Tablewww.henhenlu.com
www.henhenlu.com 时间:2021-03-19 阅读:()
CORRESP1filename1.
htmUnitedStatesSecuritiesandExchangeCommissionDivisionofCorporationFinanceJanuary29,2016Page1January29,2016ViaEDGAROfficeofNaturalResourcesDivisionofCorporationFinanceUnitedStatesSecuritiesandExchangeCommissionMailStop4628100FStreet,NEWashington,DC20549Attention:BradSkinner,SeniorAssistantChiefAccountantWeiLu,StaffAccountantRe:PDCEnergy,Inc.
Form10-KfortheFiscalYearEndedDecember31,2014FiledFebruary19,2015FileNo.
000-07246LadiesandGentlemen:WithrespecttothecommentsofthestaffoftheDivisionofCorporationFinanceoftheSecuritiesandExchangeCommission(the"Commission")setforthinitscommentletterdatedDecember21,2015(the"CommentLetter")relatingtotheAnnualReportonForm10-KforthefiscalyearendedDecember31,2014andfiledonFebruary19,2015(the"AnnualReport")byPDCEnergy,Inc.
(the"Company"),theCompanyrespondsasfollows:Thecommentsofthestaffaresetforthbelowforeaseofreference,andarenumberedtocorrespondtothenumberedcommentsintheCommentLetter.
Form10-KforFiscalYearEndedDecember31,2014BusinessandProperties,page2OurStrengthsPage1of14CORRESP10/15/2017https://www.
sec.
gov/Archives/edgar/data/77877/000007787716000058/filename1.
htm1.
Disclosureunderthissectionindicates,inpart,thatyouhave"inventoryofapproximately2,650grossprovedundevelopedandprobablehorizontaldrillingprojects.
"TellushowmanyoftheselocationsareincludedinyourreportedprovedreservesasofDecember31,2014.
Additionally,giventhedifferentlevelsofcertaintyassociatedwithprovedandprobablereserves,explaintousyourbasisforconcludingthatpresentationofacombinedtotalfortheselocationsisappropriate.
Response:Oftheinventoryofapproximately2,650grossprovedundeveloped("PUD")andprobablelocations,774wereincludedinourprovedreservesasPUDreservesinthereservereportdatedDecember31,2014,aspreparedPage2of14CORRESP10/15/2017https://www.
sec.
gov/Archives/edgar/data/77877/000007787716000058/filename1.
htmUnitedStatesSecuritiesandExchangeCommissionDivisionofCorporationFinanceJanuary29,2016Page2byRyderScottCompany,L.
P.
("RyderScott"),ourindependentpetroleumengineeringconsultingfirm.
Theremainingapproximately1,876locationswereintheprobablecategory,primarilybecausetheywerenotscheduledtobedevelopedwithinfiveyearsofinitialbookingortheyaredownspacedlocations.
Webelievethatthecombinedpresentationwasappropriateinlightofthedegreeofsimilaritybetweentheprovedandprobablelocationsfromageologicperspective.
Nevertheless,weproposethatwhenreportingdrillinglocationsinourAnnualReportonForm10-KfortheyearendedDecember31,2015andfutureyears,wewillpresentseparately,ratherthancombine,drillinglocationsthatareassociatedwithPUDreservesincludedinourreservereportandthoseassociatedwithprobablelocations.
NotestoConsolidatedFinancialStatementsCrudeOilandNaturalGasInformation,page882.
Wenotethatduringeachofthelastthreeyears,youhaveconverted10%orlessofyourbeginning-of-the-yearprovedundevelopedreserves("PUDs"),whichissignificantlylessthanthe20%annualconversionrateimpliedbythefive-yearlimitationapplicabletoPUDs.
TohelpusunderstandtheactivityrelatedtoyourreportedPUDvolumes,provideuswithanagingandroll-forward,foryourreportedPUDbalancesasofeachoftheyearsendingDecember31,2014,December31,2013andDecember31,2012,thatshowstheyear-endbalancebrokendownbytheyearinwhichthevolumeswereoriginallybooked,andallchanges/revisions,alsobyyearbooked,thathavebeenmadetothosevolumessinceinitiallybeingreportedasprovedundevelopedreserves.
Response:AsrequestedbytheStaff,thefollowingtablessummarizethePUDreservebalancesforeachoftheyearsendingDecember31,2014(Table3),2013(Table2)and2012(Table1),showingyear-endbalancesbrokendownbytheyearinwhichthevolumeswereoriginallybooked.
Allchanges/revisions,alsobyyearbooked,thathavebeenmadetothosevolumessinceinitiallybeingreportedasprovedundevelopedreservesarealsosummarizedinthetables.
Page3of14CORRESP10/15/2017https://www.
sec.
gov/Archives/edgar/data/77877/000007787716000058/filename1.
htmUnitedStatesSecuritiesandExchangeCommissionDivisionofCorporationFinanceJanuary29,2016Page3Table1(MBoe)YearofInitialBookingBeginningProvedUndevelopedReserves,January1,2012ConvertedtoDevelopedRevisionsfromChangesinDevelopmentPlanRevisionsduetoPricing,UpdatedInterests&ExpensesRevisionsduetoTypeCurveAdjustments&OtherFactorsTotalRevisionstoPreviousEstimatesPurchases,Dispositions,Extensions,DiscoveriesandOtherAdditionsEndingProvedUndevelopedReserves,December31,2012200931,638(3,883)(18,715)(755)(4,417)(23,887)(3,868)—201012,724(408)(3,222)(624)2,176(1,670)(2,653)7,993201146,328(3,364)(16,353)(920)2,509(14,764)(7,161)21,039201282,02582,02590,690(7,655)(38,290)(2,299)268(40,321)68,343111,057Table2(MBoe)YearofInitialBookingEndingProvedUndevelopedReserves,December31,2012ConvertedtoDevelopedRevisionsfromChangesinDevelopmentPlanRevisionsduetoPricing,UpdatedInterests&ExpensesRevisionsduetoTypeCurveAdjustments&OtherFactorsTotalRevisionstoPreviousEstimatesPurchases,Dispositions,Extensions,DiscoveriesandOtherAdditionsEndingProvedUndevelopedReserves,December31,201320107,993(511)(4,537)39632(3,866)(464)3,152201121,039(1,110)(11,496)1,6771,289(8,530)(1,111)10,288201282,025(1,591)(32,853)8694,651(27,333)(1,463)51,6382013125,143125,143111,057(3,212)(48,886)2,5856,572(39,729)122,105190,221Table3(MBoe)YearofInitialBookingEndingProvedUndevelopedReserves,December31,2013ConvertedtoDevelopedRevisionsfromChangesinDevelopmentPlanRevisionsduetoPricing,UpdatedInterests&ExpensesRevisionsduetoTypeCurveAdjustments&OtherFactorsTotalRevisionstoPreviousEstimatesPurchases,Dispositions,Extensions,DiscoveriesandOtherAdditionsEndingProvedUndevelopedReserves,December31,201420103,1523,152)—201110,288—(507)14278(287)(5,540)4,461201251,638(2,431)(16,096)(56)(40)(16,192)(5,350)27,6652013125,143(10,299)(37,111)(950)12,542(25,519)(25,795)63,530201479,56879,568190,221(12,730)(53,714)(864)12,580(41,998)39,731175,224Page4of14CORRESP10/15/2017https://www.
sec.
gov/Archives/edgar/data/77877/000007787716000058/filename1.
htmFurtherexplanationofthesetableshasbeenprovidedinourresponsestoComments3and4,below.
