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IPAA OGIS SAN FRANCISCO – PDC Energy, Inc.

PDC Energy, Inc. · Sep 22, 2014 · 25 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. IPAA OGIS SAN FRANCISCO – PDC Energy, Inc. – slide 1
    IPAA-OGIS SAN FRANCISCO SEPTEMBER 22, 2014 NASDAQ:PDCE
  2. IPAA OGIS SAN FRANCISCO – PDC Energy, Inc. – slide 2
    Company Overview NASDAQ:PDCE Market cap 2.0 Billion (1) Strategic Core Areas Enterprise value 2.6 Billion (1) Colorado and Appalachian Basin Proved reserves (YE2013) 266 MMBoe WATTENBERG UTICA (3) 54% liquids, 28% proved developed…
  3. IPAA OGIS SAN FRANCISCO – PDC Energy, Inc. – slide 3
    2014 Revised Production Guidance Revised 2014 Production Guidance FY 2014 Product Mix 11.0 + 0.2 10.7 - 10.9 - 0.3 NGL + 0.3 10.4 - 10.6 16% 10.5 + 0.6 Gas 10.0 40% Oil 9.5 - 10.0 44% 9.5 2014 MMBoe 9.0 60% Liquids…
  4. IPAA OGIS SAN FRANCISCO – PDC Energy, Inc. – slide 4
    2014 Capital & Year-End 2013 Reserves 647 million capital expenditure budget 2014 Capital Budget Allocation Other PDCM 0% 2% 443 million (68%) Wattenberg 192 million (30%) Utica Utica 30% 10 million (2%) is PDCs share of PDCM…
  5. IPAA OGIS SAN FRANCISCO – PDC Energy, Inc. – slide 5
    Lease Operating Expense /Boe Updated Lifting Cost Guidance 5.00 4.00 /Boe 3.00 4.28 4.40 4.23 2.00 3.41 1.00 0.00 Q1'14(A) Q2'14(A) Q3'14(G) Q4'14(G) (1) Higher than expected LOE in Q2 14 due to the…
  6. IPAA OGIS SAN FRANCISCO – PDC Energy, Inc. – slide 6
    PDC Portfolio Positive Impact Post PDCM Sale Increases % Liquids, PV10 per boe and margin YearEnd 2013 Proved Reserves Pro Forma YearEnd 2013 Proved Reserves NGLs NGLs 19% 22% Gas 46% Oil Gas Oil 41% 37% 35% 266 MMBOE…
  7. IPAA OGIS SAN FRANCISCO – PDC Energy, Inc. – slide 7
    Horizontal Program DJ Basin PDCs Core Wattenberg Field Position Regional Horizontal Development Overview(1) 97,000 net acres, 97% HBP Third largest leaseholder and producer Strong repeatable lower risk projects 2,000 horizontal…
  8. IPAA OGIS SAN FRANCISCO – PDC Energy, Inc. – slide 8
    DJ Basin Stratigraphic Column Multiple Target Zones Current PDC Operations Spud 60 gross Hz operated wells in Wattenberg Field in 1H 2014 Participated in 42 Hz nonoperated wells in Wattenberg Field in 1H 2014 2,300 net…
  9. IPAA OGIS SAN FRANCISCO – PDC Energy, Inc. – slide 9
    Three Niobrara Core Areas in Wattenberg Continued development supporting horizontal Niobrara type curve boundaries. INNER Core Type Well 3Phase EUR: 500 Mboe Net Acres: 5,500 Gross 3P Locations: 90 41 IRR(1): 125% PV10: 6.8MM…
  10. IPAA OGIS SAN FRANCISCO – PDC Energy, Inc. – slide 10
    Quantifying Consistency in Core Wattenberg Niobrara Horizontals Inside and Outside Core Wattenberg EUR Variability Ratio Inner Core ( P10 / P90 ) Middle Core Outer Core Calculated EURs on 800 industry Hz Niobrara CO DJ Niobrara…
  11. IPAA OGIS SAN FRANCISCO – PDC Energy, Inc. – slide 11
    Niobrara & Codell Hz Results Comparable Strong Codell results across entire PDC acreage position Avg NIOBRARA Hz Type Well PDC second in horizontal Codell development 3Phase EUR: 384 MBoe Net acres: 97,000 Provides second tier of…
  12. IPAA OGIS SAN FRANCISCO – PDC Energy, Inc. – slide 12
    Key PDC Projects Testing Tighter Downspacing PDC aggressively testing downspacing in multiple areas of Core Wattenberg Evaluating resource potential beyond current 3P inventory spacing Planned Wells per Section Equivalent 20Wells…
  13. IPAA OGIS SAN FRANCISCO – PDC Energy, Inc. – slide 13
