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BAML Global Energy Conference – PDC Energy, Inc.

PDC Energy, Inc. · May 14, 2013 · 29 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. BAML Global Energy Conference – PDC Energy, Inc. – slide 1
    BANK OF AMERICA MERRILL LYNCH GLOBAL ENERGY AND POWER LEVERAGED FINANCE CONFERENCE 2013 MAY 14, 2013 NASDAQ:PDCE
  2. BAML Global Energy Conference – PDC Energy, Inc. – slide 2
    Company Overview NASDAQ: PDCE Market cap 1.4 Billion(1) Strategic Core Areas Enterprise value 2.1 Billion(1) Colorado and Appalachian Basin Proved reserves 193 MMBoe (1.2 Tcfe)(2) WATTENBERG Liquid- UTICAAPPALACHIAN BASIN 48%…
  3. BAML Global Energy Conference – PDC Energy, Inc. – slide 3
    Non-Core Colorado Asset Divestiture Enables PDC to Accelerate LiquidRich Horizontal Drilling Colorado Natural Gas Assets: Piceance, NECO, Krieger, SECO Offer Amount: 200 million(1) cash Includes certain PDC hedges for 2013-2015…
  4. BAML Global Energy Conference – PDC Energy, Inc. – slide 4
    YE2012 Reserves Summary Solid Growth Despite Price Declines and Divestitures PDCE YE2012 YE2011 YE2012 Post Non-Core CO SEC Pricing Comparison YE2011 YE2012 Reserves Comparison Asset Divestiture Total Proved 169.3 192.9 178.7…
  5. BAML Global Energy Conference – PDC Energy, Inc. – slide 5
    Production by Area MBoe AREA 2011 2012 2013E 2012 Commodity Mix Wattenberg 3,880 4,458 5,489 Utica - - 392 Oil 25% Appalachia 737 1,032 1,381 Piceance 2,258 2,242 - Gas 65% NGLs NECO/ Other 626 537 - 10% Total 7,501 8,269…
  6. BAML Global Energy Conference – PDC Energy, Inc. – slide 6
    2013 Capital Budget Pro-Forma for Colorado Asset Sale 2013 Capex Budget by Region Operated Capital Budget Horizontal Area Horizontal (MM) New Drills Rigs 63% 22% Wattenberg 280(1) 2.5 69 Utica 96 1 11 13% 2% Other 10…
  7. BAML Global Energy Conference – PDC Energy, Inc. – slide 7
    Core Horizontal Wattenberg Third largest leaseholder and producer in the Wattenberg Field 99,000 net acres(1) 70% - 80% liquids Typical EURs from 300 to 500 MBoe Excellent returns IRR of 40% - 140+%(2) 2,000 gross…
  8. BAML Global Energy Conference – PDC Energy, Inc. – slide 8
    Wattenberg Field Stratigraphic Column Multiple Target Zones Current PDC Horizontal Program Data Drilling 3 to 5 well pads 4,000 average lateral length 16 frac stages per well Drill time of 12-15 days spud to spud Sliding sleeves,…
  9. BAML Global Energy Conference – PDC Energy, Inc. – slide 9
    Horizontal Production: Niobrara and Codell (2) EUR: 500 MBoe Capex: 4.2MM IRR(1): 140+% PV10: 7.5 MM EUR: 300 MBoe (2) Capex: 4.2MM IRR(1): 57% PV10: 3.2 MM (1) Flat Pricing: 90 NYMEX Oil, 3.50 NYMEX Gas. Excludes lease…
  10. BAML Global Energy Conference – PDC Energy, Inc. – slide 10
    3rd Party Midstream Expansion - Wattenberg One Bcfe per Day of Capacity Planned Plants and compression strategically placed around PDC acreage PDC Acreage 2013 Compressor Site Sullivan CS LaSalle plant start-up late Q313 (160…
  11. BAML Global Energy Conference – PDC Energy, Inc. – slide 11
    Utica Leasehold and Asset Summary Leasehold and asset summary Oil Wet Gas Condensate Dry Gas 45,700 net acres Boy Scout 1-33H IP: 3,456 boepd Wagner 1-28H IP: 4,650 boepd Average 95% WI, 16% royalty, 57% HBP Ryser 1-25H PDCE IP:…
  12. BAML Global Energy Conference – PDC Energy, Inc. – slide 12
    Appalachian Basin - Marcellus PDCM Marcellus Acreage Marcellus Overview Gross Productive Wells 47 Horizontal 32 Vertical 15 Net Acreage (Full JV) 125,250 West Virginia 116,250 Pennsylvania 9,000 Undeveloped Locations Core…
  13. BAML Global Energy Conference – PDC Energy, Inc. – slide 13
    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:…
  14. BAML Global Energy Conference – PDC Energy, Inc. – slide 14
    Crude Oil and Natural Gas Hedges Hedges in Place as of March 31, 2013 Pro-forma for Non-Core Colorado natural gas assets divestiture. Crude Oil (includes NGL) 2013 2014 2015 (1) NYMEX Average 96.60 93.21 89.65 Weighted-Average…
  15. BAML Global Energy Conference – PDC Energy, Inc. – slide 15
