Skip to main content June 2016 Company Update – PDC Energy, Inc. Investor Presentation | Shale Experts
Loading...
Database
Slide Database

June 2016 Company Update – PDC Energy, Inc.

PDC Energy, Inc. · Jun 7, 2016 · 35 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. June 2016 Company Update – PDC Energy, Inc. – slide 1
    COMPANY UPDATE June 2016
  2. June 2016 Company Update – PDC Energy, Inc. – slide 2
    PDC Energy Company Overview CoreWattenberg 2.7B 96,000netacres MarketCap(1) 3.1B EnterpriseValue(1) 273 YE15ProvedReserves(MMBoe) 2,150 2PHorizontalLocations UticaShale 20 22 65,000netacres…
  3. June 2016 Company Update – PDC Energy, Inc. – slide 3
    Track Record of Operational Execution (1) SRL=StandardReachLateral (2) ContinuingOperations 6/2/16 4
  4. June 2016 Company Update – PDC Energy, Inc. – slide 4
    Solid First Quarter Met Internal Expectations As of March 31, 2016 ValueaddWattenbergdrillingprioritizesIRRsand 4.6 1Q16TotalProduction(MMBoe) margins Averageproductionof50,200Boe/d Companyrecord34HzoperatedTILsinMarch 58%…
  5. June 2016 Company Update – PDC Energy, Inc. – slide 5
    2016 Capital and Production Outlook Targetingcashflowneutrality 425 2016ecapitalbudget:410 440 2016eCapexMidpoint 35%productiongrowthyearoveryear Initiatingnewtechnologicaladvancements DrillandcompletefirstXRLwells 2022…
  6. June 2016 Company Update – PDC Energy, Inc. – slide 6
    Financial Strength and Discipline Strongbalancesheetdiscipline MaintainDebt/EBITDAX(1) ratiobelow2.0xandDebttoCapitalbelow40%(YE15=33%) 2016edebtperflowingBoe expectedtodecreasemorethan75%from2012level…
  7. June 2016 Company Update – PDC Energy, Inc. – slide 7
    Low Costs Continue to Drive Margins Source: Wells Fargo Securities, LLC 50%decreaseinallincashoperatingcostssince2014(includinginterestexpense) SubstantialproductionincreasedrivesreducedperBoe metrics…
  8. June 2016 Company Update – PDC Energy, Inc. – slide 8
    Debt and Liquidity As of 3/31/16, Pro Forma for Settlement of Convertible Notes Availableliquidityof812million(1) ProFormaDebt/LTMEBITDAX(2) of1.1x DebtMaturities 115million3.25%convertiblesenior…
  9. June 2016 Company Update – PDC Energy, Inc. – slide 9
    Crude Oil and Natural Gas Hedges Summary Hedges in place as of March 31, 2015 plus hedges entered into prior to May 15, 2016 Apr Dec 61%of crudeoilvolumesatweightedaveragefloorpriceof73.92/Bbl 2016 68%ofnaturalgasvolumesat…
  10. June 2016 Company Update – PDC Energy, Inc. – slide 10
    ASSET OVERVIEW 11
  11. June 2016 Company Update – PDC Energy, Inc. – slide 11
    Core Wattenberg Asset Summary Wattenberg2PInventory 96,000 Inner Middle NetAcres Outer 100% 2016eTILBreakdown SRLs AcreageHBP MRLs XRLs 135/160 Spuds TILs 2,150 2PHzLocations (4,700avg.laterallength) 6/2/16 12
  12. June 2016 Company Update – PDC Energy, Inc. – slide 12
    2015 Downspacing Projects 20Wells/Section Sustainedwellperformance over10months MRLdownspacingtest 6,700laterals 10wells 1plugnperfwell 9slidingsleevewells 22Wells/Section Consistentperformancefromallwells after90days…
  13. June 2016 Company Update – PDC Energy, Inc. – slide 13
    Solidifying Development Outlook SuccessfuldownspacingtestsenablefocusontruepotentialofCoreWattenberg Verticaldevelopment,GORdataandleaseholdsarekeyvariablesinspacingdesign…
  14. June 2016 Company Update – PDC Energy, Inc. – slide 14
    Monobore Drilling Gains To-Date CurrentImplementation Monoboredrillingsaves1dayinspudtospudtimes 50100ksavingsperwellrealizedtodate All2016SRLandMRLwellsexpectedtobedrilledusingmonobore 95/8casing cementedtosurface…
  15. June 2016 Company Update – PDC Energy, Inc. – slide 15
    Middle Core Increased SRL EUR to 490 MBoe Increased Type Curve from 440 MBoe MajorityofPDCsMiddleCoreinventory MiddleCoreNetAcres: 60,000 Oil: 2PLocations: 1,350 3640% Over1,300locationswithIRRs30%(1) Avg.LateralLength: 4,200…
  16. June 2016 Company Update – PDC Energy, Inc. – slide 16
    Middle Core Increased MRL EUR to 685 MBoe Increased Type Curve from 600 MBoe Nearly200locationsundercurrentplans MiddleCoreNetAcres: 60,000 Oil: 2PLocations: 180 3640% Averagedrilltimesof10to12days Avg.LateralLength: 6,900…
  17. June 2016 Company Update – PDC Energy, Inc. – slide 17
