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Q2 2013 – PDC Energy, Inc.

PDC Energy, Inc. · Aug 1, 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.

Slides

  1. Q2 2013 – PDC Energy, Inc. – slide 1
    SECOND QUARTER 2013 AUGUST 1, 2013 NASDAQ:PDCE
  2. Q2 2013 – PDC Energy, Inc. – slide 2
    James Trimble Chief Executive Officer and President 8/1/2013 3
  3. Q2 2013 – PDC Energy, Inc. – slide 3
    2013 Second Quarter Highlights Net Income of 20 million, or 0.64 per diluted share; adjusted net income of 7 million, or 0.23 per diluted share Production from continuing operations up 34% from Q2 2012 to 18,100 Boe per day;…
  4. Q2 2013 – PDC Energy, Inc. – slide 4
    Gysle Shellum Chief Financial Officer 8/1/2013 5
  5. Q2 2013 – PDC Energy, Inc. – slide 5
    Summary Financial Results (From Continuing Operations) In Millions, Except Per Share Data Three Months Ended Six Months Ended June 30, June 30, Measure 2013 2012 2013 2012 Total natural gas, NGL, and crude oil sales 77.5 51.3…
  6. Q2 2013 – PDC Energy, Inc. – slide 6
    Summary Financial Results In Millions, Except Per Share Data Three Months Ended Six Months Ended June 30, June 30, Measure 2013 2012 2013 2012 Income (loss) from operations 39.4 39.4 (10.7) 60.8 Net income (loss) 19.9 12.3…
  7. Q2 2013 – PDC Energy, Inc. – slide 7
    Debt Maturity Schedule 450 million revolver matures in May Debt Maturity Schedule (1) 2018 600 115 million 3.25% convertible 3.25% Convertible Notes due 2016 500 debentures mature in May 2016 500 Undrawn Revolver 450 7.75%…
  8. Q2 2013 – PDC Energy, Inc. – slide 8
    Crude Oil and Natural Gas Hedges Hedges in Place as of June 30, 2013 Jul Dec Crude Oil FY2014 FY2015 2013 (1) NYMEX Average 95.62 90.62 85.94 Weighted-Average Hedge Price With Ceilings 99.93 94.70 91.09 Weighted-Average Hedge…
  9. Q2 2013 – PDC Energy, Inc. – slide 9
    Barton Brookman Executive Vice President and Chief Operating Officer 8/1/2013 10
  10. Q2 2013 – PDC Energy, Inc. – slide 10
    Operational Overview Q2 2013 Production 18,100 Boe/d WATTENBERG UTICA Utica Liquid-Rich 1% Q2 2012: 10,813 Boe/d Basins Q2 2012: N/A Wattenberg 83% Q2 2013: 15,019 Boe/d Q2 2013: 218 Boe/d(1) 2013E: 15,039 Boe/d 2013E: 1,074…
  11. Q2 2013 – PDC Energy, Inc. – slide 11
    Production Summary Q2 2013 Commodity Mix Highlights NGLs 17% YTD PDC Energy 2% above guidance, on target for 2013E Gas Oil Wattenberg 46% 37% Deployed 3rd HZ rig in Q213 16-well Waste Management project first flow expected late…
  12. Q2 2013 – PDC Energy, Inc. – slide 12
    PDC Wattenberg Horizontal Program 8/1/2013 13
  13. Q2 2013 – PDC Energy, Inc. – slide 13
    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…
  14. Q2 2013 – PDC Energy, Inc. – slide 14
    Horizontal Codell Performance Current Type Curve Avg. 3-Phase EUR: 345 MBoe PDC 3P Inventory: 455 wells Capex: 4.2MM % Liquids: 75% IRR1: 77% PV10: 5.2MM (1) Flat Pricing: 90 NYMEX Oil, 4.00 NYMEX Gas. Excludes lease…
  15. Q2 2013 – PDC Energy, Inc. – slide 15
    Wattenberg Midstream Update Expected Timeline August 2013 Utilizing bypass to increase system capacity Mechanical completion of LaSalle plant end LaSalle Plant Nearing Completion of August Field gathering/compression to LaSalle…
  16. Q2 2013 – PDC Energy, Inc. – slide 16
    Utica - drilled and/or completed - planned 2013 spud Oil Wet Gas Condensate Dry Plan to drill 11 wells in 2013 Gas Currently drilling 6th well Commissioners 2H & 3H Midstream services Detweiler 2H - *Currently Drilling*…
  17. Q2 2013 – PDC Energy, Inc. – slide 17
    Drilling Activity 2013 Gross Wells Drilled 6-Months 2013 Gross Project Counts 45 Operated Non Operated Horizontal Spuds (operated) 39 40 38 Wattenberg (14 Nio, 13 Codell) 27 36 35 33 Utica 5 30 30 27 Marcellus 7 24 25…
  18. Q2 2013 – PDC Energy, Inc. – slide 18
    Capex Update Q1 2013 Q2 2013 Q3 - Q4 FY PDC Energy Actual Actual 2013E 2013E D&C Capital 47 76 226 349 Wattenberg 38 59 175 272 Utica 9 17 51 77 Other - - Leasehold, Exploration & Miscellaneous 3 3 32 38 Total Capex 50 79 258…
  19. Q2 2013 – PDC Energy, Inc. – slide 19
    LOE / Margin /Boe (1) Lease Operating Expense Gross Margin From Sales 6.00 60.00 Sales Sales 5.50 50.00 47.71 47.10 (4.48) (4.97) 5.10 (1.81) 4.97 40.00 (3.23) (1.64) 5.00 (3.22) /Boe /Boe 4.48 30.00 4.50 4.33…
  20. Q2 2013 – PDC Energy, Inc. – slide 20
    Operations Highlights Wattenberg Utica Appalachia Quarterly production of 15,000 Boe/d 46,000 net acres Quarterly horizontal production 6,000 Boe/d Most acreage in liquid-rich window 40% of production from HZ wells Currently…
  21. Q2 2013 – PDC Energy, Inc. – slide 21
    Questions and Answers 8/1/2013 22
  22. Q2 2013 – PDC Energy, Inc. – slide 22
    Contact Information 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…
  23. Q2 2013 – PDC Energy, Inc. – slide 23
    Appendix 8/1/2013 24
  24. Q2 2013 – PDC Energy, Inc. – slide 24
    Adjusted Net Income (Loss) Reconciliation From Net Income (Loss) in millions, except share and per share data Three Months Ended Six Months Ended June 30, June 30, 2013 2012 2013 2012 Net income (loss) 19.9 12.3 (19.5) 28.1…
  25. Q2 2013 – PDC Energy, Inc. – slide 25
    Adjusted Cash Flows From Operations Reconciliation From Net Cash From Operating Activities in millions, except share and per share data Three Months Ended Six Months Ended June 30, June 30, 2013 2012 2013 2012 Net cash from…
  26. Q2 2013 – PDC Energy, Inc. – slide 26
    Adjusted EBITDA Reconciliation From Net Income (Loss) in millions, except share and per share data Three Months Ended Six Months Ended June 30, June 30, 2013 2012 2013 2012 Net income (loss) 19.9 12.3 (19.5) 28.1 Unrealized…
  27. Q2 2013 – PDC Energy, Inc. – slide 27
    Adjusted EBITDA Reconciliation From Net Cash From Operating Activities in millions, except share and per share data Three Months Ended Six Months Ended June 30, June 30, 2013 2012 2013 2012 Net cash from operating activities…

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