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ANALYST DAY – PDC Energy, Inc.

PDC Energy, Inc. · Apr 9, 2015 · 90 slides

Investor presentation from the Shale Experts oil & gas presentation and slide database. Every page is imaged and its text indexed for search across operators, plays, basins and time.

Slides

  1. ANALYST DAY – PDC Energy, Inc. – slide 1
    April 9, 2015 ANALYST DAY: NEW YORK
  2. ANALYST DAY – PDC Energy, Inc. – slide 2
    PDC Energy Analyst Day Agenda Scott Reasoner Wattenberg / Utica Asset Updates Key 2015 Enhancements George Courcier Wattenberg Midstream Overview Utica Midstream Overview Jim Lillo Reserves Update Downspacing Performance…
  3. ANALYST DAY – PDC Energy, Inc. – slide 3
    PDC Energy Resilience Resilient (adj.): The ability to recover quickly from adversity or change PDC is a Resilient company on all fronts: Operations Financial People Top Tier IRR Resource Plays Large Inventory of Projects Strong…
  4. ANALYST DAY – PDC Energy, Inc. – slide 4
    PDC Energy High Quality Assets Utica Core Wattenberg Company Overview Market Cap: 2.2 Billion(1) Enterprise Value: 2.8 Billion(1) YE 2014 proved reserves 250 MMBOE 64% liquids, 30% proved developed Stress tested to 50/Bbl…
  5. ANALYST DAY – PDC Energy, Inc. – slide 5
    PDC Energy Outstanding Growth Track Record (1) From continuing operations 4/9/2015 7
  6. ANALYST DAY – PDC Energy, Inc. – slide 6
    PDC Energy Resilient Balance Sheet Strong balance sheet discipline Maintain Debt to Adj. EBITDAX ratio < 2.0x and Debt to Cap < 40% 2015E Debt per Flowing Boe decreased 60% from 2012 Project future growth with modest cash…
  7. ANALYST DAY – PDC Energy, Inc. – slide 7
    PDC Energy Commitment to Stewardship Community PDCs Energizing Our Community Program over 1,375 hours volunteered with 275 employees participating Donated to over 100 non-profit organizations in 2014 Leading contributor in Colorado…
  8. ANALYST DAY – PDC Energy, Inc. – slide 8
    What Separates PDC from Industry Best-in-Class Assets Strong Balance Sheet Proven Execution Top-tier resource plays Industry leading hedges in Extensive operational 2,650 total 2P locations in place for 2015 and 2016 experience…
  9. ANALYST DAY – PDC Energy, Inc. – slide 9
    Scott Reasoner Senior Vice President Operations 4/9/2015 11
  10. ANALYST DAY – PDC Energy, Inc. – slide 10
    Operational Overview Wattenberg Overview Updated Type Curves & Economics Key Projects Being Tested in 2015 Utica Overview Technical Update Key Enhancements for 2015 Keys to Operational Success 4/9/2015 12
  11. ANALYST DAY – PDC Energy, Inc. – slide 11
    Core Wattenberg Position Summary (1) - TILs = turn-in-lines 4/9/2015 13
  12. ANALYST DAY – PDC Energy, Inc. – slide 12
    Improvements Driving Wattenberg Efficiency Increased Capital Efficiency Significant Cost Reductions Continued Drilling Efficiency (Standard Lateral Length) 4/9/2015 14
  13. ANALYST DAY – PDC Energy, Inc. – slide 13
    Changing Landscape of Non-Operated Activity Non-operated activity continues to complement Non-Operated Production Growth PDCs overall growth Market conditions redefining non-operated activity in Wattenberg Reduced non-operated…
  14. ANALYST DAY – PDC Energy, Inc. – slide 14
