The last three quarters have been losing periods for PDC Energy. The company has taken significant charges for impairment of natural gas properties that have resulted in net losses. The assets were determined to be impaired when the assets became held for sale and third-party bids led to estimated cash flows that suggested the assets were worth less than shown on the balance sheet. The noise of these non-cash write-offs is filtered out of cash flow from operations. PDC Energy converted 45% of sales to operating cash flow. That is an impressive rate, but it is still not enough to keep up with capital investments, which totaled $1.5 billion in the last three fiscal years.