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4Q 2012 – PDC Energy, Inc.

PDC Energy, Inc. · Feb 27, 2013 · 31 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. 4Q 2012 – PDC Energy, Inc. – slide 1
    2012 Fourth Quarter and Year-End Presentation February 27, 2013 NASDAQ: PDCE
  2. 4Q 2012 – PDC Energy, Inc. – slide 2
    James Trimble Chief Executive Officer and President 2/27/2013 3
  3. 4Q 2012 – PDC Energy, Inc. – slide 3
    2012 Highlights Expanded inventory of liquid-rich projects and increased ratio of oil and natural gas liquids (NGLs) to total production: Increased total proved reserves 14% at Y-E 2012 from Y-E 2011, to 1.2 trillion cubic feet…
  4. 4Q 2012 – PDC Energy, Inc. – slide 4
    2012 Highlights, continued Strengthened balance sheet and liquidity in 2012 through a series of transactions: Closed divestiture of Permian Basin assets for 189 million and reinvested funds in Wattenberg Field Closed equity…
  5. 4Q 2012 – PDC Energy, Inc. – slide 5
    Gysle Shellum Chief Financial Officer 2/27/2013 6
  6. 4Q 2012 – PDC Energy, Inc. – slide 6
    Summary Financial Results (from Continuing Operations) in millions, except per share data Three Months Ended Year Ended December 31, December 31, Measure 2012 2011 2012 2011 Total natural gas, NGL, and crude oil sales 78.2 80.0…
  7. 4Q 2012 – PDC Energy, Inc. – slide 7
    Summary Financial Results in millions, except per share data Three Months Ended Year Ended December 31, December 31, Measure 2012 2011 2012 2011 Income (loss) from operations (164.1) (11.3) (162.1) 39.8 Net income (loss)…
  8. 4Q 2012 – PDC Energy, Inc. – slide 8
    Debt Maturity Schedule in millions 450 million revolver matures in Debt Maturities (1) November 2015 600 Drawn 12/31/2012 115 million 3.25% convertible Undrawn Revolver 500 500 debentures mature in May 2016 450 3.25%…
  9. 4Q 2012 – PDC Energy, Inc. – slide 9
    Crude Oil and Natural Gas Hedges Hedges in place as of December 31, 2012 Pro-forma for expected non-core Colorado natural gas assets divestiture. Crude Oil (includes NGL) 2013 2014 2015 NYMEX Average(1) 92.75 92.36 90.26…
  10. 4Q 2012 – PDC Energy, Inc. – slide 10
    Average Sales Price Including Realized Derivatives Gains/Losses 10.00 9.00 8.00 6.59 6.80 (1) 7.00 6.52 6.47 6.44 6.19 6.33 6.31 6.09 5.89 6.00 5.00 /Mcfe 4.00 3.00 2.00 1.00 0.00 Actual March Actual March…
  11. 4Q 2012 – PDC Energy, Inc. – slide 11
    2013 Plan 2/27/2013 12
  12. 4Q 2012 – PDC Energy, Inc. – slide 12
    Preliminary 2013 Financial Guidance (from Continuing Operations) In millions, except for per share data Preliminary 2013 Guidance Pricing Assumption: Low High Natural Gas: 3.00/Mcf 4.00/Mcf Crude Oil: 85.00/Bbl 100.00/Bbl NGL: 30%…
  13. 4Q 2012 – PDC Energy, Inc. – slide 13
    Bart Brookman Senior Vice President - Exploration and Production 2/27/2013 14
  14. 4Q 2012 – PDC Energy, Inc. – slide 14
    Core Operating Regions Production 2012 Production 49.6 Bcfe WATTENBERG UTICA Liquid-Rich Piceance 2012 Production 26.7 Bcfe Basins 2012 Production N/A Wattenberg 27% YE2012 Proved Reserves 894 Bcfe YE2012 Proved Reserves N/A…
  15. 4Q 2012 – PDC Energy, Inc. – slide 15
    Proved Reserve Summary YE2012 Proved Reserves (Bcfe) Realized Reserves Pricing YE2011 YE2012 Proved Reserves (YE 2011) 1,016 Natural Gas (/Mcf) 3.41 2.35 Drilling, Improved Performance & Realized Pricing 56 Oil (/Bbl) 88.94 87.51…
  16. 4Q 2012 – PDC Energy, Inc. – slide 16
    Production Highlights Net Production 60 Oil / Liquids Gas Piceane/NECO 21% liquid growth over Q312 - primarily 50 Wattenberg Q412 production contribution from 2nd 40 drilling rig in Wattenberg Bcfe Q412 Wattenberg saw…
  17. 4Q 2012 – PDC Energy, Inc. – slide 17