    Long-Term Performance In-Line With Type Curves Hz Wattenberg performance in-line with respective type curves Early time variance due to varying flowback methods Sustained long-term performance of older wells Variance to Respective…
  15. ANALYST DAY – PDC Energy, Inc. – slide 15
    Niobrara Performance In-Line with YE14 Type Curves Inner Core Niobrara 580 MBoe 9 producing wells 100 2P locations 5,500 net acres Middle Core Niobrara 400 MBoe 36 producing wells 1,400 2P locations 60,000 net acres…
  16. ANALYST DAY – PDC Energy, Inc. – slide 16
    Niobrara Gas-Oil Ratio (GOR) Discussion Niobrara GOR variation in Wattenberg critical for accurate forecasting Varying Liquids Content Across Core Areas Range of Area Type Curve Inner Middle Outer Producing GOR Stable After 1…
  17. ANALYST DAY – PDC Energy, Inc. – slide 17
    Updated Inner Core Niobrara Type Curve Updated Economics Include Increased Stage Density and Updated Capital Costs Net Acres: 5,500 Producing Wells: 9 wells 2P Locations: 100 Updated 3-Phase EUR: 625 MBoe Updated Capital…
  18. ANALYST DAY – PDC Energy, Inc. – slide 18
    Updated Middle Core Niobrara Type Curve Updated Economics Include Increased Stage Density and Updated Capital Costs Net Acres: 60,000 Producing Wells: 36 wells 2P Locations: 1,400 Updated 3-Phase EUR: 440 MBoe Updated Capital…
  19. ANALYST DAY – PDC Energy, Inc. – slide 19
    Updated Outer Core Niobrara Type Curve Updated Economics Include Increased Stage Density and Updated Capital Costs Net Acres: 31,000 Producing Wells: 73 wells 2P Locations: 700 Updated 3-Phase EUR: 310 MBoe Updated Capital…
  20. ANALYST DAY – PDC Energy, Inc. – slide 20
    Optimizing Extended-Reach Laterals (ERLs) Middle Core Niobrara 2014 Middle Core Niobrara ERL study Industry Middle Core Lateral Length Performance Industry Dataset Evaluated from Public Data, 2015 60+ industry Middle Core Niobrara…
  21. ANALYST DAY – PDC Energy, Inc. – slide 21
    ERL Middle Core Niobrara Type Curve Updated Capital Cost(2): 4.4MM 3-Phase EUR: 600 MBoe (1) Potential 2P Locations : 1,000 IRR(2): 47% PV10: 3.3MM 6,700 lateral 2015 focus for PDC Similar IP rates to standard laterals…
  22. ANALYST DAY – PDC Energy, Inc. – slide 22
    Evolving Understanding of Codell Performance Initial Codell performance supported single 370 MBoe type curve Conducted study in 2014 to better understand Codell performance across acreage position Additional Codell development now…
  23. ANALYST DAY – PDC Energy, Inc. – slide 23
    Codell GOR Variation in Wattenberg Codell GOR variation in Wattenberg critical for accurate forecasting Varying Liquids Content Across Core Areas Range of Area Type Curve Inner/Middle Outer Producing GOR Stabilizes After 1 2…
  24. ANALYST DAY – PDC Energy, Inc. – slide 24
    New Codell Type Curves in Core Wattenberg Updated Economics Include Increased Stage Density and Updated Capital Costs Inner / Middle Codell Producing Wells: 27 wells Net Acres: 65,500 2P Locations: 372 3-Phase EUR: 440 MBoe…
  25. ANALYST DAY – PDC Energy, Inc. – slide 25
    Wattenberg Capitalizing on Lower Cost Structure 2014 Development Increased ERL Drilling Minimal ERL development Tighter Stage Spacing Traditional completion design Standard stage spacing Improved Completion Design 2014 Cost…
