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Capital One Securities Conference – PDC Energy, Inc.

PDC Energy, Inc. · Dec 9, 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. Capital One Securities Conference – PDC Energy, Inc. – slide 1
    December 9, 2015 CAPITAL ONE SECURITIES 10th ANNUAL ENERGY CONFERENCE
  2. Capital One Securities Conference – PDC Energy, Inc. – slide 2
    PDC Energy High Quality Assets Core Wattenberg Company Highlights Market Cap: 2.2 Billion(1) Enterprise Value: 2.8 Billion(1) YE 2014 proved reserves 250 MMBoe 64% liquids, 30% proved developed Capital expenditure guidance…
  3. Capital One Securities Conference – PDC Energy, Inc. – slide 3
    PDC Energy Strong Results, Great Positioning Third quarter highlights 47,000 Boe/d production (84% growth y/y, 27% q/q) Adj. cash flow from operations of 123 million (exceeds capex of 104 million) LOE of 2.87/Boe (37% decrease from…
  4. Capital One Securities Conference – PDC Energy, Inc. – slide 4
    PDC Energy 2016 Production Guidance Highlights Annual production of 20.0 22.0 MMBoe Annual Production(3) 54,650 60,100 Boe/d 35-40% growth over 2015e 20.0 - 22.0 Four rig program in Wattenberg 15.0 MMBoe 25% increase in…
  5. Capital One Securities Conference – PDC Energy, Inc. – slide 5
    PDC Energy 2016 Capital Budget Highlights Plan to spend 450 - 500 million Capital Expenditures 11% reduction from 2015 800 Anticipated YE Debt to EBITDA of 1.4x 600 637 450-500 535 millions Mark-to-market value of future…
  6. Capital One Securities Conference – PDC Energy, Inc. – slide 6
    PDC Energy Delivering Value Through Execution VALUE DRIVER 2015 Guidance 2016 Guidance PRODUCTION 60% 35-40% GROWTH DRILLING 14+ days SRL 7 day SRLs EFFICIENCIES spud-to-spud spud-to-spud HIGH-RETURN 30-60% IRRs on 2015 Extensive…
  7. Capital One Securities Conference – 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 (YE 2014) Based on 16 Niobrara &4 Codell per section 2016…
  8. Capital One Securities Conference – PDC Energy, Inc. – slide 8
    Wattenberg Extensive Drilling Inventory Year-end 2014 locations 2P SRL Location IRRs(1) 2,640 Locations 135 600 1,500 Locations 375 2016 Drilling Program 40-60% 30-40% 20-30% 15-20% 2015 2016 2017 2018 2019 2020…
  9. Capital One Securities Conference – 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. Capital One Securities Conference – PDC Energy, Inc. – slide 10
    Wattenberg Technical Development Progress Current Drilling Rig Location; All projects drilled on 16 wells per section equivalent unless otherwise noted Key Technical Updates: 47 Extended Reach Lateral Wells Currently Producing:…
  11. Capital One Securities Conference – PDC Energy, Inc. – slide 11
    Wattenberg 2015 Downspacing Projects 20 Wells/Section Half-Section (2,640) Chesnut (2Q15 TIL) 480-acre unit ERL downspacing test 6,700 laterals 10 wells 5 NIO (64-acre spacing) 5 CDL (64-acre spacing) 22 Wells/Section…
  12. Capital One Securities Conference – PDC Energy, Inc. – slide 12
    Wattenberg Early Chesnut Downspacing Results Early Downspacing Results - Chesnut (Sec. 28) Pad 1,000 Gross 2-Phase Daily Production (Boe/d) 100 Avg. Niobrara ERL Avg. Codell ERL Niobrara ERL Type Curve - 600 Mboe 10 1 31…
  13. Capital One Securities Conference – PDC Energy, Inc. – slide 13
    Wattenberg Plug-n-Perf Performance Update 1,000 Dataset includes: Gross 2-Phase Daily Production per 8 Standard length PnP wells 8 Standard length Sliding Sleeve wells 1,000' of Lateral (Boe/d) 100 440 Mboe Middle Core…
