PDC Energy Inc. has revised down its full-year 2021 oil production guidance, citing “tighter than optimal well spacing” in its Permian Basin leasehold.

pdc rig

Oil production is now expected to average 60,000-63,000 b/d, versus previous guidance of 64,000-66,000 b/d, the Denver-based independent said in a recent update.

PDC operates primarily in the Wattenberg field in Colorado’s Denver-Julesburg (DJ) Basin, and in the Permian’s Delaware sub-basin.

Full-year and fourth-quarter production both are expected to be near the bottom of the previous guidance of 190,000-195,000 boe/d. That would be about 10% higher than 4Q2020 output.

PDC this year turned in-line 18 wells in the Delaware that were drilled in 2019 and the first half of 2020 at average spacing of 14-16 wells per...