  26. ANALYST DAY – PDC Energy, Inc. – slide 26
    Wattenberg Industry-Leading Breakeven Prices PDC Outer Core 2P Inventory (NIO/CDL): 700/165 Source: BAML Research; February 2015 Avg. EUR: 310 MBoe Est. NYMEX Breakeven(1): 45/Bbl PDC Middle Core 2P Inventory (NIO/CDL): 1,400/372…
  27. ANALYST DAY – PDC Energy, Inc. – slide 27
    Continued Downspacing Success in Wattenberg 2014 Sunmarke Project Design 20 equivalent Hz wells per section Sunmarke Performance Testing 64-acre Codell spacing (4 wells) 64-acre Niobrara spacing (4 wells) Alternating Niobrara and…
  28. ANALYST DAY – PDC Energy, Inc. – slide 28
    2015 Expectations for Further Downspacing 20 Wells/Section Half-Section (2,640) Chesnut (2015 TIL) 480-acre unit ERL downspacing test 6,700 laterals 10 wells 5 NIO (64-acre spacing) 5 CDL (64-acre spacing) 22 Wells/Section…
  29. ANALYST DAY – PDC Energy, Inc. – slide 29
    Increased Stage Density Enhancing 2015 Recovery Enhancements Included in Updated Economics Comparison of Stage Densities Improved F&D Costs 25% increase in sand volumes Middle Core Example 25% increase in fluid volumes 10%…
  30. ANALYST DAY – PDC Energy, Inc. – slide 30
    Plug-n-Perf Completions Improving Performance Enhancements Not Included in Updated Economics Completion Design Comparison Sliding Sleeve Plug-n-Perf 2014 Maxey Project (Middle Core) (Middle Core Example) Design Design 2 plug-n-perf…
  31. ANALYST DAY – PDC Energy, Inc. – slide 31
    Testing Additional Technological Enhancements Enhancements Not Included in Updated Economics Biovert Completion Material Designed to divert frac fluid during completion Early Evaluation of Biovert Potential Aimed at creating more…
  32. ANALYST DAY – PDC Energy, Inc. – slide 32
    Operational Overview Wattenberg Overview Updated Type Curves & Economics Key Projects Being Tested in 2015 Utica Overview Technical Update Key Enhancements for 2015 Keys to Operational Success 4/9/2015 34
  33. ANALYST DAY – PDC Energy, Inc. – slide 33
    Utica Position Summary Utica Position Summary Net Acres: 67,000 % HBP: 50% Producing Hz Wells: 19 Potential Hz Locations: 220 2015 Est. Capital: 35MM 4/9/2015 35
  34. ANALYST DAY – PDC Energy, Inc. – slide 34
    Sustained Utica Performance 680 MBoe Condensate Window(1) 1,200 MBoe Wet-Gas Window(1) Performance supports condensate window type curve Washington Co. (Garvin) wells support wet gas type curve Excludes first two Utica wells due…
  35. ANALYST DAY – PDC Energy, Inc. – slide 35
    Dynamite Wells Continue to Impress As of March 15, 2015 Appx. 15% above type curve Dynamite performance tracking above 680 MBoe type curve after 90 days Updated completion design showing significant improvements in performance…
  36. ANALYST DAY – PDC Energy, Inc. – slide 36
    Utica - Lowering Costs & Improving Returns Optimize Lateral Lengths 2014 Cost Structure Flowback Management 9.4 10…
  37. ANALYST DAY – PDC Energy, Inc. – slide 37
    Operational Overview Wattenberg Overview Updated Type Curves & Economics Key Projects Being Tested in 2015 Utica Overview Technical Update Key Enhancements for 2015 Keys to Operational Success 4/9/2015 39
  38. ANALYST DAY – PDC Energy, Inc. – slide 38
