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GHS 100 Energy Conference – PDC Energy, Inc.

PDC Energy, Inc. · Jun 25, 2012 · 26 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. GHS 100 Energy Conference – PDC Energy, Inc. – slide 1
    GHS 100 Energy Conference June 25, 2012
  2. GHS 100 Energy Conference – PDC Energy, Inc. – slide 2
    Company Overview Q1 2012 Net Daily Production 143.7 MMcfe/d (or 23.9 MBoe/d)(1) 77.1 40.8 91 9.1 16.7 Wattenberg Piceance Appalachia NECO Pro Forma Acquisition DJ Basin Piceance Appalachia Total YE 2011…
  3. GHS 100 Energy Conference – PDC Energy, Inc. – slide 3
    Strategic Acquisition in PDCs Core Wattenberg Operating Area On May 11th, PDC agreed to purchase 35,000 Krieger g area for 331 net acres in the Core Wattenberg 6,000 Net Acres million 29.2 MMBoe net proved reserves(1) (58%…
  4. GHS 100 Energy Conference – PDC Energy, Inc. – slide 4
    Strategy for Liquid-Rich Growth Third Largest Leasehold Position in the Liquid-Rich Core Wattenberg Niobrara Play (103 000 N (103,000 Nett A Acres P Pro F Forma)) 546 Horizontal Niobrara Drilling Locations (Pro Forma) Codell and…
  5. GHS 100 Energy Conference – PDC Energy, Inc. – slide 5
    Track Record of Substantial Growth in Production and Reserves Annual Production (Bcfe) 75 Track record of double-digit liquid-rich 60 reserve and production growth 48 41 45 37 38 1Q 2012 production of 13.1 Bcfe 7 17 28 7 12 25%…
  6. GHS 100 Energy Conference – PDC Energy, Inc. – slide 6
    Multi-Year Project Inventory - Pro Forma Wattenberg acquisition adds to PDCs significant drilling inventory in its Core Wattenberg area where PDC is focused on drilling liquid-rich projects Current Acquisition Project Producing Pro…
  7. GHS 100 Energy Conference – PDC Energy, Inc. – slide 7
    Substantial Growth Opportunities Reserves YE 2011 Proved Reserves YE 2011 Pro Forma Proved Reserves 950 Bcfe (or 158 MMBoe)(1) 1,125 Bcfe (or 188 MMBoe)(2) 175 322 459 +29.2 MMBoe 459 322 Chart Legend +18 % 35 Wattenberg…
  8. GHS 100 Energy Conference – PDC Energy, Inc. – slide 8
    Acquisition Accelerates Liquids Transition Production 2012E Full Year Production Guidance 2012E Full Year Pro Forma Production 53 Bcfe (or 8.8 MMBoe) Guidance: 54.5 Bcfe (1) (or 9.2 MMBoe) Chart Legend Wattenberg 0.7 2.2…
  9. GHS 100 Energy Conference – PDC Energy, Inc. – slide 9
    Low-Cost Operator Lease Operating Expenses (/Mcfe) All Sources F&D (/Mcfe) 5 year weighted avg of 0.97/Mcfe 5 Year weighted avg 1.80/Mcfe(1) 1.25 3.00 2.79 1.08 1.09 0.95 0.95 2.32 1 00 1.00 0 90 0.90 0.88 0.81 2.25…
  10. GHS 100 Energy Conference – PDC Energy, Inc. – slide 10
    2012 Capital Budget Focus on Liquid-Rich Development Allocating 96% of 2012 capital budget to liquid-rich projects Reaffirming R ffi i 284 million illi 2012 capital it l b budget d t Reallocating capital from refrac / recomplete…
  11. GHS 100 Energy Conference – PDC Energy, Inc. – slide 11
    PDC Has a Leading Position in the Core Wattenberg Horizontal Niobrara Core Wattenberg Acreage Position (Thousands of Acres)(1) 500 410 400 350 300 200 103 100 48 29 15 0 Noble Anadarko PDC Pro Forma Encana Bonzana Creek Bill…
  12. GHS 100 Energy Conference – PDC Energy, Inc. – slide 12
    Core Wattenberg Horizontal Niobrara Current Industry Activity Summary of Public Well Data Average 30 Day Rates No. Wells 300 800 Boe/d 69 800+ Boe/d 10 Total 79 Greeley Industry achieving strong, consistent results throughout…
  13. GHS 100 Energy Conference – PDC Energy, Inc. – slide 13
    Wattenberg Core Horizontal Niobrara PDC Average Peak 24 Hr and 30 Day IP in Boepd Area 2 2011 Spuds: 10 2012 Spuds: 19 Avg Peak 24 Hr IP: 563 Avg 30 Day IP: 424 Area 3 Greeley 2011 Spuds: 3 2012 Spuds: 4 Avg Peak 24 Hr IP:…