3.
WenotethatduringeachoftheyearsendedDecember31,2014,December31,2013andDecember31,2012yourecordedmaterialdownwardrevisionstoyourprovedundevelopedreserves(PUDs).
Regardingtheserevisionstellusthefollowing:WhentheunderlyingvolumeswereoriginallybookedasPUDs;Page5of14CORRESP10/15/2017https://www.
sec.
gov/Archives/edgar/data/77877/000007787716000058/filename1.
htmUnitedStatesSecuritiesandExchangeCommissionDivisionofCorporationFinanceJanuary29,2016Page4Theyeartheywerescheduledfordevelopmentatthetimeofinitialbooking;Anysubsequentrevisionstotheinitialdevelopmentdate,alongwithreasonsforanysuchsubsequentrevisions;and,ThespecificfactsandcircumstancesthatledtoyourdecisiontoremovethePUDvolumes.
Response:Since2012,theWattenbergFieldresourceplayhashadsignificanthorizontaldevelopmentbyusandothercrudeoilandnaturalgasexplorationandproductioncompanies.
Increasedwelldensitytests,newandimprovedcompletiontechnologiesandfurtherstatisticalindustrydatainthefieldhavesupportedbookingprovenandprobableundevelopedreservesatanincreasingwelldensity.
ToprovidesupportfortherequiredcertaintytoincreasethewelldensityofPUDreserves,wehavefocusedournear-termdevelopmentplansondrillingasignificantnumberofunprovenlocations.
Thefocusondownspacingtesting,includingthedevelopmentoftheseunprovenlocations,subsequentlyreducedtheannualconversionrateforprovedundevelopedreservesin2012,2013and2014belowthe20%conversionrateimpliedbythefive-yearrule.
Thesuccessofdownspacingresultsin2013and2014intheWattenbergFieldprovidedsupportforincreasingwelldensityinourPUDreserves.
In2012,wehadbookedfourwellsper"section"(640acres)equivalentintheNiobraraformation,in2013webookedsixwellspersectionequivalentandin2014webookedthemajorityofourplannedwellsateightwellspersectionequivalent.
OurreservereportasofDecember31,2015(whichhasyettobepublished)ispredicateduponbooking16wellspersectionequivalentspacingintheNiobraraformation.
Our2015drillingprogramintheWattenbergFieldfocusedondrillingprimarilyprovendownspacedlocations,whichweexpectedtoresultinaPUDconversionrateofapproximately16%,asdisclosedonpage90oftheAnnualReport.
Ouractualconversionratefor2015was17%.
RegardinginquiresoftheStaffinthebulletsshownabove:Comment#3,FirstBullet-AsdetailedinthetablesshownaboveinourresponsetoComment#2,theyearswhentheunderlyingvolumeswereoriginallybookedasPUDswereasfollows:TheunderlyingvolumesassociatedwiththedownwardrevisionstoourPUDreservesof40,321MBoeduringtheyearendedDecember31,2012inTable1wereoriginallybookedduringtheyearsendedDecember31,2009,2010and2011.
TheunderlyingvolumesassociatedwiththedownwardrevisionstoourPUDreservesof39,729MBoeduringtheyearendedDecember31,2013inTable2wereoriginallybookedduringtheyearsendedDecember31,2010,2011and2012.
TheunderlyingvolumesassociatedwiththedownwardrevisionstoourPUDreservesof41,998MBoeasofDecember31,2014inTable3wereoriginallybookedduringtheyearsendedDecember31,2011,2012and2013.
Comment#3,SecondBullet-TheyearsforscheduleddevelopmentofdownwardrevisionstoourPUDreservesduringtheyearended2012,2013and2014wereasfollows:UnderlyingvolumesdetailedinTable1shownaboveinourresponsetoComment#2originallybookedasPUDreservesatDecember31,2009wereinitiallyscheduledtobedevelopedin2010,2011,2012,2013and2014.
UnderlyingvolumesoriginallybookedasPage6of14CORRESP10/15/2017https://www.
sec.
gov/Archives/edgar/data/77877/000007787716000058/filename1.
htmPUDreservesatDecember31,2010wereinitiallyscheduledtobedevelopedin2014and2015.
UnderlyingvolumesoriginallybookedasPUDreservesatDecember31,2011wereinitiallyscheduledtobedevelopedin2013,2014,2015and2016.
Page7of14CORRESP10/15/2017https://www.
sec.
gov/Archives/edgar/data/77877/000007787716000058/filename1.
htmUnitedStatesSecuritiesandExchangeCommissionDivisionofCorporationFinanceJanuary29,2016Page5UnderlyingvolumesdetailedinTable2shownaboveinourresponsetoComment#2originallybookedasPUDreservesatDecember31,2010wereinitiallyscheduledtobedevelopedin2012,2013and2014.
UnderlyingvolumesoriginallybookedasPUDreservesatDecember31,2011wereinitiallyscheduledtobedevelopedin2013,2014and2015.
UnderlyingvolumesoriginallybookedasPUDreservesatDecember31,2012wereinitiallyscheduledtobedevelopedin2013,2014,2015,2016and2017.
UnderlyingvolumesdetailedinTable3shownaboveinourresponsetoComment#2originallybookedasPUDreservesatDecember31,2011wereinitiallyscheduledtobedevelopedin2013,2014and2015.
UnderlyingvolumesoriginallybookedasPUDreservesatDecember31,2012wereinitiallyscheduledtobedevelopedin2014,2015and2016.
UnderlyingvolumesoriginallybookedasPUDreservesatDecember31,2013wereinitiallyscheduledtobedevelopedin2014,2015,2016,2017and2018.
Comment#3,ThirdandFourthBullets-Overall,aswehaveprovidedtheStaffinthetablesshownaboveinourresponsetoComment#2,afurtherbreakdownofourpreviously-stated"revisionsofpreviousestimates.
