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DUG EAS DEVELOPING UNCONVENTIONALS – PDC Energy, Inc.

PDC Energy, Inc. · Nov 14, 2013 · 27 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.

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  1. DUG EAS DEVELOPING UNCONVENTIONALS – PDC Energy, Inc. – slide 1
    DUG EAST DEVELOPING UNCONVENTIONALS November 14, 2013
  2. DUG EAS DEVELOPING UNCONVENTIONALS – PDC Energy, Inc. – slide 2
    Company Overview NASDAQ:PDCE Strategic Core Areas Colorado and Appalachian Basin Market cap 2.1 Billion(1) WATTENBERG UTICA Enterprise value 2.7 Billion(1) 2013E: 15,039 Boe/d Liquid 2013E: 1,074 Boe/d Net production guidance of…
  3. DUG EAS DEVELOPING UNCONVENTIONALS – PDC Energy, Inc. – slide 3
    YE2012 Reserves Summary Significant 3P Reserves Growth (MMBoe) Proved Reserves 52% liquids; 62% PUDs; PV-10 of 1.7 billion Development of Wattenberg expected to add significant 3P reserves to PDCs portfolio Continued delineation…
  4. DUG EAS DEVELOPING UNCONVENTIONALS – PDC Energy, Inc. – slide 4
    2013 Capital Budget 2013 Capex Budget by Region Wattenberg(1) Utica PDCM 50% Other Operated Operated Capital Budget Area Horizontal Horizontal (MM) Rigs New Drills 63% 22% Wattenberg 280(1) 2.5 69 Utica 96 1 11 13% 2%…
  5. DUG EAS DEVELOPING UNCONVENTIONALS – PDC Energy, Inc. – slide 5
    Production by Area Area (Boe/d) 2012 2013E Q1 '13 Q2 '13 Q3 '13 2012 Commodity Mix Wattenberg 12,180 15,038 15,389 15,019 14,590 Utica - 1,074 189 218 360 Oil 25% Marcellus / Other 2,820 3,784 2,922 2,852 3,684 (1) 15,000 19,896…
  6. DUG EAS DEVELOPING UNCONVENTIONALS – PDC Energy, Inc. – slide 6
    Crude Oil and Natural Gas Hedges Hedges in Place as of October 15, 2013 Oct Dec Crude Oil FY2014 FY2015 2013 NYMEX Average (1) 102.97 96.36 89.11 Weighted-Average Hedge Price With Ceilings 99.21 94.47 89.30 Weighted-Average…
  7. DUG EAS DEVELOPING UNCONVENTIONALS – PDC Energy, Inc. – slide 7
    Debt Maturity Schedule in Millions 115 million 3.25% convertible debentures mature in May 2016 Debt Maturity Schedule 600 40 million PDCM revolver matures in 3.25% Convertible Notes due 2016 April 2017; 15 million second lien…
  8. DUG EAS DEVELOPING UNCONVENTIONALS – PDC Energy, Inc. – slide 8
    Core Horizontal Wattenberg 98,000 net acres, 95% HBP Third largest leaseholder and producer 70% 80% liquids Niobrara EUR of 335 Mboe per well (Wt. Avg. Inventory) Codell EUR of 345 Mboe per well Excellent returns IRR of…
  9. DUG EAS DEVELOPING UNCONVENTIONALS – PDC Energy, Inc. – slide 9
    Wattenberg Field/DJ Basin Stratigraphic Column Multiple Target Zones Current PDC Operations 2,300 net producing vertical wells 98 producing horizontal wells(1) Third drilling rig added in May 13 Spud 84 gross wells (55 operated,…
  10. DUG EAS DEVELOPING UNCONVENTIONALS – PDC Energy, Inc. – slide 10
    Wattenberg Project Inventory (1) Proved HZ Inventory(2) 4 Gross HZ wells (Niobrara only) per 640 Ac. Gross HZ Inventory: 382 2P HZ Inventory(2) 10 Gross wells per 640 Ac. (8 Niobrara, 2 Codell) Gross HZ Inventory:…
  11. DUG EAS DEVELOPING UNCONVENTIONALS – PDC Energy, Inc. – slide 11
    Waste Management 16-Well Section Fall 2013 2N-64W-2 (Western half) Hz Codell Economics Middle Core Economics Average 3-Phase EUR: 345 MBoe Average 3-Phase EUR: 365 MBoe % Liquids: 75% % Liquids: 69% IRR: 77% IRR: 81% PV10:…
  12. DUG EAS DEVELOPING UNCONVENTIONALS – PDC Energy, Inc. – slide 12
    Appalachian Basin PDCM Project Overview Devonian Marcellus Productive Wells 3,583 54 Total Approx. Net Acreage 233,500 125,250 West Virginia 195,000 116,250 Pennslyvania 38,500 9,000 Gross Undeveloped Locations 790 600 EURs -…
  13. DUG EAS DEVELOPING UNCONVENTIONALS – PDC Energy, Inc. – slide 13
    Appalachian Basin - Marcellus PDCM Marcellus Acreage 125,250(1) Marcellus net acres to PDCM 54 Marcellus productive wells (39 Horizontal) 357 of 600 undeveloped horizontal Marcellus locations in 3county focus area of West…
  14. DUG EAS DEVELOPING UNCONVENTIONALS – PDC Energy, Inc. – slide 14
