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Jefferies Global Energy Conference – PDC Energy, Inc.

PDC Energy, Inc. · Nov 11, 2014 · 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. Jefferies Global Energy Conference – PDC Energy, Inc. – slide 1
    JEFFERIES GLOBAL ENERGY CONFERENCE NOVEMBER 11, 2014 NASDAQ:PDCE
  2. Jefferies Global Energy Conference – PDC Energy, Inc. – slide 2
    Company Overview NASDAQ: PDCE Market cap 1.6 Billion (1) Strategic Core Areas Enterprise value 2.2 Billion (1) Colorado and Appalachian Basin WATTENBERG UTICA (3) Proved reserves 226 MMBoe (YE2013 pro- forma for Marcellus sale)…
  3. Jefferies Global Energy Conference – PDC Energy, Inc. – slide 3
    PDC: Well-Positioned to Deliver Value Very strong crude oil & natural gas hedges in place for 4Q 2014 & FY 2015 75% to 85% of forecast volumes protected at NYMEX 89/Bbl & 4/Mcf Strong liquidity and balance sheet pro forma for…
  4. Jefferies Global Energy Conference – PDC Energy, Inc. – slide 4
    2014 Production Guidance Pro-forma for Marcellus Asset (PDCM) Sale 2014 Production Guidance FY 2014 Commodity Mix 11.0 10.7 - 10.9 (0.3) NGLs 10.4 - 10.6 (1.1) 20% 10.5 Gas 35% Oil 10.0 46% 2014 Volumes (MMBoe) 9.3 -…
  5. Jefferies Global Energy Conference – PDC Energy, Inc. – slide 5
    2014 Capital & Pro Forma Year-End 2013 Reserves 647 million capital expenditure budget Pro Forma Year-End 2013 443 million (68%) Wattenberg Proved Reserves(1) 192 million (30%) Utica NGLs 22% 10 million (2%) is PDCs share of PDCM…
  6. Jefferies Global Energy Conference – PDC Energy, Inc. – slide 6
    Horizontal Program DJ Basin PDCs Core Wattenberg Field Position Regional Horizontal Development Overview(1) 97,000 net acres, 97% HBP Third largest leaseholder and producer Strong repeatable lower risk projects 2,000 horizontal…
  7. Jefferies Global Energy Conference – PDC Energy, Inc. – slide 7
    DJ Basin Stratigraphic Column Multiple Target Zones Current PDC Operations Spud 86 gross Hz operated wells in 1st 9-months of 2014 Participated in 71 Hz non-op wells 1st 9-months of 2014 Avg. WI 22% 2,300 net producing vertical…
  8. Jefferies Global Energy Conference – PDC Energy, Inc. – slide 8
    Three Niobrara Core Areas in Wattenberg Continued development supporting horizontal Niobrara type curve boundaries. INNER Core Type Well 3-Phase EUR: 500 Mboe Net Acres: 5,500 Gross 3P Locations: 90 41 IRR(1): 125% PV10: 6.8MM…
  9. Jefferies Global Energy Conference – PDC Energy, Inc. – slide 9
    Niobrara & Codell Hz Results Comparable Strong Codell results across entire PDC acreage position Avg NIOBRARA Hz Type Well PDC second in horizontal Codell development 3-Phase EUR: 384 MBoe Net acres: 97,000 Provides second tier of…
  10. Jefferies Global Energy Conference – PDC Energy, Inc. – slide 10
    Wattenberg Key Technical Updates Current Drilling Rig Location Extended Reach Lateral Locations Downspacing Project Locations Extended Reach & Downspacing Completions Test Key Technical Updates: 2014 Extended Reach Lateral &…
  11. Jefferies Global Energy Conference – PDC Energy, Inc. – slide 11
    Wattenberg Crude Oil Takeaway Crude Takeaway Optionality Provides Support for Long-Term Wellhead Deduct Estimated at 9-11 per Barrel Refineries, Rail, New Crude Oil Takeaway Pipelines Tampa Rail Expansion Multiple delivery points…
  12. Jefferies Global Energy Conference – PDC Energy, Inc. – slide 12
    3rd Party Midstream Expansion - Wattenberg PDC Acreage Plants and compression strategically placed NGL Outlet to Mt. Belvieu Sullivan CS around PDC acreage 2014 Compressor Site New Processing Plants Lucerne 2 Plant Current midstream…
  13. Jefferies Global Energy Conference – PDC Energy, Inc. – slide 13