"Generally,thecategoriesshownaboveconsistofthefollowingtypesofrevisionsandthespecificfactsandcircumstancesthatledtoourdecisiontoremovePUDreservevolumeswereasfollows:RevisionsfromChangesinDevelopmentPlans:Thesetypesofchangesoccurasaresultofsignificantchangesincorporatestrategy,commoditypriceoutlook,drillingtechnology(i.
e.
,downspacing,convertingfromverticaltohorizontal,etc.
)and/oravailablecapital.
RevisionsduetoPricing,UpdatedInterestsandExpenses:Thesetypesofchangesoccurupontheincreasingordecreasingofthewells'expectedlivesandtheincreasedordecreasedreservevaluesduetochangesintheSECcommoditypricingusedinourreservereportfromyeartoyear,updatingourworkinginterestduetopartieselectingtonon-consentortitlefailurestowellstobedrilledand/oranincreaseordecreasetothepotentialproductionfromawellduetothewell'slifebeingincreasedordecreasedduetochangesinourexpectedleaseoperatingcosts.
RevisionsduetoTypeCurveAdjustmentsandOtherFactors:Thesetypesofchangesareprimarilyaresultofrevisionstoourtypecurvesasaresultofourongoingengineeringanalysisofproductiondata.
Abovearegeneralcircumstancesthatleadtochangestoeachcategorywithinourrevisionstopreviousestimates.
Thefollowingaremorespecificfactorsthatledtothesubsequentrevisionstotheinitialdevelopmentdates,andreasonsforsuchsubsequentrevisions,foreachoftheyearsendedDecember31,2012,2013and2014:RevisionsincludedinreservereportdatedDecember31,2012:Wehadnegativerevisionsasaresultofourdevelopmentplanchangesof38,290MboeasshowninTable1.
Thefactorsthatprimarilyledtothesechangesareasfollows:MeritAcquisition-Weacquirednearly30,000acresintheWattenbergField,bringingourtotalinthefieldtonearly100,000acres.
Asaresult,weadded109newMerit-relateddrillinglocationstoourdevelopmentplanaswesawsomeofthemasmoreeconomicthanPage8of14CORRESP10/15/2017https://www.
sec.
gov/Archives/edgar/data/77877/000007787716000058/filename1.
htmourpreviouslyrecordedWattenbergFieldlocations.
Assuch,itpushedsomeofthepreviously-bookedlocationsbeyondourfive-yeardevelopmentplanand,therefore,therelatedreservesweremovedbackintoourprobablereservecategory.
Page9of14CORRESP10/15/2017https://www.
sec.
gov/Archives/edgar/data/77877/000007787716000058/filename1.
htmUnitedStatesSecuritiesandExchangeCommissionDivisionofCorporationFinanceJanuary29,2016Page6ConvertingOurDrillingProgramfromPrimarilyaVerticalDrillingProgramtoPrimarilyaHorizontalDrillingProgram-Aswegathereddatatosupportourtechnicalcertaintyaroundhorizontaldevelopment,weremovedverticalPUDlocationsandreplacedthemwithnewhorizontalPUDlocations.
Asaresult,weshowedtheremovalofverticalPUDreservesintheRevisionscategoryandrecordedthenewhorizontalPUDreservesintheExtensionandDiscoveriescategory.
Finally,webegananoverallcorporatestrategytochangefromapredominantlynaturalgas-focusedcompanytoamixofliquidsandnaturalgas,leaningmoretowardliquids.
Asaresult,previously-recordedPUD,mainlynaturalgas,reserveswereremovedfromourdevelopmentplan.
Wemadethischangeasourcorporateoutlookforliquidspricingwasmorefavorablethanthatofnaturalgas.
Ultimately,thisledtonumerousdispositionsofassets,asshowninoursalesofourdrygasassetslocatedwithinthePiceanceBasinandNortheasternColoradoduringthefirsthalfof2013.
RevisionsincludedinreservereportdatedDecember31,2013:Wehadnegativerevisionsasaresultofourdevelopmentplanchangesof48,886MBoeasshowninTable2.
Thefactorsthatprimarilyledtothesechangesareasfollows:Weincreasedourprovenwelldensityfromfourwellspersectiontosixwellspersectionattheendof2013.
Therefore,someofthepreviousspecificlocationsspacedatfourwellspersectionwerenolongerincludedinthefive-yeardevelopmentplanand,asaresultoftheincreaseddensity,werereplacedwithlocationsspacedatsixwellspersection.
Assuch,weincludedthePUDreservesrelatedtotheseremovedwelllocationsintheRevisionscategoryandincludedthePUDreservesrelatedtothenewwellsintheExtensionsandDiscoveriescategory.
Additionally,wehadastrongermovetoliquids-focuseddevelopmentin2014,asshownbyour2014budgetincludingjust$16millionofthetotalbudgetof$647millionforthedrillingofdrygasMarcellusShaleassets.
Assuch,weremovedsomeformerly-recordedMarcellusShalePUDreservesWeallocatedmorecapitaltoourliquid-richUticaShaleassetswhich,atthetime,didnothavesignificantPUDreservesasitwasanemergingplay.
ThislimitedtheremainingcapitaltobespentintheWattenbergFieldand,therefore,slightlychangedourdevelopmentplans.
Duringthespringandsummerof2013,therewasanunforeseenincreaseinlinepressureswhichadverselyimpactedthegatheringsystemofourprimarythird-partymidstreamproviderintheWattenbergField.
Duetotheseimpacts,theimmediatedrillingschedulewasrevisedtodevelopinareaswhichwereconsideredtobelessaffectedbythehighlinepressures.
Thisresultedinthedevelopmentdateforsomeofthepreviouslybookedlocationsbeingpushedbackbeyondtherequirementsofthefive-yearruleand,therefore,theselocationsweremovedbackintoourprobablereservecategory.
RevisionsincludedinreservereportdatedDecember31,2014:Wehadnegativerevisionsasaresultofourdevelopmentplanchangesof53,714MBoeasshowninTable3.
Thefactorsthatprimarilyledtothesechangesareasfollows:Page10of14CORRESP10/15/2017https://www.
sec.
gov/Archives/edgar/data/77877/000007787716000058/filename1.
htmOuryear-end2014developmentplansignificantlychangedthelocationswithintheWattenbergFieldwhichouroperationsteamswantedtodevelop.
Throughout2013and2014,wegatheredatremendousamountofinformationabouttheWattenbergFieldfromoursuccessfulhorizontaldrillingprogram.
However,asoilpricesfell,wesubsequentlyshiftedourfocustotheareasgeneratingthehighestinternalratesofreturnandhadamorebalancedmixofnaturalgas,naturalPage11of14CORRESP10/15/2017https://www.
sec.
gov/Archives/edgar/data/77877/000007787716000058/filename1.
htmUnitedStatesSecuritiesandExchangeCommissionDivisionofCorporationFinanceJanuary29,2016Page7gasliquidsandoil,andthusaportionofpreviously-recordedPUDreservesmovedbeyondourfive-yeardevelopmentplanandbackintotheprobablecategory.
