 1,092 46,242 — 47,334 Impairment of properties and equipment 4,951 280,936 — 285,887 Impairment of goodwill — 75,121 — 75,121 General and administrative expense 107,518 12,852 — 120,370 Depreciation, depletion and amortization 403,984 65,100 — 469,084 Accretion of asset retirement obligations 5,965 341 — 6,306 Gain on sale of properties and equipment (766 ) — — (766 ) Provision for uncollectible notes receivable (40,203 ) — — (40,203 ) Other expenses 13,157 — — 13,157 Total costs, expenses and other 640,266 519,602 — 1,159,868 Income (loss) from operations 156,099 (394,351 ) — (238,252 ) Loss on extinguishment of debt (24,747 ) — — (24,747 ) Interest expense (79,919 ) 1,225 — (78,694 ) Interest income 2,261 — — 2,261 Income (loss) before income taxes 53,694 (393,126 ) — (339,432 ) Income tax (expense) benefit (33,643 ) 245,571 — 211,928 Equity in loss of subsidiary (147,555 ) — 147,555 — Net loss $ (127,504 ) $ (147,555 ) $ 147,555 $ (127,504 ) Net loss for the Guarantor for the year ended 2017 is primarily the result of the exploratory dry hole expense, impairment of certain unproved Delaware Basin leasehold positions and the impairment of goodwill. Consolidating Statements of Operations Year Ended December 31, 2016 Parent Guarantor Eliminations Consolidated (in thousands) Revenues Crude oil, natural gas, and NGLs sales $ 491,750 $ 5,603 $ — $ 497,353 Commodity price risk management loss, net (125,681 ) — — (125,681 ) Other income 11,241 2 — 11,243 Total revenues 377,310 5,605 — 382,915 Costs, expenses and other Lease operating expenses 58,401 1,549 — 59,950 Production taxes 31,132 278 — 31,410 Transportation, gathering and processing expenses 18,263 152 — 18,415 Exploration, geologic and geophysical expense 1,197 3,472 — 4,669 Impairment of properties and equipment 9,973 — — 9,973 General and administrative expense 112,166 304 — 112,470 Depreciation, depletion and amortization 415,321 1,553 — 416,874 Accretion of asset retirement obligations 7,070 10 — 7,080 Gain on sale of properties and equipment (43 ) — — (43 ) Provision for uncollectible notes receivable 44,038 — — 44,038 Other expenses 10,193 — — 10,193 Total costs, expenses and other 707,711 7,318 — 715,029 Loss from operations (330,401 ) (1,713 ) — (332,114 ) Interest expense (62,002 ) 30 — (61,972 ) Interest income 963 — — 963 Loss before income taxes (391,440 ) (1,683 ) — (393,123 ) Income tax benefit 147,195 — — 147,195 Equity in loss of subsidiary (1,683 ) — 1,683 — Net loss $ (245,928 ) $ (1,683 ) $ 1,683 $ (245,928 ) Consolidating Statements of Cash Flows Year Ended December 31, 2018 Parent Guarantor Eliminations Consolidated (in thousands) Cash flows from operating activities $ 625,206 $ 264,096 $ — $ 889,302 Cash flows from investing activities: Capital expenditures for development of crude oil and natural gas properties (482,534 ) (463,816 ) — (946,350 ) Capital expenditures for other properties and equipment (9,806 ) (1,249 ) — (11,055 ) Acquisition of crude oil and natural gas properties (179,955 ) (71 ) — (180,026 ) Proceeds from sale of properties and equipment 1,929 1,633 — 3,562 Proceeds from divestiture 44,693 — — 44,693 Restricted cash 1,249 — — 1,249 Intercompany transfers (199,584 ) — 199,584 — Net cash from investing activities (824,008 ) (463,503 ) 199,584 (1,087,927 ) Cash flows from financing activities: Proceeds from revolving credit facility 1,072,500 — — 1,072,500 Repayment of revolving credit facility (1,040,000 ) — — (1,040,000 ) Payment of debt issuance costs (7,704 ) — — (7,704 ) Purchase of treasury stock (5,147 ) — — (5,147 ) Other (1,373 ) (177 ) — (1,550 ) Intercompany transfers — 199,584 (199,584 ) — Net cash from financing activities 18,276 199,407 (199,584 ) 18,099 Net change in cash and cash equivalents (180,526 ) — — (180,526 ) Cash and cash equivalents, beginning of period 189,925 — — 189,925 Cash and cash equivalents, end of period $ 9,399 $ — $ — $ 9,399 Consolidating Statements of Cash Flows Year Ended December 31, 2017 Parent Guarantor Eliminations Consolidated (in thousands) Cash flows from operating activities $ 546,954 $ 50,859 $ — $ 597,813 Cash flows from investing activities: Capital expenditures for development of crude oil and natural gas properties (439,897 ) (297,311 ) — (737,208 ) Capital expenditures for other properties and equipment (3,539 ) (1,555 ) — (5,094 ) Acquisition of crude oil and natural gas properties (21,000 ) 5,372 — (15,628 ) Proceeds from sale of properties and equipment 10,084 (93 ) — 9,991 Sale of promissory note 40,203 — — 40,203 Restricted cash (9,250 ) — — (9,250 ) Sales of short-term investments 49,890 — — 49,890 Purchases of short-term investments (49,890 ) — — (49,890 ) Intercompany transfers (239,191 ) — 239,191 — Net cash from investing activities (662,590 ) (293,587 ) 239,191 (716,986 ) Cash flows from financing activities: Proceeds from issuance of senior notes 592,366 — — 592,366 Redemption of senior notes (519,375 ) — — (519,375 ) Payment of debt issuance costs (50 ) — — (50 ) Purchase of treasury stock (6,672 ) — — (6,672 ) Other (1,195 ) (76 ) — (1,271 ) Intercompany transfers — 239,191 (239,191 ) — Net cash from financing activities 65,074 239,115 (239,191 ) 64,998 Net change in cash and cash equivalents (50,562 ) (3,613 ) — (54,175 ) Cash and cash equivalents, beginning of period 240,487 3,613 — 244,100 Cash and cash equivalents, end of period $ 189,925 $ — $ — $ 189,925 Condensed Consolidating Statements of Cash Flows Year Ended December 31, 2016 Parent Guarantor Eliminations Consolidated (in thousands) Cash flows from operating activities $ 492,893 $ (6,630 ) $ — $ 486,263 Cash flows from investing activities: Capital expenditures for development of crude oil and natural gas properties (436,361 ) (523 ) — (436,884 ) Capital expenditures for other properties and equipment (2,282 ) (1,182 ) — (3,464 ) Acquisition of crude oil and natural gas properties (1,076,256 ) 2,533 — (1,073,723 ) Proceeds from sale of properties and equipment 4,945 — — 4,945 Intercompany transfers (9,415 ) — 9,415 — Net cash from investing activities (1,519,369 ) 828 9,415 (1,509,126 ) Cash flows from financing activities: Proceeds from revolving credit facility 85,000 — — 85,000 Repayment of revolving credit facility (122,000 ) — — (122,000 ) Proceeds from issuance of equity, net of issuance costs 855,074 — — 855,074 Proceeds from issuance of senior notes 392,172 — — 392,172 Proceeds from issuance of convertible senior notes 193,935 — — 193,935 Redemption of convertible notes (115,000 ) — — (115,000 ) Payment of debt issuance costs (15,556 ) — — (15,556 ) Purchase of treasury shares (6,935 ) — — (6,935 ) Other (577 ) — — (577 ) Intercompany transfers — 9,415 (9,415 ) — Net cash from financing activities 1,266,113 9,415 (9,415 ) 1,266,113 Net change in cash and cash equivalents 239,637 3,613 — 243,250 Cash and cash equivalents, beginning of period 850 — — 850 Cash and cash equivalents, end of period $ 240,487 $ 3,613 $ — $ 244,100 The condensed consolidating financial statements for the year ended December 31, 2016 represent one month of activity for the Guarantor as the Delaware Basin acquisition closed in December 2016. |