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Scotia Howard Weil Energy Conference – PDC Energy, Inc.

PDC Energy, Inc. · Mar 22, 2016 · 20 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. Scotia Howard Weil Energy Conference – PDC Energy, Inc. – slide 1
    March 22, 2016 SCOTIA HOWARD WEIL ENERGY CONFERENCE
  2. Scotia Howard Weil Energy Conference – PDC Energy, Inc. – slide 2
    PDC Energy High Quality Assets Core Wattenberg Company Highlights Market Cap: 2.6 Billion(1) Enterprise Value: 3.1 Billion(1) YE 2015 proved reserves 273 MMBoe 60% liquids, 26% proved developed 9% increase over YE 2014 247%…
  3. Scotia Howard Weil Energy Conference – PDC Energy, Inc. – slide 3
    2015 Highlights: Industry-Leading Results Operational results drive value 7 days Annual production growth of 65% spudto spud (15.4 MMBoe) 4Q15 production of 51,980 Boe/d LOE decreased 20% y/y to 3.71/Boe 50% decrease in drill…
  4. Scotia Howard Weil Energy Conference – PDC Energy, Inc. – slide 4
    2016 Outlook: Top-Tier Positioning Continued focus on Balance Sheet Recently issued equity with net proceeds of 297 million Pro Forma Oil Price Sensitivity NYMEX Oil price(2) 35 40 45 220 million marktomarket hedge value (as of…
  5. Scotia Howard Weil Energy Conference – 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 offset decline in oil Bloomberg 2016 2017 2018 2019 2020+ NYMEX Oil 40.00 53.00 61.00 63.00…
  6. Scotia Howard Weil Energy Conference – PDC Energy, Inc. – slide 6
    Crude Oil and Natural Gas Hedges Summary Hedges in place as of December 31, 2015 plus hedges entered into as of March 7, 2016 60% of crude oil volumes at weighted average floor price of 76.29/Bbl 2016 67% of natural gas volumes at…
  7. Scotia Howard Weil Energy Conference – PDC Energy, Inc. – slide 7
    Debt and Liquidity As of 12/31/15, Pro Forma for March 2016 Equity Offering 115 million 3.25% convertible debt Debt Maturity Schedule (in millions) matures in May 2016 3.25% Convertible Notes due May 2016 Undrawn Revolver Drawn…
  8. Scotia Howard Weil Energy Conference – PDC Energy, Inc. – slide 8
    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…
  9. Scotia Howard Weil Energy Conference – PDC Energy, Inc. – slide 9
    2016 Wattenberg Program Current Drilling Rig Location Key Technical Initiatives: Extended Reach Lateral Projects Drilling first XRL wells (2mile laterals) in 2016 Analyze downspacing tests (22 and 26 well per section equiv.)…
  10. Scotia Howard Weil Energy Conference – PDC Energy, Inc. – slide 10
    Wattenberg 2015 Downspacing Projects 20 Wells/Section HalfSection (2,640) Chesnut (2Q15 TIL) 480acre unit MRL downspacing test 6,700 laterals 10 wells 5 NIO (64acre spacing) 5 CDL (64acre spacing) 22 Wells/Section HalfSection…
  11. Scotia Howard Weil Energy Conference – PDC Energy, Inc. – slide 11
    Wattenberg Technical Improvements MRL Performance Update Downspacing/MRL Chesnut Performance Update 10 wells on 20 wellequivalent spacing Niobrara and Codell wells continue to follow 600 MBoe type curve MRL wells with less data…
  12. Scotia Howard Weil Energy Conference – PDC Energy, Inc. – slide 12
    Wattenberg Midstream Update DCP Midstream System capacity of 850 MMcf/d Current system throughput 800 MMcf/d DCP Grand Parkway operational since December 2015 Aka Energy Compression expansion expected March 2016…
  13. Scotia Howard Weil Energy Conference – PDC Energy, Inc. – slide 13
    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 Spud and TIL…
  14. Scotia Howard Weil Energy Conference – PDC Energy, Inc. – slide 14
    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…
  15. Scotia Howard Weil Energy Conference – PDC Energy, Inc. – slide 15
    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…
  16. Scotia Howard Weil Energy Conference – PDC Energy, Inc. – slide 16
    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…
  17. Scotia Howard Weil Energy Conference – PDC Energy, Inc. – slide 17
    PDC Energy Differentiating Factors Strong Balance Sheet Projected YE16 Debt/EBITDAX of 1.1x Pro Forma liquidity of 820 million as of 12/31/15 Significant 2016 hedge portfolio 60% of oil volumes at 76/Bbl 67% of natural gas…
  18. Scotia Howard Weil Energy Conference – PDC Energy, Inc. – slide 18
    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)…
  19. Scotia Howard Weil Energy Conference – PDC Energy, Inc. – slide 19
    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…
  20. Scotia Howard Weil Energy Conference – PDC Energy, Inc. – slide 20
    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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