    George Courcier Vice President Marketing & Midstream 4/9/2015 41
  39. ANALYST DAY – PDC Energy, Inc. – slide 39
    Midstream & Marketing Update Wattenberg Overview Processing & Takeaway Oil Gathering System Outlook on Differentials Netback Summary Utica Overview Processing & Takeaway Outlook on Differentials Netback Summary 4/9/2015…
  40. ANALYST DAY – PDC Energy, Inc. – slide 40
    Diversifying Midstream Service Providers Total PDC Wattenberg Operated Wellhead Volumes Access to additional plant capacity Decreases risks related to single provider 2015E 2014 2013 51 MMcf/d 69 MMcf/d 112 MMcf/d 4/9/2015 43
  41. ANALYST DAY – PDC Energy, Inc. – slide 41
    Substantial Long-Term Gas Processing Capacity DCP Midstream System Current DCP system capacity is 650 MMcf/d Additional Lucerne Plant in Q2 2015 expected to add 200 MMcf/d Additional add-ons to overall system expected to increase…
  42. ANALYST DAY – PDC Energy, Inc. – slide 42
    Substantial Long-Term Crude Oil Takeaway Additional Options and Capacity Multiple takeaway options (refinery, pipeline, trucking and rail) Expected takeaway capacity exceeds production forecasts for the basin PDC has firm capacity…
  43. ANALYST DAY – PDC Energy, Inc. – slide 43
    New Third-Party Oil Gathering System Reliable Crude Oil Transport Saddle Butte Gathering System Saddle Butte No volume commitment Crude Oil Gathering System No PDC capital outlay Middle Core Kersey Netback competitive with…
  44. ANALYST DAY – PDC Energy, Inc. – slide 44
    Wattenberg Marketing & Pricing Summary CRUDE OIL NGLs NATURAL GAS Key Highlights Key Highlights Key Highlights Sold at wellhead to multiple Sold at tailgate of processing Sold at tailgate of processing purchasers plants plants…
  45. ANALYST DAY – PDC Energy, Inc. – slide 45
    Midstream & Marketing Update Wattenberg Overview Processing & Takeaway Oil Gathering System Outlook on Differentials Netback Summary Utica Overview Processing & Takeaway Outlook on Differentials Netback Summary 4/9/2015…
  46. ANALYST DAY – PDC Energy, Inc. – slide 46
    Utica Gas Gathering Summary Two Primary Long-Term Processing Contracts MarkWest (MWE) PDC volumes flow to Seneca Plant Access to all major NGL takeaway projects in the northeast region MWE has current capacity of 1.1 Bcf/d with…
  47. ANALYST DAY – PDC Energy, Inc. – slide 47
    Maximizing Utica Gas Netbacks Challenging Price Environment for at Least the Next Couple Years Key Updates for Utica Pricing PDC Gas Realizations vs. Utica Indices PDC utilizing excess pipeline capacity to reach premium Chicago &…
  48. ANALYST DAY – PDC Energy, Inc. – slide 48
    Utica Marketing & Pricing Summary CRUDE OIL NGLs NATURAL GAS Key Highlights Key Highlights Key Highlights Condensate sold at wellhead to NGLs recovered in cryogenic Gathered and processed at local single purchaser plants cryogenic…
  49. ANALYST DAY – PDC Energy, Inc. – slide 49
    Jim Lillo Vice President Engineering and Technology 4/9/2015 53
  50. ANALYST DAY – PDC Energy, Inc. – slide 50
    Technical Overview Sustained Success of Core Wattenberg Downspacing Performance Reserves Drill-Down 4/9/2015 54
  51. ANALYST DAY – PDC Energy, Inc. – slide 51
