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2016 First Quarter and Year End Results – PDC Energy, Inc.

PDC Energy, Inc. · May 6, 2016 · 19 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. 2016 First Quarter and Year End Results – PDC Energy, Inc. – slide 1
    2016 FIRST QUARTER AND YEAR-END RESULTS May 6, 2016 1
  2. 2016 First Quarter and Year End Results – PDC Energy, Inc. – slide 2
    BART BROOKMAN President and Chief Executive Officer 5/6/2016 3
  3. 2016 First Quarter and Year End Results – PDC Energy, Inc. – slide 3
    2016 First Quarter Results In-Line Internally As of March 31, 2016 2016 Annual Guidance Continued focus on the Balance Sheet and Category Range strong financial positioning Production (MMBoe) 20.0 22.0 300 million March equity…
  4. 2016 First Quarter and Year End Results – PDC Energy, Inc. – slide 4
    GYSLE SHELLUM Chief Financial Officer 5/6/2016 5
  5. 2016 First Quarter and Year End Results – PDC Energy, Inc. – slide 5
    Summary U.S. GAAP Financial Results In millions, except per share data Three Months Ended March 31, Measure 2016 2015 Total crude oil, natural gas and NGLs sales 75.4 74.1 Production costs (1) 23.4 21.5 Gross margin (2) 52.0…
  6. 2016 First Quarter and Year End Results – PDC Energy, Inc. – slide 6
    Summary Non-U.S. GAAP Financial Results In millions, except per share data Three Months Ended March 31, Measure (1) 2016 2015 Adjusted net income (loss) (37.0) 7.0 Adjusted net income (loss) per diluted share (0.89) 0.19…
  7. 2016 First Quarter and Year End Results – PDC Energy, Inc. – slide 7
    Debt and Liquidity As of 3/31/16 Available liquidity of 927 million(1) Debt / LTM EBITDAX(2) of 1.3x Debt Maturities 115 million 3.25% convertible senior notes (May 2016 maturity) 700 million revolver (May 2020 maturity)…
  8. 2016 First Quarter and Year End Results – PDC Energy, Inc. – slide 8
    Crude Oil and Natural Gas Hedges Summary Hedges in place as of March 31, 2016 plus hedges entered into prior to April 15, 2016 Apr Dec 61% of crude oil volumes at weighted average floor price of 73.92/Bbl 2016 65% of natural gas…
  9. 2016 First Quarter and Year End Results – PDC Energy, Inc. – slide 9
    SCOTT REASONER SVP Operations 5/6/2016 10
  10. 2016 First Quarter and Year End Results – PDC Energy, Inc. – slide 10
    Operational Overview Utica Shale 50,216 1Q16 Total Production (Boe/d) 65,000 net acres 58% YearoverYear Production Increase (MMBoe) 47,840 1Q16 Wattenberg Production (Boe/d) 2,376 1Q16 Utica Production (Boe/d)…
  11. 2016 First Quarter and Year End Results – PDC Energy, Inc. – slide 11
    Production Summary 1Q16 Highlights 1Q16 Commodity Mix Production inline with internal expectations Early 4Q15 and late 1Q16 TILs NGLs 19% LateMarch snow led to widespread downtime in Wattenberg Oil 100,000 Boe of production impact…
  12. 2016 First Quarter and Year End Results – PDC Energy, Inc. – slide 12
    Drilling and Completion Activity 2016 Gross Operated TIL Activity 1Q16 Gross Project Counts 140 Drilling Activity TIL Spuds SRL MRL XRL Utica Operated HZ 47 45 120 Wattenberg 47 41 Utica 0 4 100 Non Operated HZ (WI 22%) 5 9 80…
  13. 2016 First Quarter and Year End Results – PDC Energy, Inc. – slide 13
    2016 Capital Details In millions 2016 Capital Allocation Area 1Q 2Q 4Qe FY16e Utica 8% Wattenberg 90 283313 373403 Utica 8 27 35 Wattenberg Other 1 1 2 92% Total 99 311341 410440 1Q16 D&C CAPEX slightly better than…
  14. 2016 First Quarter and Year End Results – PDC Energy, Inc. – slide 14
    Middle Core Inventory Provides Resilient Returns Type Well Profile Comparison Type Well IRR Comparison(1) 35 Flat 37 / 45 / 55 45 / 55 / 65 2.00 Flat 2.13 / 2.50 / 2.75 2.50 / 3.00 / 3.50 NYMEX Pricing NYMEX Pricing NYMEX…
  15. 2016 First Quarter and Year End Results – PDC Energy, Inc. – slide 15
    Utica Update 65,000 net acres; 50% HBP 35MM capital plan in 2016 Neff well: Expected 3Q TIL o 10,000 lateral testing efficiency improvements Mason pad: Expected 3Q TIL o Delineate southern acreage; test completion designs from…
  16. 2016 First Quarter and Year End Results – PDC Energy, Inc. – slide 16
    Operations Highlights 1Q16 Highlights Wattenberg: Net production of 47,840 Boe/d met internal estimates Operated production 90% of total 1Q16 volumes HZ wells 85% of operated production TIL 37 horizontal Niobrara wells (9…
  17. 2016 First Quarter and Year End Results – PDC Energy, Inc. – slide 17
    APPENDIX 19
  18. 2016 First Quarter and Year End Results – PDC Energy, Inc. – slide 18
    Reconciliation of Non-US GAAP Financial Measures In millions, except per share data Three Months Ended Adjusted EBITDA from net income (loss): March 31, 2016 2015 Net income (loss) (71.5) 17.1 Gain on commodity derivative…
  19. 2016 First Quarter and Year End Results – PDC Energy, Inc. – slide 19
    Reconciliation of Non-US GAAP Financial Measures In millions, except per share data Three Months Ended Adjusted net income (loss) from net income (loss): March 31, 2016 2015 Net income (loss) (71.5) 17.1 Gain on commodity…

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