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WELLS FARGO EAndP 11 FORUM – PDC Energy, Inc.

PDC Energy, Inc. · Mar 6, 2014 · 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. WELLS FARGO EAndP 11 FORUM – PDC Energy, Inc. – slide 1
    WELLS FARGO E&P 1:1 FORUM March 6, 2014 NASDAQ:PDCE
  2. WELLS FARGO EAndP 11 FORUM – PDC Energy, Inc. – slide 2
    Company Overview NASDAQ:PDCE Strategic Core Areas Market cap 2.2 Billion (1) Colorado and Appalachian Basin Enterprise value 2.8 Billion WATTENBERG UTICA Proved reserves (YE2013) 266 MMBoe 97,000 Net Acres Liquid 48,000 Net…
  3. WELLS FARGO EAndP 11 FORUM – PDC Energy, Inc. – slide 3
    2013 Highlights Grew production from continuing operations 35% over 2012 Increased crude oil and NGLs production mix to 53% Increased total proved reserves 38% to 266 MMBoe Strong production from the Wattenberg Field 16-wells per…
  4. WELLS FARGO EAndP 11 FORUM – PDC Energy, Inc. – slide 4
    Proved Reserve Summary YE2013 PDCE Reserves Comparison YE2012 YE2013 Total Proved (Mmboe) 192.8 265.8 % Liquids 48% 54% (1) SEC BTAX PV10 Value (MM) 1,709 2,704 SEC Product Pricing Oil (/Bbl) 94.71 96.94 SEC Product Pricing…
  5. WELLS FARGO EAndP 11 FORUM – PDC Energy, Inc. – slide 5
    Production Summary 2013 Commodity Mix Highlights Considerable growth year over year NGLs 14% 4 rigs running in Wattenberg area Encouraging results from Utica operations (11 wells producing) Gas Oil 47% 39% 40% increase in liquids…
  6. WELLS FARGO EAndP 11 FORUM – PDC Energy, Inc. – slide 6
    2014 Capital Budget Wattenberg Utica PDCM 50% Other 647 MM Total Capital Operated Operated Area Budget Horizontal Horizontal 72% (MM) Rigs New Drills 467 MM 25% Wattenberg (1) 467 4.5 115 162 MM Utica 162 1.25 18 2%…
  7. WELLS FARGO EAndP 11 FORUM – PDC Energy, Inc. – slide 7
    LOE / Margin /Boe Lease Operating Expense Gross Margin from Sales (/Boe)(1) 60.00 Sales 5.96 Sales Sales Sales 50.03 6.00 50.00 47.71 47.10 47.91 (4.74) (4.48 ) (4.97 ) (5.96) (1.31) 5.50 (1.81) (1.64) (1.58) (3.22) 40.00…
  8. WELLS FARGO EAndP 11 FORUM – PDC Energy, Inc. – slide 8
    Core Horizontal Wattenberg 97,000 net acres, 95% HBP Third largest leaseholder and producer Strong repeatable lower risk projects 2,000 horizontal Niobrara locations 800 horizontal Codell locations 2,800 gross horizontal…
  9. WELLS FARGO EAndP 11 FORUM – PDC Energy, Inc. – slide 9
    DJ Basin Stratigraphic Column Multiple Target Zones Current PDC Operations In 2013, spud 119 gross Hz wells in Wattenberg Field 70 operated, 49 nonoperated 2,300 net producing vertical wells (1) 113 operated producing horizontal…
  10. WELLS FARGO EAndP 11 FORUM – PDC Energy, Inc. – slide 10
    Wattenberg Project Inventory YE2013 (1) Proved HZ Inventory 8 Gross wells per 640 Ac. (6 Niobrara, 2 Codell (2) ) Gross HZ Inventory: 623 2P HZ Inventory (1) 14 Gross wells per 640 Ac. (10 Niobrara, 4 Codell) Gross HZ…
  11. WELLS FARGO EAndP 11 FORUM – PDC Energy, Inc. – slide 11
    Horizontal Niobrara Performance Type Curves & Economics Reflect Higher EURs in Middle & Outer Cores and Differential Change Compared to 2013 Inner Core Middle Core Outer Core Average EUR1 Average EUR1 Average EUR1 Range of Industry…
  12. WELLS FARGO EAndP 11 FORUM – PDC Energy, Inc. – slide 12
    PDCE Horizontal Codell Performance Type Curve & Economics Reflects Higher EUR and Differential Change Compared to 2013 Total PDC Horizontal Codell Production 1,000 YE2013 Type Curve Avg. 3-Phase EUR: 370 MBoe Avg. 3-phase EUR:…
  13. WELLS FARGO EAndP 11 FORUM – PDC Energy, Inc. – slide 13
    Waste Management 16-Well Section Online Fall 2013 2N-64W-2 All 16 wells as of 1714 Hz Codell Economics Average 3-Phase EUR: 370 MBoe Middle Core Economics % Liquids: 72% Average 3-Phase EUR: 400 MBoe IRR1: 73% % Liquids: 66%…