    Updated EUR Analysis Shows 2015 Improvements Based on Evaluation of Public Production Data 1,400 industry Hz Niobrara wells included in updated analysis of CO DJ Basin EURs now range from 292 to 630 MBoe in Core Wattenberg (all data…
  52. ANALYST DAY – PDC Energy, Inc. – slide 52
    Resilience of Economic Returns: All About Location Large 2P inventory of high-return projects in Wattenberg Range of performance within each core area; over 1,700 horizontal projects with IRRs above 40% Varying Returns Across Core…
  53. ANALYST DAY – PDC Energy, Inc. – slide 53
    Comparative Horizontal Niobrara Well Performance PDC among top operators for both 90 and 180 day average cumulative volumes Analysis assumptions key to accurate performance comparison Normalize performance for varying lateral lengths…
  54. ANALYST DAY – PDC Energy, Inc. – slide 54
    Technical Overview Sustained Success of Core Wattenberg Downspacing Performance Reserves Drill-Down 4/9/2015 58
  55. ANALYST DAY – PDC Energy, Inc. – slide 55
    Niobrara Downspacing Sustained Performance Tighter downspacing continues to deliver consistent Niobrara results across all core areas INNER CORE MIDDLE CORE OUTER CORE 34+ Hz Niobrara industry wells 280+ Hz Niobrara industry wells 190…
  56. ANALYST DAY – PDC Energy, Inc. – slide 56
    Codell Downspacing Sustained Performance Tighter downspacing delivering consistent Codell results across all core areas INNER / MIDDLE CORE OUTER CORE 170+ Hz Codell industry wells 60+ Hz Codell industry wells Spacing Unit…
  57. ANALYST DAY – PDC Energy, Inc. – slide 57
    Technical Overview Sustained Success of Core Wattenberg Downspacing Performance Reserves Drill-Down 4/9/2015 61
  58. ANALYST DAY – PDC Energy, Inc. – slide 58
    Proved Reserves Insulated from Low Prices YE2013 Pro Forma for 40 MMBoe PDCM Proved Reserves 226 MMBoe Marcellus Divestiture 2014 9.3 Significant Wattenberg and Utica Production MMBoe production growth Dominated by moving…
  59. ANALYST DAY – PDC Energy, Inc. – slide 59
    Wattenberg 3P Reserves Summary Gross Reserve Category Impact to Hz Locations Summary Bottom Line (1P) Proved - 245 MMBoe 2P = Current Development Estimates created by RyderScott Technically proven + probable downspacing 770…
  60. ANALYST DAY – PDC Energy, Inc. – slide 60
    Gysle Shellum Chief Financial Officer 4/9/2015 65
  61. ANALYST DAY – PDC Energy, Inc. – slide 61
    Financial Overview 2015 Guidance Summary Debt & Liquidity Update 4/9/2015 66
  62. ANALYST DAY – PDC Energy, Inc. – slide 62
    2015 Capital Budget Summary 473 MM 2015 Capital Budget: 473MM 2015E Cash Flow: 355 - 380MM 2015E Cash Flow Outspend: 100 - 120MM Core Wattenberg 5 rig program 119 operated spuds planned 40% extended-reach lateral spuds 56…
  63. ANALYST DAY – PDC Energy, Inc. – slide 63
    2015 Production Guidance 2015 Quarter Comments Q1 2015 Full quarter of production from 37 TILs in Q4 2014 Q2 2015 Includes 34 ERL wells TIL in Middle Core Wattenberg; 4-well cole pad TIL in Utica Q3 2015 Lucerne II online Q4 2015 Becker…
  64. ANALYST DAY – PDC Energy, Inc. – slide 64
    2015 Financial Guidance In millions, except per share data 2014 2015 Guidance (3) Actual Low High Production (MMBoe) 9.3 (1) 13.5 14.5 Crude oil, natural gas and NGLs sales 471 361 400 Realized gain (loss) on derivatives (1) 188…
