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IPAA OGIS San Francisco – PDC Energy, Inc.

PDC Energy, Inc. · Oct 5, 2015 · 28 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
    October 5, 2015 IPAA-OGIS SAN FRANCISCO
  2. IPAA OGIS San Francisco – PDC Energy, Inc. – slide 2
    PDC Energy High Quality Assets Core Wattenberg Company Highlights Market Cap: 2.2 Billion(1) Enterprise Value: 2.9 Billion(1) YE 2014 proved reserves 250 MMBoe 64% liquids, 30% proved developed Stress tested to 50/Bbl only 9%…
  3. IPAA OGIS San Francisco – PDC Energy, Inc. – slide 3
    PDC Energy Updated 2015 Full-Year Guidance Production forecast: 14.7 to 15.0 MMBoe 2015 Category Apr 9, Aug 10, 60% increase from 2014 continuing operations (MidPoint) 2015 2015 65% liquids mix; 47% oil Capex (MM) 473 535 Increased…
  4. IPAA OGIS San Francisco – PDC Energy, Inc. – slide 4
    PDC Energy Realized Drilling Efficiencies Average Ft./Day Drilled Current practices improving 1400 drilling time: 1,200 1200 New automated drillings rigs 1,012 (ADR) able to minimize 1000 911 915 downtime 830 800 Drilling…
  5. IPAA OGIS San Francisco – PDC Energy, Inc. – slide 5
    PDC Energy Delivering Value Through Execution VALUE DRIVER 2015 Guidance 2016 Outlook PRODUCTION 60% 35% GROWTH DRILLING 14+ days 10 or less days EFFICIENCIES spudtospud spudtospud HIGHRETURN 3060% IRRs on 2015 1,000+ locations…
  6. IPAA OGIS San Francisco – PDC Energy, Inc. – slide 6
    PDC Energy Resilient 3-Year Outlook 2016 Convertible Notes assumes principal paid in cash with incremental value settled in shares see slide 26 for assumptions Production 3.00 Debt to Adjusted EBITDAX 90,000 Analyst Day Updated Base…
  7. IPAA OGIS San Francisco – PDC Energy, Inc. – slide 7
    Core Wattenberg Position Summary 96,000 net acres, 100% HBP Third largest leaseholder and producer Strong, repeatable, lower risk projects 2,640 total 2P locations Based on 16 Niobrara &4 Codell per section 1,000 locations with…
  8. IPAA OGIS San Francisco – PDC Energy, Inc. – slide 8
    Wattenberg High-Return Projects Throughout Acreage 80% Wattenberg Type Well IRRs (1) 60% 60% 40% 40% 36% 31% 20% 25% 18% 0% Niobrara Inner Niobrara Middle Codell Middle Niobrara Middle ERL Niobrara Outer Codell Outer…
  9. IPAA OGIS San Francisco – PDC Energy, Inc. – slide 9
    Wattenberg Strong, Repeatable Results Based on Evaluation of Public Production Data (1) 1,400 industry Hz Niobrara wells included in updated analysis of CO DJ Basin EURs now range from 292 to 630 MBoe in Core Wattenberg (all data…
  10. IPAA OGIS San Francisco – PDC Energy, Inc. – slide 10
    Wattenberg Technical Development Progress Current Drilling Rig Location; All projects drilled on 16wells per section equivalent unless otherwise noted Key Technical Updates: Currently Online - Extended Reach Lateral Projects:…
  11. IPAA OGIS San Francisco – PDC Energy, Inc. – slide 11
    Wattenberg 2015 Downspacing Projects 20 Wells/Section HalfSection (2,640) Chesnut (2015 TIL) 480acre unit ERL downspacing test 6,700 laterals 10 wells 5 NIO (64acre spacing) 5 CDL (64acre spacing) 22 Wells/Section HalfSection…
  12. IPAA OGIS San Francisco – PDC Energy, Inc. – slide 12
    Wattenberg Early ERL Performance Update Early Extended Reach Lateral Performance Chesnut & Churchill Pads Niobrara and Codell ERL wells are outperforming the Niobrara ERL Type Curve after 50 days Both plugnperf and sliding sleeve…
  13. IPAA OGIS San Francisco – PDC Energy, Inc. – slide 13
    Wattenberg Completion Enhancement Update Production enhancements NOT included in 2015 guidance or 3-year outlook Plugnperf Early results continue to achieve 3035% improvement vs. sliding sleeve Completed 16 wells in 1H 15 39…
  14. IPAA OGIS San Francisco – PDC Energy, Inc. – slide 14
    Wattenberg Midstream Update DCP Midstream System Lucerne 2 operational at the end of June Increased fieldwide capacity by 200 MMcf/d to 850 MMcf/d Fieldwide line pressure has been reduced Mountain View Plant future expansion…