    2013 Consolidated Financial Guidance In Millions, Except for Per Share Data YE 2012 2013 Guidance Actual Low High Production (MMBoe) 5.5 (1) 7.0 7.5 Natural gas, NGL and crude oil sales 238 297 377 Realized gain on derivatives 49 38…
  16. BAML Global Energy Conference – PDC Energy, Inc. – slide 16
    Debt Maturity Schedule in Millions 450 million revolver matures in Debt Maturity Schedule (1) November 2015 600 115 million 3.25% convertible Drawn 03/31/2013 500 debentures mature in May 2016 500 450 Undrawn Revolver (…
  17. BAML Global Energy Conference – PDC Energy, Inc. – slide 17
    2013 Debt & Liquidity Analysis 2012 Actual 2013 Estimate 2013 Estimate 2013 Estimate Consolidated PDC Only PDCM Consolidated Beginning Debt (MM) (Credit Facility) 209 49 26 75 - Adjusted Cash Flow From Ops (164) (175) - (193) (11) -…
  18. BAML Global Energy Conference – PDC Energy, Inc. – slide 18
    PDCE Mapped against Moodys E&P Industry Methodology Indicates a Rating in the B2 category Factor mapping Independent E&P Industry. PDCs Metrics are Pro-forma for Non-core Colorado Assets Divestiture Rating factors and sub-factors A…
  19. BAML Global Energy Conference – PDC Energy, Inc. – slide 19
    Investment 2013 Highlights 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…
  20. BAML Global Energy Conference – PDC Energy, Inc. – slide 20
    Investor Relations Ron Wirth, Vice President Finance and Treasurer ron.wirthpdce.com Mike Edwards, Senior Director Investor Relations michael.edwardspdce.com Marti Dowling, Investor Relations Manager marti.dowlingpdce.com Corporate…
  21. BAML Global Energy Conference – PDC Energy, Inc. – slide 21
    Appendix 5/14/2013 22
  22. BAML Global Energy Conference – PDC Energy, Inc. – slide 22
    Significant 3P Reserves Growth (MMBoe) Large Gains in 3P Reserves Excluding Utica Potential Development of Wattenberg continues to add significant 3P reserves to PDCs portfolio Continued delineation of the horizontal Codell…
  23. BAML Global Energy Conference – PDC Energy, Inc. – slide 23
    Lease Operating Expense Q1 FY 2012 2013 2013E Lease Operating Expense (MM) 7.5 35 42 Direct Well Expense (/Boe) 2.09 2.74 3.03 Workover Expense (/Boe) 0.29 0.40 0.41 Indirect Well Expense (/Boe) 2.10 1.74 1.67 Lifting Cost…
  24. BAML Global Energy Conference – PDC Energy, Inc. – slide 24
    PDCE + PDCM = PDC Consolidated In Millions Except For Per Share and BOE Data PDC Year Ended 12/31/2012 PDCE Net PDCM Consolidated Statement of Operations (1) Natural gas, NGL and Crude oil sales 222 16 238 Commodity price risk…
  25. BAML Global Energy Conference – PDC Energy, Inc. – slide 25
    Adjusted Net Loss Reconciliation From Net Income (Loss) in millions, except share and per share data Year Ended December 31, 2012 2011 Net income (loss) (130.7) 13.4 (1) Unrealized (gain) loss on derivatives, net 17.1…
  26. BAML Global Energy Conference – PDC Energy, Inc. – slide 26
    Adjusted Cash Flows From Operations Reconciliation From Net Cash From Operating Activities in millions, except share and per share data Year Ended December 31, 2012 2011 Net cash from operating activities 174.7 166.8 Changes…
  27. BAML Global Energy Conference – PDC Energy, Inc. – slide 27
    Adjusted EBITDA Reconciliation From Net Income (Loss) in millions, except share and per share data Year Ended December 31, 2012 2011 Net income (loss) (130.7) 13.4 Unrealized (gain) loss on derivatives, net (1) 17.1 (28.6)…
  28. BAML Global Energy Conference – PDC Energy, Inc. – slide 28
    Adjusted EBITDA Reconciliation From Net Cash From Operating Activities & PV-10 Reconciliation in millions, except share and per share data Year Ended December 31, 2012 2011 Net cash from operating activities 174.7 166.8 Interest…
  29. BAML Global Energy Conference – PDC Energy, Inc. – slide 29
    Adjusted EBITDAX Reconciliation in millions Full Year Full Year Full Year 2010 2011 2012 Net Income (loss) attributable to shareholders 6.2 13.4 (130.7) (1) Unrealized loss (gain) on derivatives, net (12.6) (28.6) 17.1…

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