OtherchangestothedevelopmentplanincludedadditionaldownspacingintheWattenbergFieldasdescribedearlier(i.
e.
,movingfromsixwellspersectiontoeightwellspersection)withprimaryfocusontheWattenbergField,limitedfocusontheUticaShaleandthesaleofourdrygasMarcellusShaleassets.
WeproposethatwhendiscussingyearoveryearchangestoourreservesinourAnnualReportonForm10-KfortheyearendedDecember31,2015andfutureyears,inadditiontocontinuingtodiscloseourexpectedconversionrates,wewillalsoaddanyadditionalinformationnecessarytoassistusersoftheinformationinunderstandingsubstantialchangestoourdevelopmentplanswhenwehavesignificantrevisionstopreviousestimates.
4.
FortheyearsendedDecember31,2014,December31,2013,December31,2012andDecember31,2011,tellusthenumberofPUDlocationsscheduledtobedrilledinthefollowingyearpertheyear-endreservereportandthenumberofwellsactuallydrilled.
Forexample,tellusthenumberofPUDlocationsscheduledtobedrilledduring2012accordingtothedevelopmentscheduleunderlyingyourDecember31,2011reservereportandthenumberofPUDlocationsactuallydrilledduring2012.
Response:ThefollowingtabledetailsthenumberofPUDlocationsscheduledtobedrilledandactuallydrilledinthefollowingyearpertheyear-endreservereportsfortheyearsendedDecember31,2011,2012,2013and2014.
Additionally,wehaveprovidedthetotalnumberofwellsactuallydrilledinthefollowingyearpertheyear-endreservereportsfortheyearsendedDecember31,2011,2012,2013and2014.
ReserveReportasofDecember31,PUDsScheduledtobeDrilledintheYearFollowingtheReportYearPUDsActuallyDrilledintheYearFollowingtheReportYearTotalNumberofWellsActuallyDrilledintheYearFollowingtheReportYear201172398320126015118201365571712014104111198FortheyearsendedDecember31,2011and2012,thedifferenceinactualPUDsdrilledversusscheduledaretheresultofcircumstancesthatwerenotforeseenatthetimerelatedreservereportswerepreparedandwhichmorefullyaddressedinourresponsestoComment#3.
RefertoourresponsestoComment#3,ThirdandFourthBulletsaboveformoreexpansivediscussionsofthesefactorsandtherelatedimpactonourPUDreserves.
Thefollowingarefurtherdescriptionsofthesecircumstances:Page12of14CORRESP10/15/2017https://www.
sec.
gov/Archives/edgar/data/77877/000007787716000058/filename1.
htmForthereservereportasofDecember31,2011,thedifferenceof33scheduledlocationslargelyresultedfrom17ofthescheduledlocationsbeingsoldaspartofdivestitureofPermianBasinoilandgasproperties,whichclosedinthefirstquarterof2012.
ThedifferencewasfurtherimpactedbyourmovetodrillingPage13of14CORRESP10/15/2017https://www.
sec.
gov/Archives/edgar/data/77877/000007787716000058/filename1.
htmUnitedStatesSecuritiesandExchangeCommissionDivisionofCorporationFinanceJanuary29,2016Page8primarilyhorizontalwellsratherthanprimarilyverticalwellsandouremphasisondrillingliquid-richlocationsasopposedtodrygaslocationsForthereservereportasofDecember31,2012,thedifferenceof45locationslargelyresultedfromasignificant,unforeseenincreaseinlinepressuresadverselyimpactingthegatheringsystemofourprimarythird-partymidstreamproviderintheWattenbergFieldduringthespringandsummermonthsof2013.
Theincreasedlinepressuresresultedincurtailedproductionofnaturalgasthroughoutthefield,whichledustoalterour2013drillingplansbyshiftingdrillingactivitiestoareasthatwererelativelylessaffectedbythelinepressureissues.
ThedifferencewasfurtherimpactedbyincreasedwelldensityandamovetodevelopourUticaShaleassets,whichdidnothavesignificantPUDreservesatthetime.
WeproposethatinfutureAnnualReportsonForm10-K,ifouractualconversionratefallssignificantlyshortofourpreviously-disclosedexpectedconversionrate,wewillprovideadetaileddiscussionofthefactorscontributingtosuchshortfall.
TheCompanyherebyacknowledgesa)thattheCompanyisresponsiblefortheadequacyandaccuracyofthedisclosureinthefiling,b)thatstaffcommentsorchangestodisclosureinresponsetostaffcommentsdonotforeclosetheCommissionfromtakinganyactionwithrespecttothefiling,andc)thattheCompanymaynotassertstaffcommentsasadefenseinanyproceedinginitiatedbytheCommissionoranypersonunderthefederalsecuritieslawsoftheUnitedStates.
Pleasecontacttheundersignedwithanyquestionsat303.
860.
5800.
Sincerely,/s/GysleR.
ShellumGysleR.
ShellumChiefFinancialOfficerPage14of14CORRESP10/15/2017https://www.
sec.
gov/Archives/edgar/data/77877/000007787716000058/filename1.
htm
htmUnitedStatesSecuritiesandExchangeCommissionDivisionofCorporationFinanceJanuary29,2016Page1January29,2016ViaEDGAROfficeofNaturalResourcesDivisionofCorporationFinanceUnitedStatesSecuritiesandExchangeCommissionMailStop4628100FStreet,NEWashington,DC20549Attention:BradSkinner,SeniorAssistantChiefAccountantWeiLu,StaffAccountantRe:PDCEnergy,Inc.
Form10-KfortheFiscalYearEndedDecember31,2014FiledFebruary19,2015FileNo.
000-07246LadiesandGentlemen:WithrespecttothecommentsofthestaffoftheDivisionofCorporationFinanceoftheSecuritiesandExchangeCommission(the"Commission")setforthinitscommentletterdatedDecember21,2015(the"CommentLetter")relatingtotheAnnualReportonForm10-KforthefiscalyearendedDecember31,2014andfiledonFebruary19,2015(the"AnnualReport")byPDCEnergy,Inc.
(the"Company"),theCompanyrespondsasfollows:Thecommentsofthestaffaresetforthbelowforeaseofreference,andarenumberedtocorrespondtothenumberedcommentsintheCommentLetter.
Form10-KforFiscalYearEndedDecember31,2014BusinessandProperties,page2OurStrengthsPage1of14CORRESP10/15/2017https://www.
sec.
gov/Archives/edgar/data/77877/000007787716000058/filename1.
htm1.