  14. Capital One Securities Conference – PDC Energy, Inc. – slide 14
    Wattenberg Midstream Update DCP Lucerne 2 Operational at the end of June Field-wide average pipeline pressures significantly lower compared to 2014 and 1H15 Increased field-wide capacity by 200 MMcf/d to 850 MMcf/d Current system…
  15. Capital One Securities Conference – 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% 2016 Est. Capital: 34MM Gas 26% 1,200 MBoe Wet-Gas Window(1) Oil 10% NGL…
  16. Capital One Securities Conference – PDC Energy, Inc. – slide 16
    Utica Update Dynamite and Cole Pad Performance Dynamite and Cole 4-well pads both performing above 680 MBoe type curve after 150 days Updated completion design showing significant improvements in performance PAGE December…
  17. Capital One Securities Conference – PDC Energy, Inc. – slide 17
    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 1.3 Bcf/d with…
  18. Capital One Securities Conference – PDC Energy, Inc. – slide 18
    Production Growth Drives Operational Efficiency (1) (2) Actual 20% decrease in Operating Costs/Boe from 2012-2014 Project 50-55% decrease in Operating Costs/Boe from 2012-2017 Operational Resilience deliver improving cash…
  19. Capital One Securities Conference – PDC Energy, Inc. – slide 19
    Debt and Liquidity As of 9/30/15 115 million 3.25% convertible debt Debt Maturity Schedule (in millions) matures in May 2016 3.25% Convertible Notes due May 2016 1,000 Undrawn Revolver Fall redetermination: 700 million Drawn…
  20. Capital One Securities Conference – PDC Energy, Inc. – slide 20
    Crude Oil and Natural Gas Hedges Summary Hedges in place as of September 30, 2015 plus hedges entered into prior to October 30, 2015 Oct Dec 69% of crude oil volumes at weighted average floor price of 88.99/Bbl 2015 70% of natural…
  21. Capital One Securities Conference – PDC Energy, Inc. – slide 21
    PDC Energy Differentiating Factors Peer-leading production growth Anticipated 35-40% growth in 2016 Substantial YE14 2P Inventory 2,640 high rate-of-return locations in Core Wattenberg Strong Balance Sheet Projected YE16 Debt…
  22. Capital One Securities Conference – PDC Energy, Inc. – slide 22
    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,…
  23. Capital One Securities Conference – PDC Energy, Inc. – slide 23
    Appendix PAGE December 9, 2015 24
  24. Capital One Securities Conference – 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. Capital One Securities Conference – PDC Energy, Inc. – slide 25
    Updated Pricing Summary OIL NGL NATURAL GAS Wattenberg Wattenberg Wattenberg 2016 2016 2016 NYMEX NYMEX Oil 53/Bbl NYMEX Oil 53/Bbl 2.60/MMBtu Gas PDC PDC Netback 48/Bbl PDC Netback 9/Bbl 2.00/Mcf Netback % of NYMEX 87% %…
  26. Capital One Securities Conference – PDC Energy, Inc. – slide 26
    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…
  27. Capital One Securities Conference – PDC Energy, Inc. – slide 27
    Reconciliation of Non-GAAP Financial Measures In millions, except per share data Three Months Ended Nine Months Ended Adjusted EBITDA from net income (loss): September 30, September 30, 2015 2014 2015 2014 Net income (loss) (41.5) 54.0…
  28. Capital One Securities Conference – PDC Energy, Inc. – slide 28
    Reconciliation of Non-GAAP Financial Measures In millions, except per share data Three Months Ended Nine Months Ended Adjusted net income (loss) from net income (loss): September 30, September 30, 2015 2014 2015 2014 Net income…

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