    Utica Update Drilled and/or completed Upcoming spuds PDC acreage Type Curve Areas 67,000 net acres OIL CONDENSATE WET GAS DRY - 21,000 acres in Condensate window GAS - 45,000 acres in Wet Gas window Commissioners 14-25H…
  14. Jefferies Global Energy Conference – PDC Energy, Inc. – slide 14
    Utica Current Type Curve Estimates Condensate Window Estimates Wet Gas Window Estimates Average Production Rate Average Production Rate Type Curve Estimate Type Curve Estimate Condensate Estimated Economics Wet Gas - Estimated…
  15. Jefferies Global Energy Conference – PDC Energy, Inc. – slide 15
    Early Performance from Palmer Wells Strong early results from Palmer wells; continuing choke management on flowback Current wellhead production holding at 70% liquids; 30% dry gas GORs support PDCs defined phase windows for Southern…
  16. Jefferies Global Energy Conference – PDC Energy, Inc. – slide 16
    Utica Midstream Operations MarkWest (MWE) MWE Cadiz Plant PDC volumes flow to Seneca Plant MWE Hopedale Fractionator MWE has current capacity of 585 MMcf/d with planned expansion to 1.0+ Bcf/d by 2015 REX Pipeline Access to…
  17. Jefferies Global Energy Conference – PDC Energy, Inc. – slide 17
    Debt Maturity Schedule in millions 115 million 3.25% convertible debentures mature in May 2016 Debt Maturity Schedule 800 3.25% Convertible Notes due May 2016 700 million revolver matures May 2018 Current Borrowing Base 700 700…
  18. Jefferies Global Energy Conference – PDC Energy, Inc. – slide 18
    Crude Oil and Natural Gas Hedges Hedges in place as of October 30, 2014 Oct Dec Crude Oil (includes NGLs) FY2015 FY2016 2014 NYMEX Average (1) 90.98 88.08 86.10 Weighted-Average Hedge Price With Ceilings 92.09 90.06 93.39…
  19. Jefferies Global Energy Conference – PDC Energy, Inc. – slide 19
    Investment Highlights Positioned to execute multi-year organic growth of production, cash flow and proved reserves Significant liquid-rich horizontal projects in inventory Core Wattenberg Niobrara and Codell / Colorado Utica…
  20. Jefferies Global Energy Conference – PDC Energy, Inc. – slide 20
    Investor Relations Mike Edwards, Senior Director Investor Relations michael.edwardspdce.com Corporate Headquarters PDC Energy, Inc. 1775 Sherman Street Suite 3000 Denver, Colorado 80203 303-860-5800 Website www.pdce.com…
  21. Jefferies Global Energy Conference – PDC Energy, Inc. – slide 21
    Appendix 11/11/14 22
  22. Jefferies Global Energy Conference – PDC Energy, Inc. – slide 22
    Quantifying Consistency in Core Wattenberg Niobrara Horizontals Inside and Outside Core Wattenberg EUR Variability Ratio Inner Core ( P10 / P90 ) Middle Core Outer Core Calculated EURs on 800 industry Hz Niobrara CO DJ Niobrara…
  23. Jefferies Global Energy Conference – PDC Energy, Inc. – slide 23
    Reconciliation of Non-GAAP Financial Measures in Millions, except share and per share data Three Months Ended Nine Months Ended Adjusted net income (loss) from net income (loss): September 30, September 30, 2014 2013 2014 2013 Net…
  24. Jefferies Global Energy Conference – PDC Energy, Inc. – slide 24
    Reconciliation of Non-GAAP Financial Measures in Millions, except share and per share data Three Months Ended Nine Months Ended September 30, September 30, Adjusted EBITDA from net income (loss): 2014 2013 2014 2013 Net income…
  25. Jefferies Global Energy Conference – PDC Energy, Inc. – slide 25
    Reconciliation of Non-GAAP Financial Measures in millions, except share and per share data Year Ended December 31 Adjusted net income (loss) from net income (loss): 2011 2012 2013 Net income (loss) 13.4 (130.7) (22.3) (Gain) loss on…

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