Disclosureunderthissectionindicates,inpart,thatyouhave"inventoryofapproximately2,650grossprovedundevelopedandprobablehorizontaldrillingprojects.
"TellushowmanyoftheselocationsareincludedinyourreportedprovedreservesasofDecember31,2014.
Additionally,giventhedifferentlevelsofcertaintyassociatedwithprovedandprobablereserves,explaintousyourbasisforconcludingthatpresentationofacombinedtotalfortheselocationsisappropriate.
Response:Oftheinventoryofapproximately2,650grossprovedundeveloped("PUD")andprobablelocations,774wereincludedinourprovedreservesasPUDreservesinthereservereportdatedDecember31,2014,aspreparedPage2of14CORRESP10/15/2017https://www.
sec.
gov/Archives/edgar/data/77877/000007787716000058/filename1.
htmUnitedStatesSecuritiesandExchangeCommissionDivisionofCorporationFinanceJanuary29,2016Page2byRyderScottCompany,L.
P.
("RyderScott"),ourindependentpetroleumengineeringconsultingfirm.
Theremainingapproximately1,876locationswereintheprobablecategory,primarilybecausetheywerenotscheduledtobedevelopedwithinfiveyearsofinitialbookingortheyaredownspacedlocations.
Webelievethatthecombinedpresentationwasappropriateinlightofthedegreeofsimilaritybetweentheprovedandprobablelocationsfromageologicperspective.
Nevertheless,weproposethatwhenreportingdrillinglocationsinourAnnualReportonForm10-KfortheyearendedDecember31,2015andfutureyears,wewillpresentseparately,ratherthancombine,drillinglocationsthatareassociatedwithPUDreservesincludedinourreservereportandthoseassociatedwithprobablelocations.
NotestoConsolidatedFinancialStatementsCrudeOilandNaturalGasInformation,page882.
Wenotethatduringeachofthelastthreeyears,youhaveconverted10%orlessofyourbeginning-of-the-yearprovedundevelopedreserves("PUDs"),whichissignificantlylessthanthe20%annualconversionrateimpliedbythefive-yearlimitationapplicabletoPUDs.
TohelpusunderstandtheactivityrelatedtoyourreportedPUDvolumes,provideuswithanagingandroll-forward,foryourreportedPUDbalancesasofeachoftheyearsendingDecember31,2014,December31,2013andDecember31,2012,thatshowstheyear-endbalancebrokendownbytheyearinwhichthevolumeswereoriginallybooked,andallchanges/revisions,alsobyyearbooked,thathavebeenmadetothosevolumessinceinitiallybeingreportedasprovedundevelopedreserves.
Response:AsrequestedbytheStaff,thefollowingtablessummarizethePUDreservebalancesforeachoftheyearsendingDecember31,2014(Table3),2013(Table2)and2012(Table1),showingyear-endbalancesbrokendownbytheyearinwhichthevolumeswereoriginallybooked.
Allchanges/revisions,alsobyyearbooked,thathavebeenmadetothosevolumessinceinitiallybeingreportedasprovedundevelopedreservesarealsosummarizedinthetables.
Page3of14CORRESP10/15/2017https://www.
sec.
gov/Archives/edgar/data/77877/000007787716000058/filename1.
htmUnitedStatesSecuritiesandExchangeCommissionDivisionofCorporationFinanceJanuary29,2016Page3Table1(MBoe)YearofInitialBookingBeginningProvedUndevelopedReserves,January1,2012ConvertedtoDevelopedRevisionsfromChangesinDevelopmentPlanRevisionsduetoPricing,UpdatedInterests&ExpensesRevisionsduetoTypeCurveAdjustments&OtherFactorsTotalRevisionstoPreviousEstimatesPurchases,Dispositions,Extensions,DiscoveriesandOtherAdditionsEndingProvedUndevelopedReserves,December31,2012200931,638(3,883)(18,715)(755)(4,417)(23,887)(3,868)—201012,724(408)(3,222)(624)2,176(1,670)(2,653)7,993201146,328(3,364)(16,353)(920)2,509(14,764)(7,161)21,039201282,02582,02590,690(7,655)(38,290)(2,299)268(40,321)68,343111,057Table2(MBoe)YearofInitialBookingEndingProvedUndevelopedReserves,December31,2012ConvertedtoDevelopedRevisionsfromChangesinDevelopmentPlanRevisionsduetoPricing,UpdatedInterests&ExpensesRevisionsduetoTypeCurveAdjustments&OtherFactorsTotalRevisionstoPreviousEstimatesPurchases,Dispositions,Extensions,DiscoveriesandOtherAdditionsEndingProvedUndevelopedReserves,December31,201320107,993(511)(4,537)39632(3,866)(464)3,152201121,039(1,110)(11,496)1,6771,289(8,530)(1,111)10,288201282,025(1,591)(32,853)8694,651(27,333)(1,463)51,6382013125,143125,143111,057(3,212)(48,886)2,5856,572(39,729)122,105190,221Table3(MBoe)YearofInitialBookingEndingProvedUndevelopedReserves,December31,2013ConvertedtoDevelopedRevisionsfromChangesinDevelopmentPlanRevisionsduetoPricing,UpdatedInterests&ExpensesRevisionsduetoTypeCurveAdjustments&OtherFactorsTotalRevisionstoPreviousEstimatesPurchases,Dispositions,Extensions,DiscoveriesandOtherAdditionsEndingProvedUndevelopedReserves,December31,201420103,1523,152)—201110,288—(507)14278(287)(5,540)4,461201251,638(2,431)(16,096)(56)(40)(16,192)(5,350)27,6652013125,143(10,299)(37,111)(950)12,542(25,519)(25,795)63,530201479,56879,568190,221(12,730)(53,714)(864)12,580(41,998)39,731175,224Page4of14CORRESP10/15/2017https://www.
sec.
gov/Archives/edgar/data/77877/000007787716000058/filename1.
htmFurtherexplanationofthesetableshasbeenprovidedinourresponsestoComments3and4,below.
3.
WenotethatduringeachoftheyearsendedDecember31,2014,December31,2013andDecember31,2012yourecordedmaterialdownwardrevisionstoyourprovedundevelopedreserves(PUDs).
Regardingtheserevisionstellusthefollowing:WhentheunderlyingvolumeswereoriginallybookedasPUDs;Page5of14CORRESP10/15/2017https://www.
sec.
gov/Archives/edgar/data/77877/000007787716000058/filename1.
htmUnitedStatesSecuritiesandExchangeCommissionDivisionofCorporationFinanceJanuary29,2016Page4Theyeartheywerescheduledfordevelopmentatthetimeofinitialbooking;Anysubsequentrevisionstotheinitialdevelopmentdate,alongwithreasonsforanysuchsubsequentrevisions;and,ThespecificfactsandcircumstancesthatledtoyourdecisiontoremovethePUDvolumes.