  65. ANALYST DAY – PDC Energy, Inc. – slide 65
    2015 Additional Guidance Average Sales Price 2014 Actual 2015 Guidance (excluding net settlements on derivatives) Crude oil equivalent (per Boe) 50.72 26.77 - 27.61 Per Unit Cost Metrics Measure (/Boe) 2014 Actual 2015…
  66. ANALYST DAY – PDC Energy, Inc. – slide 66
    Financial Overview 2015 Guidance Summary Debt & Liquidity Update 4/9/2015 71
  67. ANALYST DAY – PDC Energy, Inc. – slide 67
    Debt and Liquidity As of 12/31/14, Pro Forma for March 2015 Equity Offering Debt Maturity Schedule (in millions) 115 million 3.25% convertible debt matures in May 2016 700 million revolver matures May 2018 0 million drawn 12…
  68. ANALYST DAY – PDC Energy, Inc. – slide 68
    2015 Debt and Liquidity Analysis (1) Assume 700 million borrowing base in 2015 4/9/2015 73
  69. ANALYST DAY – PDC Energy, Inc. – slide 69
    Crude Oil and Natural Gas Hedges Summary Hedges in place as February 1, 2015 85% of crude oil volumes at weighted average floor price of 88.61/Bbl 2015 75% of natural gas volumes at weighted average floor price of 3.90/Mcf 4.1…
  70. ANALYST DAY – PDC Energy, Inc. – slide 70
    Weighted Average Cost of Capital Analysis As of December 31, 2013 2014 Cost of equity 15.8% 14.2% Equity % 60.0% 69.5% After-tax cost of debt 4.0% 5.2% Debt % 40.0% 30.5% WACC 11.1% 11.4% (1) PDC Energy 7.75% Notes due…
  71. ANALYST DAY – PDC Energy, Inc. – slide 71
    Lance Lauck Executive Vice President Corporate Development & Strategy 4/9/2015 77
  72. ANALYST DAY – PDC Energy, Inc. – slide 72
    Vision: Grow PDC Solidly into Mid-Cap E&P Space Roadmap to Successful Execution Exceptional Value-Added 3 year production CAGR of 30-35% Top-Tier drilling economics in Core Wattenberg Growth 3 year Debt-to-Adj.…
  73. ANALYST DAY – PDC Energy, Inc. – slide 73
    Corporate Development Overview 3-Year Outlook Scenarios PDC Strategy & Positioning 4/9/2015 79
  74. ANALYST DAY – PDC Energy, Inc. – slide 74
    PDC Future Outlook Case Scenarios Resilient Case Base Case Upside Case Px NYMEX Crude NYMEX Gas Px NYMEX Crude NYMEX Gas Px NYMEX Crude NYMEX Gas 2015 50.00 3.25 2015 51.72 2.86 2015 50.00 3.25 2016 50.00 3.25 2016 57.47 3.19 2016…
  75. ANALYST DAY – PDC Energy, Inc. – slide 75
    PDC Resilient Case: 50 Crude / 3.25 Gas Flat 2015, 2016, 2017: 5 Wattenberg Rigs (1) Shaded Areas Represent Guidance/Outlook Range Spend close to cash flow, grow production and maintain CFPS through 2017 (1) Range: base value…
  76. ANALYST DAY – PDC Energy, Inc. – slide 76
    PDC Base Case: Current Strip Price 2015, 2016, 2017: 5 - 6 - 7 Wattenberg Rigs; 0 - 0.5 - 1 Utica Rigs Shaded Areas Represent Guidance/Outlook Range Rig additions in Wattenberg - drilling Middle/Inner Core wells, resume drilling in…
  77. ANALYST DAY – PDC Energy, Inc. – slide 77
    PDC Upside Case: 50 - 60 - 70 / BBL 2015, 2016, 2017: 5 - 6.5 - 8 Wattenberg Rigs; 0 - 0.5 - 1 Utica Rigs Shaded Areas Represent Guidance/Outlook Range Accelerate Wattenberg drilling with improved oil price outlook, deploy rig in…
  78. ANALYST DAY – PDC Energy, Inc. – slide 78
    Operational Efficiency 3-Year Base Case from 2015 to 2017 Actual 20% decrease in Operating Costs/Boe from 2012-2014 Project 50-55% decrease in Operating Costs/Boe from 2012-2017 Operational Resilience deliver improving cash cost…
