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FIRST QUARTER 2015 RESULTS – PDC Energy, Inc.

PDC Energy, Inc. · May 7, 2015 · 22 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. FIRST QUARTER 2015 RESULTS – PDC Energy, Inc. – slide 1
    May 7, 2015 2015 FIRST QUARTER RESULTS
  2. FIRST QUARTER 2015 RESULTS – PDC Energy, Inc. – slide 2
    Barton Brookman President and Chief Executive Officer 5/7/2015 3
  3. FIRST QUARTER 2015 RESULTS – PDC Energy, Inc. – slide 3
    2015 Executing on Value Added Growth 32,162 Boe/d (2.9MMBoe) total production; well- positioned to meet full-year guidance 15% quarterly growth rate over Q4 14 14,519 Bbls/d crude oil production (45% of total) 16% quarterly…
  4. FIRST QUARTER 2015 RESULTS – PDC Energy, Inc. – slide 4
    Gysle Shellum Chief Financial Officer 5/7/2015 5
  5. FIRST QUARTER 2015 RESULTS – PDC Energy, Inc. – slide 5
    Summary GAAP Financial Results (from continuing operations) In millions, except per share data Three Months Ended March 31, Measure 2015 2014 Total crude oil, natural gas and NGLs sales 74.1 120.0 Production costs 24.2 18.1…
  6. FIRST QUARTER 2015 RESULTS – PDC Energy, Inc. – slide 6
    Summary Non-GAAP Financial Results In millions, except per share data Three Months Ended March 31, (1) Measure 2015 2014 Adjusted net income 7.0 9.6 Adjusted net income per diluted share 0.19 0.27 Adjusted cash flows from…
  7. FIRST QUARTER 2015 RESULTS – PDC Energy, Inc. – slide 7
    Debt and Liquidity As of 3/31/15 115 million 3.25% convertible debentures mature in May 2016 Debt Maturity Schedule (in millions) 800 3.25% Convertible Notes due May 2016 700 million revolver matures May 2018 700 Current…
  8. FIRST QUARTER 2015 RESULTS – PDC Energy, Inc. – slide 8
    Crude Oil and Natural Gas Hedges Summary Hedges in place as of March 31, 2015 plus hedges entered into prior to April 30, 2015 Apr Dec 85% of crude oil volumes at weighted average floor price of 88.82/Bbl 2015 75% of natural gas…
  9. FIRST QUARTER 2015 RESULTS – PDC Energy, Inc. – slide 9
    Scott Reasoner Senior Vice President Operations 5/7/2015 10
  10. FIRST QUARTER 2015 RESULTS – PDC Energy, Inc. – slide 10
    Operational Overview Production from Continuing Operations Utica Core Wattenberg Wattenberg Utica Q1 2015: 29,203 Boe/d Q1 2015: 2,959 Boe/d Q1 2014: 20,544 Boe/d Q1 2014: 2,261 Boe/d Total PDC Energy Q1 2015: 32,162…
  11. FIRST QUARTER 2015 RESULTS – PDC Energy, Inc. – slide 11
    Production Summary From Continuing Operations Q1 2015 Highlights Q1 2015 Commodity Mix 15% production growth (Boe/d) compared to Q4 2014 and 41% production growth compared to Q1 2014 NGLs 17% Oil mix accounted for 45% of Q1…
  12. FIRST QUARTER 2015 RESULTS – PDC Energy, Inc. – slide 12
    Wattenberg Development Update Current Drilling Rig Location as of 5/1/2015 Key Technical Updates: Extended Reach Lateral & Downspacing Project: Chesnut (Sec. 28): 10 wells Middle Core 20-wells per section equivalent test First…
  13. FIRST QUARTER 2015 RESULTS – PDC Energy, Inc. – slide 13
    Utica Update Drilled and/or completed Upcoming TILs PDC acreage Type Curve Areas Continued strong results from Dynamite pad DRY OIL CONDENSATE WET GAS GAS Utilized same completion technology Commisioners on 4-well Cole pad…
  14. FIRST QUARTER 2015 RESULTS – PDC Energy, Inc. – slide 14
    Drilling & Completion Activity 2015 Gross Operated Well TILs Q115 Gross Project Counts Drilling Activity TIL Spuds Operated HZ 20 34 Wattenberg 20 34 Utica 0 0 Non Operated HZ (WI 22%) 11 11 Total Wells (Op and Non-Op) 31 45 0…
  15. FIRST QUARTER 2015 RESULTS – PDC Energy, Inc. – slide 15
    2015 Capital Forecast In millions 2015 Capital Forecast Q115 Q215 Q415 Allocation Area Capital Estimate Actual Other 1% Utica Wattenberg 120 315 7% Utica 18 17 Wattenberg Other 2 1 92% Total 140 333 473MM…
  16. FIRST QUARTER 2015 RESULTS – PDC Energy, Inc. – slide 16
    Lease Operating Expense Per Boe (From Continuing Operations) 6.00 EH&S charge 5.46 5.00 4.85 4.56 4.21 4.00 3.78 3.75 3.00 4.42 3.39 2.00 1.00 0.00 Q1'14 Q2'14 Q3'14 Q4'14 Q1'15 FY 2015E Increase in lease operating…
  17. FIRST QUARTER 2015 RESULTS – PDC Energy, Inc. – slide 17
    Operations Highlights PDC Company Highlights Wattenberg: Q115 net production of 29,200 Boe/d Operated production 80% of total Q115 Wattenberg volumes HZ wells 63% of operated production Spud 20 horizontal Niobrara wells in…
  18. FIRST QUARTER 2015 RESULTS – PDC Energy, Inc. – slide 18
    PDC Q115 Conference Call Questions & Answers 5/7/2015 19
  19. FIRST QUARTER 2015 RESULTS – PDC Energy, Inc. – slide 19
    Investor Relations Mike Edwards, Senior Director Investor Relations michael.edwardspdce.com Kyle Sourk, Manager Investor Relations kyle.sourkpdce.com Corporate Headquarters PDC Energy, Inc. 1775 Sherman Street Suite 3000 Denver,…
  20. FIRST QUARTER 2015 RESULTS – PDC Energy, Inc. – slide 20
    Appendix 5/7/2015 21
  21. FIRST QUARTER 2015 RESULTS – PDC Energy, Inc. – slide 21
    Reconciliation of Non-GAAP Financial Measures In millions, except per share data Three Months Ended March31 Adjusted net income (loss) from net income (loss): 2015 2014 Net income (loss) 17.1 (2.1) (Gain) loss on commodity derivative…
  22. FIRST QUARTER 2015 RESULTS – PDC Energy, Inc. – slide 22
    Reconciliation of Non-GAAP Financial Measures In millions, except per share data Three Months Ended March31 Adjusted EBITDA from net income (loss): 2015 2014 Net income (loss) 17.1 (2.1) (Gain) loss on commodity derivative…

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