Response:Since2012,theWattenbergFieldresourceplayhashadsignificanthorizontaldevelopmentbyusandothercrudeoilandnaturalgasexplorationandproductioncompanies.
Increasedwelldensitytests,newandimprovedcompletiontechnologiesandfurtherstatisticalindustrydatainthefieldhavesupportedbookingprovenandprobableundevelopedreservesatanincreasingwelldensity.
ToprovidesupportfortherequiredcertaintytoincreasethewelldensityofPUDreserves,wehavefocusedournear-termdevelopmentplansondrillingasignificantnumberofunprovenlocations.
Thefocusondownspacingtesting,includingthedevelopmentoftheseunprovenlocations,subsequentlyreducedtheannualconversionrateforprovedundevelopedreservesin2012,2013and2014belowthe20%conversionrateimpliedbythefive-yearrule.
Thesuccessofdownspacingresultsin2013and2014intheWattenbergFieldprovidedsupportforincreasingwelldensityinourPUDreserves.
In2012,wehadbookedfourwellsper"section"(640acres)equivalentintheNiobraraformation,in2013webookedsixwellspersectionequivalentandin2014webookedthemajorityofourplannedwellsateightwellspersectionequivalent.
OurreservereportasofDecember31,2015(whichhasyettobepublished)ispredicateduponbooking16wellspersectionequivalentspacingintheNiobraraformation.
Our2015drillingprogramintheWattenbergFieldfocusedondrillingprimarilyprovendownspacedlocations,whichweexpectedtoresultinaPUDconversionrateofapproximately16%,asdisclosedonpage90oftheAnnualReport.
Ouractualconversionratefor2015was17%.
RegardinginquiresoftheStaffinthebulletsshownabove:Comment#3,FirstBullet-AsdetailedinthetablesshownaboveinourresponsetoComment#2,theyearswhentheunderlyingvolumeswereoriginallybookedasPUDswereasfollows:TheunderlyingvolumesassociatedwiththedownwardrevisionstoourPUDreservesof40,321MBoeduringtheyearendedDecember31,2012inTable1wereoriginallybookedduringtheyearsendedDecember31,2009,2010and2011.
TheunderlyingvolumesassociatedwiththedownwardrevisionstoourPUDreservesof39,729MBoeduringtheyearendedDecember31,2013inTable2wereoriginallybookedduringtheyearsendedDecember31,2010,2011and2012.
TheunderlyingvolumesassociatedwiththedownwardrevisionstoourPUDreservesof41,998MBoeasofDecember31,2014inTable3wereoriginallybookedduringtheyearsendedDecember31,2011,2012and2013.
Comment#3,SecondBullet-TheyearsforscheduleddevelopmentofdownwardrevisionstoourPUDreservesduringtheyearended2012,2013and2014wereasfollows:UnderlyingvolumesdetailedinTable1shownaboveinourresponsetoComment#2originallybookedasPUDreservesatDecember31,2009wereinitiallyscheduledtobedevelopedin2010,2011,2012,2013and2014.
UnderlyingvolumesoriginallybookedasPage6of14CORRESP10/15/2017https://www.
sec.
gov/Archives/edgar/data/77877/000007787716000058/filename1.
htmPUDreservesatDecember31,2010wereinitiallyscheduledtobedevelopedin2014and2015.
UnderlyingvolumesoriginallybookedasPUDreservesatDecember31,2011wereinitiallyscheduledtobedevelopedin2013,2014,2015and2016.
Page7of14CORRESP10/15/2017https://www.
sec.
gov/Archives/edgar/data/77877/000007787716000058/filename1.
htmUnitedStatesSecuritiesandExchangeCommissionDivisionofCorporationFinanceJanuary29,2016Page5UnderlyingvolumesdetailedinTable2shownaboveinourresponsetoComment#2originallybookedasPUDreservesatDecember31,2010wereinitiallyscheduledtobedevelopedin2012,2013and2014.
UnderlyingvolumesoriginallybookedasPUDreservesatDecember31,2011wereinitiallyscheduledtobedevelopedin2013,2014and2015.
UnderlyingvolumesoriginallybookedasPUDreservesatDecember31,2012wereinitiallyscheduledtobedevelopedin2013,2014,2015,2016and2017.
UnderlyingvolumesdetailedinTable3shownaboveinourresponsetoComment#2originallybookedasPUDreservesatDecember31,2011wereinitiallyscheduledtobedevelopedin2013,2014and2015.
UnderlyingvolumesoriginallybookedasPUDreservesatDecember31,2012wereinitiallyscheduledtobedevelopedin2014,2015and2016.
UnderlyingvolumesoriginallybookedasPUDreservesatDecember31,2013wereinitiallyscheduledtobedevelopedin2014,2015,2016,2017and2018.
Comment#3,ThirdandFourthBullets-Overall,aswehaveprovidedtheStaffinthetablesshownaboveinourresponsetoComment#2,afurtherbreakdownofourpreviously-stated"revisionsofpreviousestimates.
"Generally,thecategoriesshownaboveconsistofthefollowingtypesofrevisionsandthespecificfactsandcircumstancesthatledtoourdecisiontoremovePUDreservevolumeswereasfollows:RevisionsfromChangesinDevelopmentPlans:Thesetypesofchangesoccurasaresultofsignificantchangesincorporatestrategy,commoditypriceoutlook,drillingtechnology(i.
e.
,downspacing,convertingfromverticaltohorizontal,etc.
)and/oravailablecapital.
RevisionsduetoPricing,UpdatedInterestsandExpenses:Thesetypesofchangesoccurupontheincreasingordecreasingofthewells'expectedlivesandtheincreasedordecreasedreservevaluesduetochangesintheSECcommoditypricingusedinourreservereportfromyeartoyear,updatingourworkinginterestduetopartieselectingtonon-consentortitlefailurestowellstobedrilledand/oranincreaseordecreasetothepotentialproductionfromawellduetothewell'slifebeingincreasedordecreasedduetochangesinourexpectedleaseoperatingcosts.
RevisionsduetoTypeCurveAdjustmentsandOtherFactors:Thesetypesofchangesareprimarilyaresultofrevisionstoourtypecurvesasaresultofourongoingengineeringanalysisofproductiondata.
Abovearegeneralcircumstancesthatleadtochangestoeachcategorywithinourrevisionstopreviousestimates.
Thefollowingaremorespecificfactorsthatledtothesubsequentrevisionstotheinitialdevelopmentdates,andreasonsforsuchsubsequentrevisions,foreachoftheyearsendedDecember31,2012,2013and2014:RevisionsincludedinreservereportdatedDecember31,2012:Wehadnegativerevisionsasaresultofourdevelopmentplanchangesof38,290MboeasshowninTable1.
