Upstream operator PDC Energy, Inc. PDCE reported adjusted earnings per share of $1.04, comfortably ahead of the Zacks Consensus Estimate of 68 cents. The company had reported loss of 39 cents in the year-ago quarter. The outperformance can be primarily attributed to better-than-anticipated production volumes. Precisely, the Colorado-focused company’s output of 17,701 thousand barrels of oil-equivalent (MBoe) surpassed the Zacks Consensus Estimate of 16,954 MBoe.Meanwhile, PDC Energy recorded oil and gas sales (plus other income) of $317.3 million, missing the consensus mark by 14.4% due to lower oil price realizations. However, the top line came in higher than the year-ago level of $311.1 million.Production & PricesFor the third quarter of 2020, PDC Energy’s production totaled 17,701 MBoe (61% liquids), reflecting an increase of 39.2% from 12,714 MBoe a year ago. Of the aggregate output, 14,803 MBoe (or 84%) came from the Wattenberg Field and the rest from Delaware Basin.The average realized natural gas price increased from 91 cents per million cubic feet (MMcf) in the year-ago quarter to $1.00. PDC Energy sold NGLs at an average price of $9.97 per thousand barrels (MBbls) compared to $8.43 a year ago. Meanwhile, the average oil price realization came in at $37.49 per barrel, 28.9% lower than $52.70 in the year-ago period. Overall, the company fetched $17.79 per MBoe compared with $24.18 a year ago.PDC Energy, Inc. Price, Consensus and EPS Surprise PDC Energy, Inc. price-consensus-eps-surprise-chart | PDC Energy, Inc. Quote Capital Expenditure & Balance SheetThe energy explorer shelled out $35 million in the form of oil and gas capital investments. As of Sep 30, PDC Energy had approximately $3.8 million in cash and cash equivalents, and $1.5 billion in long-term debt, representing a debt-to-capitalization of 36.8%.GuidancePDC Energy maintained its projection of churning out 175,000-185,000 Boe per day in 2020. It also reiterated its oil production guidance of 64,000-68,000 Bbls per day. Further, the company still expects to spend between $500 million and $550 million this year, PDC Energy plans to generate free cash flow in excess of $350 million (at a WTI price of $35 per barrel), up $50 from the earlier guidance.The company also reiterated the preliminary outlook for 2021, per which it plans to keep its capital expenditures within $500 million to $600 million. PDC Energy aims to generate free cash flow of approximately $300 million at $40 WTI (compared to $250 million earlier), while churning out essentially flat volumes year over year.Zacks Rank & Stock PicksPDC Energy carries a Zacks Rank #3 (Hold).Some better-ranked players in the energy space are Equinor ASA EQNR, Sunoco LP SUN and CrossAmerica Partners LP CAPL that carry a Zacks Rank #2 (Buy).You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.Over 30 days, Equinor has seen the Zacks Consensus Estimate for 2020 surge 37.8%.Over the past 30 days, Sunoco has seen the Zacks Consensus Estimate for 2020 improve 6.3%.The 2020 Zacks Consensus Estimate for CrossAmerica Partners indicates 376.5% earnings per unit growth over 2019.5 Stocks Set to DoubleEach was hand-picked by a Zacks expert as the #1 favorite stock to gain +100% or more in 2020. Each comes from a different sector and has unique qualities and catalysts that could fuel exceptional growth.Most of the stocks in this report are flying under Wall Street radar, which provides a great opportunity to get in on the ground floor.Today, See These 5 Potential Home Runs >> Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Sunoco LP (SUN): Free Stock Analysis Report PDC Energy, Inc. (PDCE): Free Stock Analysis Report CrossAmerica Partners LP (CAPL): Free Stock Analysis Report Equinor ASA (EQNR): Free Stock Analysis Report To read this article on Zacks.com click here.