PDC Energy Inc was founded in 1969. The Company is a domestic independent exploration and production company that produces, develops, acquires and explores for crude oil, natural gas and NGLs with main operations in the Wattenberg Field in Colorado, the Utica Shale in southeastern Ohio and the Appalachia-Marcellus Shale in northern West Virginia. The Company owns an interest in approximately 3,100 gross producing wells, of which 249 are horizontal. The Company divides its operating activities into two segments; Oil and Gas Exploration and Production and Gas Marketing. Oil and Gas Exploration and Production segment mainly reflects revenues and expenses from the production and sale of crude oil, natural gas and NGLs. This segment also reflects revenues and expenses related to well operations and pipeline services. The Company construct, own and operate gathering systems in its Appalachia-Marcellus Shale operations. The Gas Marketing segment is comprised of the operating activities of RNG. RNG specializes in the purchase, aggregation and sale of natural gas production in the Utica Shale and Appalachia-Marcellus Shale. The Company's areas of operations include Wattenberg Field area, DJ Basin, Colorado; Utica Shale area, southeastern Ohio and Appalachia-Marcellus Shale area, West Virginia. Its customers include Suncor Energy Marketing and DCP Midstream. The Company competes with various crude oil and natural gas companies, drilling and income programs and partnerships in the areas of operations. The Company's exploration and production business is subject to various federal, state and local laws and regulations on the taxation of crude oil and natural gas, the development, production and marketing of crude oil and natural gas. The Company's operations are also subject to various conservation laws and regulations.