  15. IPAA OGIS San Francisco – PDC Energy, Inc. – slide 15
    Utica Position Summary 680 MBoe Condensate Window(1) Net Acres: 67,000 % HBP: 50% Producing Hz Wells: 23 Oil 50% Potential Hz Locations: 220 NGL 24% 2015 Est. Capital: 35MM Gas 26% 1,200 MBoe WetGas Window(1) Oil 10%…
  16. IPAA OGIS San Francisco – PDC Energy, Inc. – slide 16
    Utica Cole and Dynamite Pads Dynamite performance tracking 15% above 680 MBoe type curve after 150 days Updated completion design showing significant improvements in performance Cole 4well pad was TIL in May 2015 Currently…
  17. IPAA OGIS San Francisco – PDC Energy, Inc. – slide 17
    Production Growth Drives Operational Efficiency 3-Year Base Case from 2015 to 2017 (1) (2) Actual 20% decrease in Operating Costs/Boe from 20122014 Project 5055% decrease in Operating Costs/Boe from 20122017 Operational…
  18. IPAA OGIS San Francisco – PDC Energy, Inc. – slide 18
    Strong Balance Sheet As of 6/30/15 Debt Maturity Schedule (in millions) 115 million 3.25% convertible debt 3.25% Convertible Notes due May 2016 matures in May 2016 Undrawn Revolver Drawn 6/30/20015 Fall redetermination: 700…
  19. IPAA OGIS San Francisco – PDC Energy, Inc. – slide 19
    High-Value Crude Oil and Natural Gas Hedges Hedges in place as of June 30, 2015 July Dec 72% of crude oil volumes at weighted average floor price of 88.99/Bbl 2015 72% of natural gas volumes at weighted average floor price of…
  20. IPAA OGIS San Francisco – PDC Energy, Inc. – slide 20
    PDC Energy Differentiating Factors 2016e and 2017e are based on updated base case assumptions see slide 30 for assumptions PAGE October 5, 2015 21
  21. IPAA OGIS San Francisco – PDC Energy, Inc. – slide 21
    Reconciliation of Non-GAAP Financial Measures In millions, except per share data Three Months Ended Six Months Ended Adjusted EBITDA from net (loss): June 30, June 30, 2015 2014 2015 2014 Net (loss) (46.9) (28.2) (29.8) (30.3) (Gain)…
  22. IPAA OGIS San Francisco – PDC Energy, Inc. – slide 22
    Reconciliation of Non-GAAP Financial Measures In millions, except per share data Three Months Ended Six Months Ended Adjusted net income (loss) from net (loss): June 30, June 30, 2015 2014 2015 2014 Net (loss) (46.9) (28.2) (29.8)…
  23. IPAA OGIS San Francisco – PDC Energy, Inc. – slide 23
    Base Case Outlook Assumptions: Analyst Day vs. Current Base Case (Analyst Day) Updated Base Case Year NYMEX Crude NYMEX Gas Year NYMEX Crude NYMEX Gas 2015 51.72 2.86 2015 51.13 2.82 2016 57.47 3.19 2016 52.49 3.14 2017 61.24 3.41…
  24. IPAA OGIS San Francisco – PDC Energy, Inc. – slide 24
    2015 Financial Guidance Update In millions, except per share data Analyst Day (1) Guidance Update (2,3) Guidance Low High Production (MMBoe) 13.5 - 14.5 14.7 15.0 Crude oil, natural gas and NGLs sales 361 - 400 374 394 Realized…
  25. IPAA OGIS San Francisco – PDC Energy, Inc. – slide 25
    Niobrara Gas-Oil Ratio (GOR) Discussion Niobrara GOR variation in Wattenberg critical for accurate forecasting Varying Liquids Content Across Core Areas Range of Area Type Curve Inner Middle Outer Producing GOR Stable After 1…
  26. IPAA OGIS San Francisco – PDC Energy, Inc. – slide 26
    Codell GOR Variation in Wattenberg Codell GOR variation in Wattenberg critical for accurate forecasting Varying Liquids Content Across Core Areas Range of Area Type Curve Inner/Middle Outer Producing GOR Stabilizes After 1 2…
  27. IPAA OGIS San Francisco – PDC Energy, Inc. – slide 27
    Utica Gas Gathering Summary Two Primary Long-Term Processing Contracts MarkWest (MWE) PDC volumes flow to Seneca Plant Access to all major NGL takeaway projects in the northeast region MWE has current capacity of 1.1 Bcf/d…
  28. IPAA OGIS San Francisco – PDC Energy, Inc. – slide 28
    Updated Pricing Summary CRUDE OIL NGLs NATURAL GAS Wattenberg Wattenberg Wattenberg Analyst Day Analyst Day Analyst Day 2H15 2H15 2H15 (FY) (FY) (FY) NYMEX NYMEX Oil 52/Bbl 49/Bbl NYMEX Oil 52/Bbl 49/Bbl 2.85/MMBtu 2.87/MMBtu…

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