    Wattenberg Crude Oil Takeaway Crude Takeaway Optionality Provides Support for Long-Term Wellhead Deduct Estimated at 9-11 per Barrel New Crude Oil Takeaway Tampa Rail Expansion Multiple delivery points 70,000 Bbl/d Online in late…
  14. IPAA OGIS SAN FRANCISCO – PDC Energy, Inc. – slide 14
    3rd Party Midstream Expansion - Wattenberg PDC Acreage Plants and compression strategically placed NGL Outlet to Mt. Belvieu Sullivan CS around PDC acreage 2014 Compressor Site Lucerne 2 Plant New Processing Plants Lucerne 2 plant (230…
  15. IPAA OGIS SAN FRANCISCO – PDC Energy, Inc. – slide 15
    Utica Update drilled and/or completed planned 2014 spud PDC acreage New Type Curve Areas 67,000 net acres (1) OIL CONDENSATE WINDOW WET GAS WINDOW DRY GAS 21,000 acres in Condensate window Commissioners 1425H Commissioners…
  16. IPAA OGIS SAN FRANCISCO – PDC Energy, Inc. – slide 16
    Utica Current Type Curve Estimates Condensate Window Estimates Wet Gas Window Estimates Average Production Rate Average Production Rate Type Curve Estimate Type Curve Estimate Condensate Estimated Economics Wet Gas Estimated…
  17. IPAA OGIS SAN FRANCISCO – PDC Energy, Inc. – slide 17
    Utica - Garvin Pad Production Strong Garvin Pad performance in Washington County, Ohio Average rate from 3 wells inline with 1.2 MMBoe (3Phase) type curve 10+ months of production history on Garvin 1H Garvin pad inline with…
  18. IPAA OGIS SAN FRANCISCO – PDC Energy, Inc. – slide 18
    Utica Midstream Operations MarkWest (MWE) MWE Cadiz Plant PDC volumes flow to Seneca Plant MWE Hopedale Fractionator MWE has current capacity of 585 MMcf/d with planned expansion to 1.0+ Bcf/d by 2015 REX Pipeline Access to…
  19. IPAA OGIS SAN FRANCISCO – PDC Energy, Inc. – slide 19
    2014 Consolidated Financial Guidance Update In Millions, Except for Per Share Data Analyst Day Update Guidance (1,2,3) Guidance Low High Production (MMBoe) 9.5 10.0 10.4 10.6 Crude oil, natural gas and NGLs sales 458 - 495 562…
  20. IPAA OGIS SAN FRANCISCO – PDC Energy, Inc. – slide 20
    Debt Maturity Schedule in Millions 115 million 3.25% convertible Debt Maturity Schedule debentures mature in May 2016 600 3.25% Convertible Notes due May 2016 Drawn 06/30/2014 PDCM PDCM: 53 million revolver matures in Undrawn…
  21. IPAA OGIS SAN FRANCISCO – PDC Energy, Inc. – slide 21
    Crude Oil and Natural Gas Hedges Hedges in place as of September 15, 2014 July Dec Crude Oil (includes NGL) FY2015 FY2016 2014 NYMEX Average (1) 95.12 92.89 89.91 Weighted-Average Hedge Price With Ceilings 92.92 90.06 93.39…
  22. IPAA OGIS SAN FRANCISCO – PDC Energy, Inc. – slide 22
    Investment Highlights Positioned to execute multiyear organic growth of production, cash flow and proved reserves Significant horizontal projects in inventory Core Wattenberg Niobrara and Codell / Colorado Utica Shale /…
  23. IPAA OGIS SAN FRANCISCO – PDC Energy, Inc. – slide 23
    Investor Relations Mike Edwards, Senior Director Investor Relations michael.edwardspdce.com Corporate Headquarters PDC Energy, Inc. 1775 Sherman Street Suite 3000 Denver, Colorado 80203 3038605800 Website www.pdce.com…
  24. IPAA OGIS SAN FRANCISCO – PDC Energy, Inc. – slide 24
    Appendix 9/22/2014 25
  25. IPAA OGIS SAN FRANCISCO – PDC Energy, Inc. – slide 25
    Reconciliation of Non-GAAP Financial Measures in millions, except share and per share data Year Ended December 31 Adjusted net income (loss) from net income (loss): 2011 2012 2013 Net income (loss) 13.4 (130.7) (22.3) (Gain) loss on…

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