Thefactorsthatprimarilyledtothesechangesareasfollows:MeritAcquisition-Weacquirednearly30,000acresintheWattenbergField,bringingourtotalinthefieldtonearly100,000acres.
Asaresult,weadded109newMerit-relateddrillinglocationstoourdevelopmentplanaswesawsomeofthemasmoreeconomicthanPage8of14CORRESP10/15/2017https://www.
sec.
gov/Archives/edgar/data/77877/000007787716000058/filename1.
htmourpreviouslyrecordedWattenbergFieldlocations.
Assuch,itpushedsomeofthepreviously-bookedlocationsbeyondourfive-yeardevelopmentplanand,therefore,therelatedreservesweremovedbackintoourprobablereservecategory.
Page9of14CORRESP10/15/2017https://www.
sec.
gov/Archives/edgar/data/77877/000007787716000058/filename1.
htmUnitedStatesSecuritiesandExchangeCommissionDivisionofCorporationFinanceJanuary29,2016Page6ConvertingOurDrillingProgramfromPrimarilyaVerticalDrillingProgramtoPrimarilyaHorizontalDrillingProgram-Aswegathereddatatosupportourtechnicalcertaintyaroundhorizontaldevelopment,weremovedverticalPUDlocationsandreplacedthemwithnewhorizontalPUDlocations.
Asaresult,weshowedtheremovalofverticalPUDreservesintheRevisionscategoryandrecordedthenewhorizontalPUDreservesintheExtensionandDiscoveriescategory.
Finally,webegananoverallcorporatestrategytochangefromapredominantlynaturalgas-focusedcompanytoamixofliquidsandnaturalgas,leaningmoretowardliquids.
Asaresult,previously-recordedPUD,mainlynaturalgas,reserveswereremovedfromourdevelopmentplan.
Wemadethischangeasourcorporateoutlookforliquidspricingwasmorefavorablethanthatofnaturalgas.
Ultimately,thisledtonumerousdispositionsofassets,asshowninoursalesofourdrygasassetslocatedwithinthePiceanceBasinandNortheasternColoradoduringthefirsthalfof2013.
RevisionsincludedinreservereportdatedDecember31,2013:Wehadnegativerevisionsasaresultofourdevelopmentplanchangesof48,886MBoeasshowninTable2.
Thefactorsthatprimarilyledtothesechangesareasfollows:Weincreasedourprovenwelldensityfromfourwellspersectiontosixwellspersectionattheendof2013.
Therefore,someofthepreviousspecificlocationsspacedatfourwellspersectionwerenolongerincludedinthefive-yeardevelopmentplanand,asaresultoftheincreaseddensity,werereplacedwithlocationsspacedatsixwellspersection.
Assuch,weincludedthePUDreservesrelatedtotheseremovedwelllocationsintheRevisionscategoryandincludedthePUDreservesrelatedtothenewwellsintheExtensionsandDiscoveriescategory.
Additionally,wehadastrongermovetoliquids-focuseddevelopmentin2014,asshownbyour2014budgetincludingjust$16millionofthetotalbudgetof$647millionforthedrillingofdrygasMarcellusShaleassets.
Assuch,weremovedsomeformerly-recordedMarcellusShalePUDreservesWeallocatedmorecapitaltoourliquid-richUticaShaleassetswhich,atthetime,didnothavesignificantPUDreservesasitwasanemergingplay.
ThislimitedtheremainingcapitaltobespentintheWattenbergFieldand,therefore,slightlychangedourdevelopmentplans.
Duringthespringandsummerof2013,therewasanunforeseenincreaseinlinepressureswhichadverselyimpactedthegatheringsystemofourprimarythird-partymidstreamproviderintheWattenbergField.
Duetotheseimpacts,theimmediatedrillingschedulewasrevisedtodevelopinareaswhichwereconsideredtobelessaffectedbythehighlinepressures.
Thisresultedinthedevelopmentdateforsomeofthepreviouslybookedlocationsbeingpushedbackbeyondtherequirementsofthefive-yearruleand,therefore,theselocationsweremovedbackintoourprobablereservecategory.
RevisionsincludedinreservereportdatedDecember31,2014:Wehadnegativerevisionsasaresultofourdevelopmentplanchangesof53,714MBoeasshowninTable3.
Thefactorsthatprimarilyledtothesechangesareasfollows:Page10of14CORRESP10/15/2017https://www.
sec.
gov/Archives/edgar/data/77877/000007787716000058/filename1.
htmOuryear-end2014developmentplansignificantlychangedthelocationswithintheWattenbergFieldwhichouroperationsteamswantedtodevelop.
Throughout2013and2014,wegatheredatremendousamountofinformationabouttheWattenbergFieldfromoursuccessfulhorizontaldrillingprogram.
However,asoilpricesfell,wesubsequentlyshiftedourfocustotheareasgeneratingthehighestinternalratesofreturnandhadamorebalancedmixofnaturalgas,naturalPage11of14CORRESP10/15/2017https://www.
sec.
gov/Archives/edgar/data/77877/000007787716000058/filename1.
htmUnitedStatesSecuritiesandExchangeCommissionDivisionofCorporationFinanceJanuary29,2016Page7gasliquidsandoil,andthusaportionofpreviously-recordedPUDreservesmovedbeyondourfive-yeardevelopmentplanandbackintotheprobablecategory.
OtherchangestothedevelopmentplanincludedadditionaldownspacingintheWattenbergFieldasdescribedearlier(i.
e.
,movingfromsixwellspersectiontoeightwellspersection)withprimaryfocusontheWattenbergField,limitedfocusontheUticaShaleandthesaleofourdrygasMarcellusShaleassets.
WeproposethatwhendiscussingyearoveryearchangestoourreservesinourAnnualReportonForm10-KfortheyearendedDecember31,2015andfutureyears,inadditiontocontinuingtodiscloseourexpectedconversionrates,wewillalsoaddanyadditionalinformationnecessarytoassistusersoftheinformationinunderstandingsubstantialchangestoourdevelopmentplanswhenwehavesignificantrevisionstopreviousestimates.
4.
FortheyearsendedDecember31,2014,December31,2013,December31,2012andDecember31,2011,tellusthenumberofPUDlocationsscheduledtobedrilledinthefollowingyearpertheyear-endreservereportandthenumberofwellsactuallydrilled.
Forexample,tellusthenumberofPUDlocationsscheduledtobedrilledduring2012accordingtothedevelopmentscheduleunderlyingyourDecember31,2011reservereportandthenumberofPUDlocationsactuallydrilledduring2012.
