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Credit Suisse 21st Annual Energy Summit – PDC Energy, Inc.

PDC Energy, Inc. · Feb 23, 2016 · 23 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. Credit Suisse 21st Annual Energy Summit – PDC Energy, Inc. – slide 1
    February 23, 2016 CREDIT SUISSE ENERGY SUMMIT
  2. Credit Suisse 21st Annual Energy Summit – PDC Energy, Inc. – slide 2
    PDC Energy High Quality Assets Core Wattenberg Company Highlights Market Cap: 1.9 Billion(1) Enterprise Value: 2.5 Billion(1) YE 2015 proved reserves 273 MMBoe 60% liquids, 26% proved developed 9% increase over YE 2014; 247%…
  3. Credit Suisse 21st Annual Energy Summit – PDC Energy, Inc. – slide 3
    2015 Highlights: Industry-Leading Results Operational results drive value 7 days Production growth of 65% y/y to 15.4 spud-to- spud MMBoe 4Q15 production of 51,980 Boe/d LOE decreased 20% y/y to 3.71/Boe 50% decrease in drill…
  4. Credit Suisse 21st Annual Energy Summit – PDC Energy, Inc. – slide 4
    2016 Outlook: Top-Tier Positioning Continued focus on Balance Sheet 250 million mark-to-market hedge value Updated Oil Price Sensitivity (as of 2/15/16) NYMEX Oil price(2) 35 40 45 Outspend (millions) 50 30 6 30-40% production…
  5. Credit Suisse 21st Annual Energy Summit – PDC Energy, Inc. – slide 5
    Wattenberg Continues to Deliver Top-Tier Economics (1) (1) (2) (3) (2) (3) Reduced well costs and improved differentials partially off-set decline in oil Bloomberg 2016 2017 2018 2019 2020+ NYMEX Oil 40.00 53.00 61.00 63.00…
  6. Credit Suisse 21st Annual Energy Summit – PDC Energy, Inc. – slide 6
    Crude Oil and Natural Gas Hedges Summary Hedges in place as of December 31, 2015 plus hedges entered into prior to February 15, 2016 52% of crude oil volumes at weighted average floor price of 80.95/Bbl 2016 62% of natural gas…
  7. Credit Suisse 21st Annual Energy Summit – PDC Energy, Inc. – slide 7
    Debt and Liquidity As of 12/31/15 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 12/31/2015 700 million revolver matures May…
  8. Credit Suisse 21st Annual Energy Summit – PDC Energy, Inc. – slide 8
    ASSET OVERVIEW PAGE February 23, 2016 9
  9. Credit Suisse 21st Annual Energy Summit – PDC Energy, Inc. – slide 9
    Core Wattenberg Position Summary 96,000 net acres, 100% HBP Third largest leaseholder and producer Strong, repeatable, lower risk projects 2,200 total 2P locations (YE15) (4,700 avg. lateral) Based on 16 Niobrara &4 Codell per…
  10. Credit Suisse 21st Annual Energy Summit – PDC Energy, Inc. – slide 10
    2016 Wattenberg Program Current Drilling Rig Location Key Technical Initiatives: Extended Reach Lateral Projects Plan to drill first XRL wells (2-mile laterals) in 2016 Analyze downspacing tests (22- and 26- well per section…
  11. Credit Suisse 21st Annual Energy Summit – PDC Energy, Inc. – slide 11
    Wattenberg 2015 Downspacing Projects 20 Wells/Section Half-Section (2,640) Chesnut (2Q15 TIL) 480-acre unit MRL downspacing test 6,700 laterals 10 wells 5 NIO (64-acre spacing) 5 CDL (64-acre spacing) 22 Wells/Section…
  12. Credit Suisse 21st Annual Energy Summit – PDC Energy, Inc. – slide 12
    Wattenberg Technical Improvements MRL Performance Update Downspacing/MRL Chesnut Performance Update 10 wells on 20 well-equivalent spacing Niobrara and Codell wells continue to follow 600 MBoe type curve MRL wells with less data…
  13. Credit Suisse 21st Annual Energy Summit – PDC Energy, Inc. – slide 13
    Wattenberg Midstream Update DCP Field-wide capacity of 850 MMcf/d Current system throughput 800 MMcf/d DCP Grand Parkway operational since December 2015 Aka Compression expansion expected March 2016 Saddle Butte…
  14. Credit Suisse 21st Annual Energy Summit – PDC Energy, Inc. – slide 14
    Utica Update 65,000 net acres; 50% HBP Successful 2015 results Cole and Dynamite pads performing above type curve expectations Revised completion techniques deliver encouraging results 35MM capital plan in 2016 Mason pad:…
  15. Credit Suisse 21st Annual Energy Summit – PDC Energy, Inc. – slide 15
    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…
  16. Credit Suisse 21st Annual Energy Summit – PDC Energy, Inc. – slide 16
    Proved Reserve Summary 2015 Production Extensions, Revisions, Divestitures & Acquisitions 64% Liquid SEC NYMEX Product Pricing YE14 YE15 60% Liquid Oil (/Bbl) 94.99 50.28 SEC PV10: SEC PV10: 3,450 MM Gas (/Mmbtu) 4.35 2.59…
  17. Credit Suisse 21st Annual Energy Summit – PDC Energy, Inc. – slide 17
    Operational Efficiency 25.00 Operating Costs/Boe 20.00 15.00 10.00 5.00 0.00 (2) (1) 2012 2013 2014 2015A 2016E G&A / Boe Transportation, Gathering & Processing/Boe Production Taxes/Boe LOE/Boe Actual decrease in…
  18. Credit Suisse 21st Annual Energy Summit – PDC Energy, Inc. – slide 18
    PDC Energy Differentiating Factors Strong Balance Sheet Projected YE16 Debt/EBITDAX of 1.6x Liquidity of 650 million as of 12/31/15 Significant 2016 hedge portfolio 52% of oil volumes at 81/Bbl 62% of natural gas volumes at…
  19. Credit Suisse 21st Annual Energy Summit – PDC Energy, Inc. – slide 19
    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,…
  20. Credit Suisse 21st Annual Energy Summit – PDC Energy, Inc. – slide 20
    Appendix PAGE February 23, 2016 21
  21. Credit Suisse 21st Annual Energy Summit – PDC Energy, Inc. – slide 21
    Reconciliation of Non-GAAP Financial Measures In millions, except per share data Three Months Ended Year Ended Adjusted EBITDA from net income (loss): December 31, December 31, 2015 2014 2015 2014 Net income (loss) 3.0 131.8 (68.3)…
  22. Credit Suisse 21st Annual Energy Summit – PDC Energy, Inc. – slide 22
    Reconciliation of Non-GAAP Financial Measures In millions, except per share data Three Months Ended Year Ended Adjusted net income (loss) from net income (loss): December 31, December 31, 2015 2014 2015 2014 Net income (loss) 3.0…
  23. Credit Suisse 21st Annual Energy Summit – PDC Energy, Inc. – slide 23
    Production Costs Details In millions, except per share data Previous Method Current Method Three Months Ended Three Months Ended December 31, December 31, 2015 2014 2015 2014 Lease Operating Expense 13.2 10.8 14.2 11.1 Production Tax…

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