    Utica Overview Southeast Ohio Oil Wet Gas Condensate Dry Gas Onega-Commissioners Detweiler 42-3H 14-25H IP*: 2,197 Boepd IP*:1,796 Boepd 20/64 Choke 26/64 Choke 75% Liquids 79% Liquids Stiers 3-well HZ Pad (Drilling 1st…
  18. 4Q 2012 – PDC Energy, Inc. – slide 18
    Production by Area / Commodity Mix Bcfe 2012 2011 2012 Oil Wattenberg 23.3 26.7 25% Appalachia 4.4 6.2 Gas Piceance 13.5 13.5 65% NGLs 10% NECO/ Other 3.8 3.2 Total 45.0 49.6 Rocky Mountains (90%) 2012 Area Production by…
  19. 4Q 2012 – PDC Energy, Inc. – slide 19
    Drilling Activity 2012 Gross Wells Drilled 2012 Projects 16 Horizontal Spuds (operated) 42 14 14 Wattenberg (28 Nio, 9 Codell) 37 14 13 12 Utica 2 12 Marcellus 3 10 10 Vertical Spuds (operated) 2 9 9 9 8 Wattenberg 1 Utica 1…
  20. 4Q 2012 – PDC Energy, Inc. – slide 20
    3rd Party Midstream Expansion Oil and Gas Lease New plants and compression strategically placed Sullivan CS around PDC acreage Compressor Site Processing Plant LaSalle plant expected start-up late Q313 2013 in service Lucerne 2…
  21. 4Q 2012 – PDC Energy, Inc. – slide 21
    Horizontal Production: Niobrara and Codell Total Horizontal Production 1,000 EUR: 500 MBOE Capex: 4.2MM IRR: 123% PV10: 7.5 MM 100 EUR: 300 MBOE Capex: 4.2MM IRR: 40% PV10: 3.3 MM 40 Niobrara Wells 26 Niobrara Wells…
  22. 4Q 2012 – PDC Energy, Inc. – slide 22
    Capex Update MM FY 2012 PDC Energy 2013E 2012E Actual Development Capital 186 184 288 Wattenberg 182 180 245 Utica - - 43 Other 4 4 - Leasehold, Rocky Exploration & Miscellaneous 102 113 29 Mountains (90%) Wattenberg…
  23. 4Q 2012 – PDC Energy, Inc. – slide 23
    Lease Operating Expenses /Mcfe 2011 2012 Lease Operating Expense (MM) 41 42 Direct Well Expense (/Mcfe) 0.47 0.50 Workover Expense (/Mcfe) 0.20 0.07 Indirect Well Expense (/Mcfe) 0.25 0.28 Lifting Cost Continuing Ops 0.92…
  24. 4Q 2012 – PDC Energy, Inc. – slide 24
    Operations Highlights Wattenberg Utica Appalachia Q4 horizontal production of 5 MBoepd 45,000 net acres Drilled 28 horizontal Niobrara wells in 2012 Most acreage in liquid-rich window Drilled 9 horizontal Codell wells in 2012 1st…
  25. 4Q 2012 – PDC Energy, Inc. – slide 25
    2012 Fourth Quarter and Year-End Teleconference Q& A 2/27/2013 26
  26. 4Q 2012 – PDC Energy, Inc. – slide 26
    Appendix 2/27/2013 27
  27. 4Q 2012 – PDC Energy, Inc. – slide 27
    Adjusted Net Loss Reconciliation From Net Income (Loss) in millions, except share and per share data Three Months Ended Year Ended December 31, December 31, 2012 2011 2012 2011 Net income (loss) (126.2) (8.4) (130.7) 13.4…
  28. 4Q 2012 – PDC Energy, Inc. – slide 28
    Adjusted Cash Flows From Operations Reconciliation From Net Cash From Operating Activities in millions, except share and per share data Three Months Ended Year Ended December 31, December 31, 2012 2011 2012 2011 Net cash from…
  29. 4Q 2012 – PDC Energy, Inc. – slide 29
    Adjusted EBITDA Reconciliation From Net Income (Loss) in millions, except share and per share data Three Months Ended Year Ended December 31, December 31, 2012 2011 2012 2011 Net income (loss) (126.2) (8.4) (130.7) 13.4…
  30. 4Q 2012 – PDC Energy, Inc. – slide 30
    Adjusted EBITDA Reconciliation From Net Cash From Operating Activities in millions, except share and per share data Three Months Ended Year Ended December 31, December 31, 2012 2011 2012 2011 Net cash from operating activities…
  31. 4Q 2012 – PDC Energy, Inc. – slide 31
    Contact Information Investor Relations Ron Wirth, Vice President Finance and Treasurer ron.wirthpdce.com Marti Dowling, Investor Relations Manager marti.dowlingpdce.com Corporate Headquarters PDC Energy, Inc. 1775 Sherman Street…

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