  14. GHS 100 Energy Conference – PDC Energy, Inc. – slide 14
    DJ Basin Stratigraphic Column Multiple Target Zones Current PDC Horizontal Program Data Average 30-day IP of 450 Boe/d 300-500 MBoe EUR / well 70% - 80% Oil/NGLs 4,000 average lateral length 16 frac stages per well Drill time of…
  15. GHS 100 Energy Conference – PDC Energy, Inc. – slide 15
    PDCs Core Horizontal Niobrara Production Projected Horizontal Niobrara Well Results Reserves Per Well (Mboe) 300 - 500 Peak 30 day IP Rate (Boepd) 400 - 800 Percent Liquids 75% Gross cost per well (MM) 4.2 F&D (/Boe) 14.00 -…
  16. GHS 100 Energy Conference – PDC Energy, Inc. – slide 16
    Wattenberg Down-Spacing Potential 640 acre unit Hz Niobrara Downspacing with Codell Current Hz Niobrara Inventory Pilot Test in 2012 Show 5 G / 4 N wells per section 5 Gross / 4 Net wells per 640 Ac. 12 Gross / 11 Net…
  17. GHS 100 Energy Conference – PDC Energy, Inc. – slide 17
    Refrac/Recomplete Program Key Economic Parameters(1) Gross Refrac/Recompletes 250 Reserves Per Well (Bcfe) 0.24 Peak 30 day IP Rate (Mcfd) 94 200 192 (2) 182 Peak 30 day IP Rate (Bopd) 15 es Stage 150 Gross cost per well (M)…
  18. GHS 100 Energy Conference – PDC Energy, Inc. – slide 18
    Emerging Position in Utica Shale Southeast Ohio Rights to acquire up to 45,000 net acres in Noble, Washington, Morgan and Guernsey counties for 78 million 18 million paid in Q4 2011 60 million to be paid in 2012 upon title PDC…
  19. GHS 100 Energy Conference – PDC Energy, Inc. – slide 19
    PDCs Utica Shale Strategy 2012 Objectives 2012 Utica Capex Budget: 93 Million Test Utica/Point Pleasant potential across PDC acreage position Gather core, log, and production data 65% Assess reserve potential, and develop…
  20. GHS 100 Energy Conference – PDC Energy, Inc. – slide 20
    Appalachian Basin PDCM Project Overview Devonian Marcellus Productive Wells 3,583 24 Net Developed Acreage 216,015 3,100 Net Undeveloped Acreage 20,150 148,791 Total Net Acreage 236,165 151,891 West Virginia 195,285 142,569…
  21. GHS 100 Energy Conference – PDC Energy, Inc. – slide 21
    Marcellus Focus Area Hz Inventory Undeveloped Locations Core Focus Area 357 Outside Focus Area 243 Total 600 Marcellus Activity Horizontal Wells Harrison County 5 Taylor County 4 Vertical Wells 15 Total 24 West…
  22. GHS 100 Energy Conference – PDC Energy, Inc. – slide 22
    Marcellus Horizontal 6/25/2012 23
  23. GHS 100 Energy Conference – PDC Energy, Inc. – slide 23
    Strong Balance Sheet PDC has Maintained Relatively Low Leverage and Strong Liquidity Conservative Leverage Strong Liquidity (1) (MM) 4.0x 44% 44% 50% 38% 400 357 34% 32% 2.7x 40% 326 3.0x 30% 300 231 238 1.8x 1.9x 1.8x 2.0x…
  24. GHS 100 Energy Conference – PDC Energy, Inc. – slide 24
    Hedge to Protect Cash Flows As of 03/31/2012 Strip Price Crude Oil 2012 2013 2014 2015 2016 NYMEX Average g 103.49 104.00 99.40 95.49 93.24 Weighted Avg. Hedge Price With Ceilings 99.38 100.54 107.22 106.15 N/A Weighted Avg. Hedge…
  25. GHS 100 Energy Conference – PDC Energy, Inc. – slide 25
    Investment Highlights Wattenberg acquisition represents a significant step t towards d a hi higher h liliquid-rich id i h production d ti andd reserve profile Third largest leaseholder in Core Wattenberg with 103,000 pro…
  26. GHS 100 Energy Conference – PDC Energy, Inc. – slide 26
    Contact Information Investor Relations Ron Wirth,, Director of Investor Relations rwirthpetd.com Marti Dowling, Investor Relations Manager mdowlingpetd.com Corporate Headquarters PDC Energy 1775 Sherman Street Suite 3000…

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