Response:ThefollowingtabledetailsthenumberofPUDlocationsscheduledtobedrilledandactuallydrilledinthefollowingyearpertheyear-endreservereportsfortheyearsendedDecember31,2011,2012,2013and2014.
Additionally,wehaveprovidedthetotalnumberofwellsactuallydrilledinthefollowingyearpertheyear-endreservereportsfortheyearsendedDecember31,2011,2012,2013and2014.
ReserveReportasofDecember31,PUDsScheduledtobeDrilledintheYearFollowingtheReportYearPUDsActuallyDrilledintheYearFollowingtheReportYearTotalNumberofWellsActuallyDrilledintheYearFollowingtheReportYear201172398320126015118201365571712014104111198FortheyearsendedDecember31,2011and2012,thedifferenceinactualPUDsdrilledversusscheduledaretheresultofcircumstancesthatwerenotforeseenatthetimerelatedreservereportswerepreparedandwhichmorefullyaddressedinourresponsestoComment#3.
RefertoourresponsestoComment#3,ThirdandFourthBulletsaboveformoreexpansivediscussionsofthesefactorsandtherelatedimpactonourPUDreserves.
Thefollowingarefurtherdescriptionsofthesecircumstances:Page12of14CORRESP10/15/2017https://www.
sec.
gov/Archives/edgar/data/77877/000007787716000058/filename1.
htmForthereservereportasofDecember31,2011,thedifferenceof33scheduledlocationslargelyresultedfrom17ofthescheduledlocationsbeingsoldaspartofdivestitureofPermianBasinoilandgasproperties,whichclosedinthefirstquarterof2012.
ThedifferencewasfurtherimpactedbyourmovetodrillingPage13of14CORRESP10/15/2017https://www.
sec.
gov/Archives/edgar/data/77877/000007787716000058/filename1.
htmUnitedStatesSecuritiesandExchangeCommissionDivisionofCorporationFinanceJanuary29,2016Page8primarilyhorizontalwellsratherthanprimarilyverticalwellsandouremphasisondrillingliquid-richlocationsasopposedtodrygaslocationsForthereservereportasofDecember31,2012,thedifferenceof45locationslargelyresultedfromasignificant,unforeseenincreaseinlinepressuresadverselyimpactingthegatheringsystemofourprimarythird-partymidstreamproviderintheWattenbergFieldduringthespringandsummermonthsof2013.
Theincreasedlinepressuresresultedincurtailedproductionofnaturalgasthroughoutthefield,whichledustoalterour2013drillingplansbyshiftingdrillingactivitiestoareasthatwererelativelylessaffectedbythelinepressureissues.
ThedifferencewasfurtherimpactedbyincreasedwelldensityandamovetodevelopourUticaShaleassets,whichdidnothavesignificantPUDreservesatthetime.
WeproposethatinfutureAnnualReportsonForm10-K,ifouractualconversionratefallssignificantlyshortofourpreviously-disclosedexpectedconversionrate,wewillprovideadetaileddiscussionofthefactorscontributingtosuchshortfall.
TheCompanyherebyacknowledgesa)thattheCompanyisresponsiblefortheadequacyandaccuracyofthedisclosureinthefiling,b)thatstaffcommentsorchangestodisclosureinresponsetostaffcommentsdonotforeclosetheCommissionfromtakinganyactionwithrespecttothefiling,andc)thattheCompanymaynotassertstaffcommentsasadefenseinanyproceedinginitiatedbytheCommissionoranypersonunderthefederalsecuritieslawsoftheUnitedStates.
Pleasecontacttheundersignedwithanyquestionsat303.
860.
5800.
Sincerely,/s/GysleR.
ShellumGysleR.
ShellumChiefFinancialOfficerPage14of14CORRESP10/15/2017https://www.
sec.
gov/Archives/edgar/data/77877/000007787716000058/filename1.
htm
- Tablewww.henhenlu.com相关文档
- startswww.henhenlu.com
- nativoswww.henhenlu.com
- distantwww.henhenlu.com
- bottleswww.henhenlu.com
- remittedwww.henhenlu.com
- internallywww.henhenlu.com
爱用云互联租用服务器租美国、日本、美国、日本、购买2天内不满意可以退换，IP可免费更换！
爱用云互联怎么样？爱用云是一家成立于2018年的老牌商家旗下的服务器销售品牌，是正规持证IDC/ISP/IRCS商家，主要销售国内、中国香港、国外服务器产品，线路有腾讯云国外线路、自营香港CN2线路等，都是中国大陆直连线路，非常适合免备案建站业务需求和各种负载较高的项目，同时国内服务器也有多个BGP以及高防节点。专注为个人开发者用户,中小型,大型企业用户提供一站式核心网络云端服务部署,促使用户云端...
.asia域名是否适合做个人网站及.asia域名注册和续费成本
今天看到群里的老秦同学在布局自己的网站项目，这个同学还是比较奇怪的，他就喜欢用这些奇怪的域名。比如前几天看到有用.in域名，个人网站他用的.me域名不奇怪，这个还是常见的。今天看到他在做的一个范文网站的域名，居然用的是 .asia 后缀。问到其理由，是有不错好记的前缀。这里简单的搜索到.ASIA域名的新注册价格是有促销的，大约35元首年左右，续费大约是80元左右，这个成本算的话，比COM域名还贵。...
JUSTG（5.99美元/月）最新5折优惠，KVM虚拟虚拟512Mkvm路线
Justg是一家俄罗斯VPS云服务器提供商，主要提供南非地区的VPS服务器产品，CN2高质量线路网络，100Mbps带宽，自带一个IPv4和8个IPv6，线路质量还不错，主要是用户较少，带宽使用率不高，比较空闲，不拥挤，比较适合面向非洲、欧美的用户业务需求，也适合追求速度快又需要冷门的朋友。justg的俄罗斯VPS云服务器位于莫斯科机房，到美国和中国速度都非常不错，到欧洲的平均延迟时间为40毫秒，...
www.henhenlu.com为你推荐
-
小程序开发制作小程序开发所有的流程？网红名字被抢注关于新浪微博昵称被抢注。我改微博名称时显示被抢注，但是却搜索这个昵称，又显示找不到这个人，请问为什微信回应封杀钉钉为什么微信被封以后然后解封了过了一会又被封了留学生认证留学生回国认证，是否要求需要在国外待满三年，还是只需要完成所需的三年课程？比肩工场比肩之意是什么意思7788k.comwww.8855k.com是个什么网站lunwenjiance我写的论文，检测相似度是21.63%，删掉参考文献后就只有6.3%，这是为什么？m.kan84.net那里有免费的电影看？www.kaspersky.com.cn卡巴斯基杀毒软件有免费的吗？稳定版的怎么找？bbs2.99nets.com西安论坛、西安茶馆网、西安社区、西安bbs 的网址是多少？