  14. WELLS FARGO EAndP 11 FORUM – PDC Energy, Inc. – slide 14
    3rd Party Midstream Expansion - Wattenberg One Bcfe per Day of Capacity Planned Plants and compression strategically placed around PDC acreage OConnor* plant (160 MMcf/d) 110 MMcf/d startedup October 2013 50 MMcf/d expected in…
  15. WELLS FARGO EAndP 11 FORUM – PDC Energy, Inc. – slide 15
    Utica Shale SE Ohio 48,000 net acres, 57% HBP, 95% WI, 16% royalty 200 gross horizontal locations 1,000 ft. spacing between wells Multi-well pads Testing different reservoir landing zones PA Targeting 5,000 to 6,000 ft.…
  16. WELLS FARGO EAndP 11 FORUM – PDC Energy, Inc. – slide 16
    Utica Leasehold and Activity drilled and/or completed planned 2014 spud Wet Gas Condensate Dry Oil Gas 25% ac. in Guernsey & N. Noble Counties Onega-Commissioners 14-25H Commissioners 2H , 3H 75% ac. in Washington, S. Noble,…
  17. WELLS FARGO EAndP 11 FORUM – PDC Energy, Inc. – slide 17
    Appalachian Basin - Marcellus PDCM Marcellus Acreage producing 131,000 (1) Marcellus net acres to PDCM 58 Marcellus producing wells (44 Horizontal) completed 357 of 600 undeveloped horizontal waiting hook up Marcellus…
  18. WELLS FARGO EAndP 11 FORUM – PDC Energy, Inc. – slide 18
    Crude Oil and Natural Gas Hedges Hedges in Place as of January 9, 2014 Crude Oil (includes NGL) FY2014 FY2015 FY2016 NYMEX Average (1) 96.36 88.75 83.83 Weighted-Average Hedge Price With Ceilings 94.15 89.35 N/A Weighted-Average…
  19. WELLS FARGO EAndP 11 FORUM – PDC Energy, Inc. – slide 19
    Debt Maturity Schedule in Millions 115 million 3.25% convertible debentures mature in May 2016 Debt Maturity Schedule 600 53 million PDCM revolver matures in 3.25% Convertible Notes due 2016 April 2017; 15 million second lien…
  20. WELLS FARGO EAndP 11 FORUM – PDC Energy, Inc. – slide 20
    Preliminary 2014 Consolidated Financial Guidance (from continuing operations) In Millions, Except for Per Share Data YE 2013 2014 Guidance (3) Actual Low High Production (MMBoe) 7.4 (1) 9.5 10.0 Crude oil, natural gas and NGLs sales…
  21. WELLS FARGO EAndP 11 FORUM – PDC Energy, Inc. – slide 21
    Investment Highlights 2013 Utica Objectives Positioned to execute multi-year organic growth of production, cash flow and proved reserves Significant horizontal projects in inventory Core Wattenberg Niobrara and Codell / Colorado…
  22. WELLS FARGO EAndP 11 FORUM – PDC Energy, Inc. – slide 22
    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 Street Suite 3000…
  23. WELLS FARGO EAndP 11 FORUM – PDC Energy, Inc. – slide 23
    APPENDIX 3/6/2014 24
  24. WELLS FARGO EAndP 11 FORUM – PDC Energy, Inc. – slide 24
    Utica Geologic Summary Palmer Onega Commissioners Hickenbottom A Morgan County Guernsey County Belmont County A Utica Pt. Pleasant Trenton Resistivity (ohmm) 800 2,000 1,000 2,000+ 1,000 2,000+ Rock Properties PDC…
  25. WELLS FARGO EAndP 11 FORUM – PDC Energy, Inc. – slide 25
    Utica: Local Stratigraphic Column Southern Ohio 1. Queenston Shale Classic Mudstone Null TOC & low resistance 2. Upper Utica Shale Mudstone with null limestone content. Some TOC & low resistivity High clay content Lower Youngs…
  26. WELLS FARGO EAndP 11 FORUM – PDC Energy, Inc. – slide 26
    Reconciliation of non-U.S GAAP Financial Measures in millions, except share and per share data Three Months Ended December 31 Year Ended December 31 Adjusted net income (loss) from net income (loss): 2013 2012 2013 2012 Net income…
  27. WELLS FARGO EAndP 11 FORUM – PDC Energy, Inc. – slide 27
    Reconciliation of non-U.S GAAP Financial Measures in millions, except share and per share data Three Months Ended December 31 Year Ended December 31 Adjusted EBITDA from net income (loss): 2013 2012 2013 2012 Net income (loss) 13.2…

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