  79. ANALYST DAY – PDC Energy, Inc. – slide 79
    Corporate Development Overview 3-Year Outlook Scenarios PDC Strategy & Positioning 4/9/2015 85
  80. ANALYST DAY – PDC Energy, Inc. – slide 80
    PDC Energy Strong Production Growth Source: Global Hunter Securities E&P Research 3/17/15; Internal Estimates - PDCE Peer Companies PDC projected to deliver top-tier production growth for 2015 and 2016 PDCs growth driven by…
  81. ANALYST DAY – PDC Energy, Inc. – slide 81
    PDC Energy Excellent Balance Sheet Strength Source: Global Hunter Securities E&P Research 3/17/15, Internal Estimates PDCE (Post Equity Issuance) Peer Companies PDCs top-tier growth also delivers peer-leading debt metrics PDCs…
  82. ANALYST DAY – PDC Energy, Inc. – slide 82
    PDC Energy Production Growth Drives Higher Valuations Source: Global Hunter Securities E&P Research 3/17/15, Internal Estimates PDCE (From Continuing Operations) PDC 2 year CAGR of 40% vs. peer average of 17% PDC trades at a 2015E…
  83. ANALYST DAY – PDC Energy, Inc. – slide 83
    What Sets PDC Apart Source: Acreage Estimates from Company Filings (1) PDC data includes shares from recent equity issuance. 4/9/2015 89
  84. ANALYST DAY – PDC Energy, Inc. – slide 84
    PDC Energys cost of capital as of 12/31/2014 Cost of Equity Cost of Debt Capital asset pricing model (CAPM) 5.2% = 8.6% x (1 40%) 14.2% = 2.2% + (1.60 x 7.5%) Risk-Free Equity Risk After-Tax Cost Pre-Tax Cost Marginal Tax…
  85. ANALYST DAY – PDC Energy, Inc. – slide 85
    PDC Energys cost of capital as of 12/31/2013 Cost of Equity Cost of Debt Capital asset pricing model (CAPM) 4.0% = 6.5% x (1 38%) 15.8% = 2.8% + (2.00 x 6.5%) Risk-Free Equity Risk After-Tax Cost Pre-Tax Cost Marginal Tax…
  86. ANALYST DAY – PDC Energy, Inc. – slide 86
    2014 Metrics From continuing operations Capital Spending (MM) Avg. Sales Price excludes net settlements on derivative (/Boe) Production From Continuing Operations (MMBoe) Total Production Costs (/Boe) 4/9/2015 96
  87. ANALYST DAY – PDC Energy, Inc. – slide 87
    2014 Credit Ratios PDC has Maintained Relatively Low Leverage and Strong Liquidity Conservative Leverage Strong Liquidity (MM) (1) Adjusted EBITDAX (2) / Interest, net Debt Maturity Schedule (MM) (3) (1) Assume borrow base of…
  88. ANALYST DAY – PDC Energy, Inc. – slide 88
    Reconciliation of Non-GAAP Financial Measures In millions, except per share data Three Months Ended December 31 Year Ended December 31 Adjusted net income (loss) from net income (loss): 2014 2013 2014 2013 Net income (loss) 131.8…
  89. ANALYST DAY – PDC Energy, Inc. – slide 89
    Reconciliation of Non-GAAP Financial Measures In millions, except per share data Three Months Ended December 31 Year Ended December 31 Adjusted EBITDA from net income (loss): 2014 2013 2014 2013 Net income (loss) 131.8 13.2 155.4…
  90. ANALYST DAY – PDC Energy, Inc. – slide 90
    Reconciliation of Non-GAAP Financial Measures in millions Year Ended December 31 Adjusted EBITDAX from net income (loss): 2012 2013 2014 Net income (loss) (130.7) (22.3) 155.4 (Gain) loss on commodity derivative instruments (32.4)…

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