    Marcellus Horizontal Marcellus Well Production Normalized to 5,000' Lateral 10,000 MCFD 1,000 CAPEX: 7 MM 3.50/MCF (Year 1) EUR: 9 BCF Type Curve F&D: 0.72/MCFE IRR: 32% EUR: 7 BCF Type Curve F&D: 0.93/MCFE IRR: 20% EUR:…
  15. DUG EAS DEVELOPING UNCONVENTIONALS – PDC Energy, Inc. – slide 15
    Utica Overview Dry Detweiler 42-3H Oil Wet Gas Condensate Onega-Commissioners Gas IP: 2,197 boepd Boy Scout 1-33H PDCE - 2013 Wagner 1-28H 14-25H IP: 3,456 boepd IP: 4,650 boepd 7 Planned Spuds on 1,263 BTU / 75% Liquid IP:…
  16. DUG EAS DEVELOPING UNCONVENTIONALS – PDC Energy, Inc. – slide 16
    Utica Leasehold and Activity drilled and/or completed planned 2013 spud 9 Wells expected to sales by YE 2013 Oil Wet Gas Condensate Dry Gas 48,000 net acres, 57% HBP, 95% WI, 16% royalty Commissioners 2H & 3H 200 gross horizontal…
  17. DUG EAS DEVELOPING UNCONVENTIONALS – PDC Energy, Inc. – slide 17
    Utica: Local Stratigraphic Column Southern Ohio 1. Queenston Shale Classic Mudstone Null TOC & low resistance 2. Upper Utica Shale Mudstone with null limestone content. Some TOC & low resistivity High clay content Lower Youngs…
  18. DUG EAS DEVELOPING UNCONVENTIONALS – PDC Energy, Inc. – slide 18
    Utica Geologic Summary Palmer Onega Commissioners Hickenbottom A Morgan County Guernsey County Belmont County A Utica Pt. Pleasant Trenton Resistivity (ohmm) 800 2,000 1,000 2,000+ 1,000 2,000+ Rock Properties PDC…
  19. DUG EAS DEVELOPING UNCONVENTIONALS – PDC Energy, Inc. – slide 19
    Utica Drilling & Completions Multi-well pads Testing different reservoir landing zones Targeting 5,000 to 6,000 ft. laterals 1,000 ft. spacing between wells Evaluating different completion designs Using 20 to 30 frac stages…
  20. DUG EAS DEVELOPING UNCONVENTIONALS – PDC Energy, Inc. – slide 20
    Garvin 1-H Initial Performance Very encouraging initial performance from Southern Utica acreage test Little drawdown in reservoir pressure during variations of choke sizes Signals higher than expected fracture conductivity Managing…
  21. DUG EAS DEVELOPING UNCONVENTIONALS – PDC Energy, Inc. – slide 21
    Investment Highlights 2013 Utica Objectives Significant horizontal projects in inventory Core Wattenberg Niobrara and Codell / Colorado Utica Shale / Southeast Ohio Marcellus Shale / West Virginia Capital primarily allocated to…
  22. DUG EAS DEVELOPING UNCONVENTIONALS – PDC Energy, Inc. – slide 22
    Investor Relations Mike Edwards, Senior Director Investor Relations michael.edwardspdce.com Marti Dowling, Manager Investor Relations marti.dowlingpdce.com Corporate Headquarters PDC Energy, Inc. 1775 Sherman Street Suite 3000…
  23. DUG EAS DEVELOPING UNCONVENTIONALS – PDC Energy, Inc. – slide 23
    APPENDIX 11/14/2013 24
  24. DUG EAS DEVELOPING UNCONVENTIONALS – PDC Energy, Inc. – slide 24
    Horizontal Niobrara Performance Inner Core Middle Core Outer Core Average EUR1 Average EUR1 Average EUR1 Range of Industry Results Range of Industry Results Range of Industry Results 900 MBoe 600 MBoe 500 MBoe 300 MBoe 200…
  25. DUG EAS DEVELOPING UNCONVENTIONALS – PDC Energy, Inc. – slide 25
    Horizontal Codell Development Strong Well Performance Shows Potential for Development Across Wattenberg Large exposure with nearly all acreage having horizontal Codell potential Codell horizontals showing results similar to…
  26. DUG EAS DEVELOPING UNCONVENTIONALS – PDC Energy, Inc. – slide 26
    Horizontal Codell Performance Current Type Curve Avg. 3-Phase EUR: 345 MBoe Avg. 3-phase EUR: 345 MBoe PDC 3P Inventory: Capex: 455 wells 4.2MM % Liquids: 75% IRR1: 77% PV10: 5.2MM (1) Flat Pricing: 90 NYMEX Oil, 4.00…
  27. DUG EAS DEVELOPING UNCONVENTIONALS – PDC Energy, Inc. – slide 27
    3rd Party Midstream Expansion - Wattenberg One Bcfe per Day of Capacity Planned PDC Acreage Plants and compression strategically placed around PDC acreage OConnor* plant (160 MMcf/d) startedup October 10th 2013 Compressor Site…

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