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2014 Third Quarter Report – PDC Energy, Inc.

PDC Energy, Inc. · Nov 6, 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. 2014 Third Quarter Report – PDC Energy, Inc. – slide 1
    2014 THIRD QUARTER REPORT NOVEMBER 6, 2014 NASDAQ:PDCE
  2. 2014 Third Quarter Report – PDC Energy, Inc. – slide 2
    James Trimble Chief Executive Officer 11/6/2014 2
  3. 2014 Third Quarter Report – PDC Energy, Inc. – slide 3
    Barton Brookman President and Chief Operating Officer 11/6/2014 4
  4. 2014 Third Quarter Report – PDC Energy, Inc. – slide 4
    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…
  5. 2014 Third Quarter Report – PDC Energy, Inc. – slide 5
    2014 Third Quarter Highlights Increased production 60% over Q3 2013 from continuing operations Liquids only production increased 80% Wattenberg production increased 60% over Q3 2013 to 23,400 Boe/d Non-op production contributing…
  6. 2014 Third Quarter Report – PDC Energy, Inc. – slide 6
    Operational Overview From Continuing Operations Q3 2014 Production 25,570 Boe/d WATTENBERG UTICA Liquid-Rich Q3 2014: 23,400 Boe/d Basins Q3 2014: 2,170 Boe/d Q3 2013: 14,590 Boe/d Q3 2013: 360 Boe/d Wattenberg 92% Marcellus…
  7. 2014 Third Quarter Report – PDC Energy, Inc. – slide 7
    Production Summary From Continuing Operations Q3 2014 Commodity Mix Wattenberg 5th rig arrived in mid-June NGLs 20% Very strong PDC production Gas - 60% operated growth from Q313 to Q314 35% Oil - Non-operated production totaled…
  8. 2014 Third Quarter Report – PDC Energy, Inc. – slide 8
    Production Guidance Production Walk for 2014 Continuing Operations 11.0 10.7 - 10.9 (0.3) 10.4 - 10.6 (1.1) 10.5 10.0 2014 Volumes (MMBoe) 9.3 - 9.5 9.5 9.0 8.5 8.0 7.5 7.0 Previous 2014 Forecast Q4'14 PDCM…
  9. 2014 Third Quarter Report – PDC Energy, Inc. – slide 9
    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 &…
  10. 2014 Third Quarter Report – PDC Energy, Inc. – slide 10
    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…
  11. 2014 Third Quarter Report – PDC Energy, Inc. – slide 11
    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…
  12. 2014 Third Quarter Report – PDC Energy, Inc. – slide 12
    Drilling & Completion Activity From Continuing Operations 2014 2014 Gross GrossWells Operated Operated Wells TIL (From TIL Continuing Ops) 9-Months 2014 Gross Project Counts 45 Drilling Activity TIL Spuds (1) 38 40 Horizontal…
  13. 2014 Third Quarter Report – PDC Energy, Inc. – slide 13
    Lease Operating Expense /Boe (From Continuing Operations) Lifting Cost Guidance 5.00 4.00 3.00 /Boe 4.85 4.56 2.00 4.23 3.78 1.00 0.00 Q1'14(A) Q2'14(A) Q3'14(A) Q4'14(G) Slightly lower than expected LOE in Q3…
  14. 2014 Third Quarter Report – PDC Energy, Inc. – slide 14
    Capex Remaining on Budget MM Q1-Q3 2014 Q4 2014 Area 2014 Capital Estimate Actuals Re-guidance 2014 Capital Budget Allocation Wattenberg 344 99 443 Other PDCM 0% 2% Utica 115 77 192 Other 1 1 2 Utica 29% Continuing…
  15. 2014 Third Quarter Report – PDC Energy, Inc. – slide 15
    Operations Highlights Wattenberg Utica Q314 net production of 23,400 Boe/d 67,000 net acres Operated production 85% of total Wattenberg volumes thru 9-Months 2014 - Majority of acreage in liquid-rich window - HZ wells 55% of…
  16. 2014 Third Quarter Report – PDC Energy, Inc. – slide 16
    Gysle Shellum Chief Financial Officer 11/6/2014 17
  17. 2014 Third Quarter Report – PDC Energy, Inc. – slide 17
    Summary GAAP Financial Results (from continuing operations) in millions, except per share data Three Months Ended Nine Months Ended September 30, September 30, Measure 2014 2013 2014 2013 Total crude oil, natural gas and NGLs…
  18. 2014 Third Quarter Report – PDC Energy, Inc. – slide 18
    Summary Non-GAAP Financial Results in millions, except per share data Three Months Ended Nine Months Ended September 30, September 30, (1) Measure 2014 2013 2014 2013 Adjusted net income (loss) (5.7) (2.3) 2.4 (15.7) Adjusted…
  19. 2014 Third Quarter Report – PDC Energy, Inc. – slide 19
    Debt Maturity Schedule in millions 115 million 3.25% convertible debentures mature in May 2016 Debt Maturity Schedule 800 450 million revolver matures May 2018 3.25% Convertible Notes due May 2016 Drawn 09/30/2014 - PDCM Current…
  20. 2014 Third Quarter Report – PDC Energy, Inc. – slide 20
    Crude Oil and Natural Gas Hedges Hedges in place as of October 30, 2014 Oct Dec Crude Oil FY2015 FY2016 2014 NYMEX Average (1) 90.98 88.08 86.10 Weighted-Average Hedge Price With Ceilings 92.09 90.06 93.39 Weighted-Average…
  21. 2014 Third Quarter Report – PDC Energy, Inc. – slide 21
    Questions & Answers 11/6/2014 22
  22. 2014 Third Quarter Report – PDC Energy, Inc. – slide 22
    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…
  23. 2014 Third Quarter Report – PDC Energy, Inc. – slide 23
    Appendix 11/6/2014 24
  24. 2014 Third Quarter Report – 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 Adjusted net income (loss) from net income (loss): September 30, September 30, 2014 2013 2014 2013 Net…
  25. 2014 Third Quarter Report – PDC Energy, Inc. – slide 25
    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…

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