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Q4 2015 and YE Results – PDC Energy, Inc.

PDC Energy, Inc. · Feb 22, 2016 · 25 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. Q4 2015 and YE Results – PDC Energy, Inc. – slide 1
    February 22, 2016 2015 FOURTH QUARTER AND YEAR-END RESULTS
  2. Q4 2015 and YE Results – PDC Energy, Inc. – slide 2
    BART BROOKMAN President and Chief Executive Officer PAGE February 22, 2016 3
  3. Q4 2015 and YE Results – PDC Energy, Inc. – slide 3
    2015 Highlights: Industry-Leading Results Year-over-year operational results drive value Annual production growth of 65% to 15.4 MMBoe Proved reserved increased 9% to 273 MMBoe with 247% reserve replacement LOE decreased 20% to…
  4. Q4 2015 and YE Results – PDC Energy, Inc. – slide 4
    2016 Outlook: Top-Tier Positioning Continued focus on the Balance Sheet 2016 Category (Mid-Point) Updated 2/22/16 Previous 12/7/15 250 million mark-to-market hedge value Production (MMBoe) 21.0 21.0 (as of 2/15/16) Capex…
  5. Q4 2015 and YE Results – PDC Energy, Inc. – slide 5
    GYSLE SHELLUM Chief Financial Officer PAGE February 22, 2016 6
  6. Q4 2015 and YE Results – PDC Energy, Inc. – slide 6
    Summary GAAP Financial Results (from continuing operations) In millions, except per share data Three Months Ended Year Ended December 31, December 31, Measure 2015 2014 2015 2014 Total crude oil, natural gas and NGLs sales 103.2…
  7. Q4 2015 and YE Results – PDC Energy, Inc. – slide 7
    Summary Non-GAAP Financial Results In millions, except per share data Three Months Ended Year Ended December 31, December 31, Measure (1) 2015 2014 2015 2014 Adjusted net income (loss) 12.0 (39.9) (46.1) (37.7) Adjusted net…
  8. Q4 2015 and YE Results – PDC Energy, Inc. – slide 8
    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…
  9. Q4 2015 and YE Results – PDC Energy, Inc. – slide 9
    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…
  10. Q4 2015 and YE Results – PDC Energy, Inc. – slide 10
    SCOTT REASONER SVP Operations PAGE February 22, 2016 11
  11. Q4 2015 and YE Results – PDC Energy, Inc. – slide 11
    Operational Overview Utica Utica Core Core Wattenberg Wattenberg Wattenberg Utica 2015 Production: 38,991 Boe/d 2015 Production: 3,117 Boe/d YE2015 Proved Reserves: 270MMBoe YE2015 Proved Reserves: 3MMBoe 2015…
  12. Q4 2015 and YE Results – PDC Energy, Inc. – slide 12
    Production Summary 2015 Highlights 2015 Commodity Mix Production of 15.4MMBoe exceeded high-end of guidance NGLs 65% growth year-over-year 19% 2015 Proved Reserves increased 9%; Reserve replacement of 247% Achieved significant…
  13. Q4 2015 and YE Results – PDC Energy, Inc. – slide 13
    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…
  14. Q4 2015 and YE Results – PDC Energy, Inc. – slide 14
    Drilling and Completion Activity Gross Operated TIL Activity 2015 Gross Project Counts 180 Drilling Activity TIL Spuds 5 160 Operated HZ 140 174 16 4 Wattenberg 136 174 140 Utica 4 0 120 47 59 Non Operated HZ (WI 22%) 58 54 100…
  15. Q4 2015 and YE Results – PDC Energy, Inc. – slide 15
    Capital Details In millions 2016 2016 Updated Area 2015 Guidance Forecast (12/7/15) (2/22/16) Wattenberg 527 412-462 382-412 Utica 29 35 35 Other 3 3 3 Total 559 450-500 420-450 Adjusted cash flow exceeded capex in…
  16. Q4 2015 and YE Results – PDC Energy, Inc. – slide 16
    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…
  17. Q4 2015 and YE Results – PDC Energy, Inc. – slide 17
    Wattenberg Technical Development Progress Current Drilling Rig Location Key Technical Initiatives in 2016: Extended Reach Lateral Projects Plan to drill first XRL wells (2-mile laterals) in 2016 Continuation of downspacing tests…
  18. Q4 2015 and YE Results – PDC Energy, Inc. – slide 18
    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…
  19. Q4 2015 and YE Results – PDC Energy, Inc. – slide 19
    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:…
  20. Q4 2015 and YE Results – PDC Energy, Inc. – slide 20
    Operations Highlights PDC Company Highlights Wattenberg: Q415 net production of 49,163 Boe/d Operated production 90% of total Q415 Wattenberg volumes HZ wells 85% of operated production TIL 34 horizontal Niobrara wells in Q415 (0…
  21. Q4 2015 and YE Results – PDC Energy, Inc. – slide 21
    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,…
  22. Q4 2015 and YE Results – PDC Energy, Inc. – slide 22
    Appendix PAGE February 22, 2016 23
  23. Q4 2015 and YE Results – PDC Energy, Inc. – slide 23
    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)…
  24. Q4 2015 and YE Results – PDC Energy, Inc. – slide 24
    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…
  25. Q4 2015 and YE Results – PDC Energy, Inc. – slide 25
    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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