    Middle Core Initial XRL EUR of 850 MBoe Based on Industry Data 70locationswithcurrentlease MiddleCoreNetAcres: 60,000 Oil: 2PLocations: 70 configurations Avg.LateralLength: 9,500 3640% Expecteddrilltimesof13to15days Gas:…
  18. June 2016 Company Update – PDC Energy, Inc. – slide 18
    Middle Core Inventory Provides Resilient Returns TypeWellProfileComparison TypeWellIRRComparison(1) 35Flat 37/45/55 45/55/65 2.00Flat 2.13/2.50/2.75 2.50/3.00/3.50 NYMEXPricing NYMEXPricing NYMEXPricing LateralType…
  19. June 2016 Company Update – PDC Energy, Inc. – slide 19
    Moving Beyond Wattenberg Line Pressure Constraints 2013Processing AKA/APC DCP 2014Processing AKA/APC Lucerne2 plantonline DCP 2015Processing AKA/APC Lucerne2plantprovidedsignificantrelieftolinepressure DCP during2H2015…
  20. June 2016 Company Update – PDC Energy, Inc. – slide 20
    Significant Long-Term Crude Oil Takeaway in Wattenberg Multipletakeawayoptions(refinery,pipeline,truckingandrail) Expectedtakeawaycapacityexceedsproductionforecastsforthebasinwellpast2020…
  21. June 2016 Company Update – PDC Energy, Inc. – slide 21
    Utica Asset Summary ProducingPads 65,000 2016PadLocations PDCAcreage NetAcres 52% AcreageHBP 23 HzProducingWells 35mm 2016eCapex 5/5 Spuds TILs 6/2/16 22
  22. June 2016 Company Update – PDC Energy, Inc. – slide 22
    Utica Testing New Areas & Designs in 2016 Approximately35millioncapitalplanfor2016 Mason2wellpad(expected3Q16TIL) Delineatecondensatefairwayinsouthernacreage TestnewcompletiondesignfromCole& Dynamitewells…
  23. June 2016 Company Update – PDC Energy, Inc. – slide 23
    PDC Energy Vision and Strategy Delivering Stakeholders Deliveringvalueaddedgrowth Value Communityinvolvement/education Dedicated,highlyvaluedemployees Corporate CorporateDevelopment Development Longterm/multiyearfocus…
  24. June 2016 Company Update – PDC Energy, Inc. – slide 24
    InvestorRelations MikeEdwards,SeniorDirectorInvestorRelations michael.edwardspdce.com KyleSourk,ManagerInvestorRelations kyle.sourkpdce.com CorporateHeadquarters PDCEnergy,Inc. 1775ShermanStreet Suite3000 Denver,Colorado80203…
  25. June 2016 Company Update – PDC Energy, Inc. – slide 25
    APPENDIX 26
  26. June 2016 Company Update – PDC Energy, Inc. – slide 26
    2016 Financial Guidance 2015 2016Guidance(2) Actual Low High Production 15.4 20.0 22.0 Crudeoil,naturalgasandNGLssales 379 366 402 Realizedgainonderivatives 239 251 251 OtherIncome 2 1 1 Adjustedtotalrevenue 620 618 654 Lease…
  27. June 2016 Company Update – PDC Energy, Inc. – slide 27
    2016 Corporate Marketing and Pricing Summary 2016 Strip Pricing as of 03/23/16 with 3 Months of Actuals; Percentages May Vary Due to Rounding CRUDEOIL NATURALGAS NGLs Wattenberg Wattenberg Wattenberg NYMEXOilPrice:41/Bbl…
  28. June 2016 Company Update – PDC Energy, Inc. – slide 28
    Updated 2016 Core Wattenberg EUR Analysis Based on Evaluation of Public Production Data 2,500 WellsIncludedinStudy 2016EURANALYSIS 2.63.6 EURVariabilityRatioRangefor InnerCore MiddleCore OuterCore Represents1,800+…
  29. June 2016 Company Update – PDC Energy, Inc. – slide 29
    PDC Energy Modest Price Recovery Case Stable Capital Development Plan 23%…
  30. June 2016 Company Update – PDC Energy, Inc. – slide 30
    PDC Energy Price Rebound Case Increasing Capital Development Plan 27%…
  31. June 2016 Company Update – PDC Energy, Inc. – slide 31
    PDC Energy Balance Sheet Preservation Case (35/2 FLAT) Decreasing Capital Development Plan 31% AverageAnnualDebttoCap 10mm RevolverbalanceYE18e 300 Spuds 3.0x YE18eDebt/EBITDAX NYMEX 2016 2017 2018 Oil(/Bbl) 35…
  32. June 2016 Company Update – PDC Energy, Inc. – slide 32
    PDC Energy 3-Year Outlook Recap 6/2/16 33
  33. June 2016 Company Update – PDC Energy, Inc. – slide 33
    Year-End 2015 Proved Reserves Summary YE2014 ProvedReserves 250MMBoe 2015 15.4 SignificantWattenbergproduction Production MMBoe growththroughtechnicalimprovements DominatedbymovingOuterCorePUDsin Reserve Revisions 94MMBoe…
  34. June 2016 Company Update – PDC Energy, Inc. – slide 34
    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…
  35. June 2016 Company Update – PDC Energy, Inc. – slide 35
    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…

From the store

Browse maps, data & reports in the Shale Experts store