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Q3 2016 Results – PDC Energy, Inc.

PDC Energy, Inc. · Nov 3, 2016 · 26 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. Q3 2016 Results – PDC Energy, Inc. – slide 1
    2016 THIRD QUARTER RESULTS November 3, 2016
  2. Q3 2016 Results – PDC Energy, Inc. – slide 2
    BART BROOKMAN President and Chief Executive Officer 3
  3. Q3 2016 Results – PDC Energy, Inc. – slide 3
    2016 Third Quarter Results Building Momentum 65,263 Boe/d (6.0 MMBoe) total production 39% increase from 3Q15 14% daily rate increase over 2Q16 Solid operational performance Reduced LOE to 2.33 per Boe Enhanced Wattenberg…
  4. Q3 2016 Results – PDC Energy, Inc. – slide 4
    2017 High Level Initiatives Top-tier production growth Anticipate exiting 2017 with seven rig program (4 Wattenberg, 3 Delaware) Continued focus on the Balance Sheet Debt/EBITDAX target…
  5. Q3 2016 Results – PDC Energy, Inc. – slide 5
    SCOTT MEYERS Chief Accounting Officer 6
  6. Q3 2016 Results – PDC Energy, Inc. – slide 6
    Summary U.S. GAAP Financial Results In millions, except per share data 60 200 60 Production Costs(1) vs Production Net Cash from Operating Activities 6.0 Production Costs (millions) Production (MMBoe) 150 45 Oil Price…
  7. Q3 2016 Results – PDC Energy, Inc. – slide 7
    Summary Non-U.S. GAAP Financial Results In millions, except per share data 150 60 200 60 Adjusted EBITDA Adj. Cash Flow from Operations 45 150 45 Oil Price (/Bbl) 100 Oil Price millions millions 30 100 30 50…
  8. Q3 2016 Results – PDC Energy, Inc. – slide 8
    PDC Energy Debt and Liquidity Overview As of 9/30/16 Issued 9.1 million shares of equity for net 1,000 Debt Maturity Schedule proceeds of 560 million (millions) Debt Maturities Current Borrowing Base 750 700 million 700 million…
  9. Q3 2016 Results – PDC Energy, Inc. – slide 9
    Hedges Summary Hedges in place as of September 30, 2016 plus hedges entered prior to October 31, 2016 Oct Dec 1.4 MMBbls of crude oil volumes at weighted average floor price of 73.92/Bbl 2016 8.7 Bcf of natural gas volumes at…
  10. Q3 2016 Results – PDC Energy, Inc. – slide 10
    SCOTT REASONER SVP Operations 11
  11. Q3 2016 Results – PDC Energy, Inc. – slide 11
    PDC Energy Company Overview Delaware Acquisition Expected to Close in December 2016 Core Wattenberg 65,263 3Q16 Total Production (Boe/d)(1) 96,000 net acres 39% Year-over-Year Production Increase (MMBoe) 61,804 3Q16…
  12. Q3 2016 Results – PDC Energy, Inc. – slide 12
    Production Summary 3Q16 Highlights 2016 YTD Commodity Mix Strong 3Q16 production volumes NGLs NGL Full-year 2016 production volumes projected to Oil 21% 21% meet or exceed top of guidance Oil 40% Commodity mix inline with…
  13. Q3 2016 Results – PDC Energy, Inc. – slide 13
    Drilling, Completion and Capital Details Previous Capital Range Did Not Include Delaware Basin Capex 2016 Gross Operated TIL Activity 3Q16 Gross Project Counts 50 SRL MRL XRL Utica Drilling Activity TIL Spuds 45 40 Operated HZ 40 31…
  14. Q3 2016 Results – PDC Energy, Inc. – slide 14
    Positive Results Near Recently Consolidated Acreage Strategic Acreage Trade Closed 9/28/16 PDC Acreage LDS Project OUTER CORE 10 well pad 20 wells/section MRL Design TIL: 2Q16 Tighter stage spacing MIDDLE CORE Choke mgmt. 15…
  15. Q3 2016 Results – PDC Energy, Inc. – slide 15
    Utica Update PDC Acreage 65,000 net acres; 50% HBP 27MM capital plan in 2016 Neff well: May TIL o 10,000 lateral testing efficiency improvements o Best PDC Utica results per lateral foot to-date Mason pad: June TIL o 6,000…
  16. Q3 2016 Results – PDC Energy, Inc. – slide 16
    Operations Highlights 3Q16 Highlights Net production of 65,263 Boe/d Operated production 92% of total 3Q16 volumes HZ wells 90% of operated production TIL 31 horizontal Niobrara wells (6 XRLs) TIL 9 horizontal Codell wells (2…
  17. Q3 2016 Results – PDC Energy, Inc. – slide 17
    LANCE LAUCK EVP Corporate Development and Strategy 18
  18. Q3 2016 Results – PDC Energy, Inc. – slide 18
    Delaware Basin Acquisition Highlights PDC/Arris Acreage Acquisition Overview 57,000 net acres in Delaware Basin Culberson Loving 41,000 in Reeves County 16,000 in Culberson County Current net production of 7,500 Boe/d 1.5…
  19. Q3 2016 Results – PDC Energy, Inc. – slide 19
    Delaware Basin Current Operations Update PDC/Arris Acreage Existing Well Acquired Well Wolfcamp A Cumulative BOE per 5,000 of Lateral PDC/Arris Keyhole Wolfcamp A IP30: 1,450 Boe/d Lateral Length: 3,800 PDC/Arris Hanging…
  20. Q3 2016 Results – PDC Energy, Inc. – slide 20
    Delaware Basin Current Projects Rig Location Waiting-on-Completion PDC/Arris Acreage Two rigs currently operated by seller One rig in both Eastern and Central acreage Western Central PDC/Arris Greenwich 2 well pad - Wolfcamp A &…
  21. Q3 2016 Results – PDC Energy, Inc. – slide 21
    2017 Anticipated Key Delaware Themes Closing expected in December 2016 PDC/Arris Acreage Enter 2017 with two operated rigs Add third rig 2H17 Western Central Operating initiatives: Drilling to target HBP Includes 10,000 laterals…
  22. Q3 2016 Results – PDC Energy, Inc. – slide 22
    Q&A 23
  23. Q3 2016 Results – PDC Energy, Inc. – slide 23
    Investor Relations Mike Edwards, Senior Director Investor Relations michael.edwardspdce.com Kyle Sourk, Manager Investor Relations kyle.sourkpdce.com Corporate Headquarters PDC Energy, Inc. 1775 Sherman Street Suite 3000 Denver,…
  24. Q3 2016 Results – PDC Energy, Inc. – slide 24
    APPENDIX 25
  25. Q3 2016 Results – PDC Energy, Inc. – slide 25
    Reconciliation of Non-US GAAP Financial Measures In millions, except per share data Three Months Ended Nine Months Ended Adjusted EBITDA from net income (loss): Sept 30, Sept 30, 2016 2015 2016 2015 Net loss (23.3) (41.5) (190.3)…
  26. Q3 2016 Results – PDC Energy, Inc. – slide 26
    Reconciliation of Non-US GAAP Financial Measures In millions, except per share data Three Months Ended Nine Months Ended Adjusted net income (loss) from net income (loss): Sept 30, Sept 30, 2016 2015 2016 2015 Net loss (23.3)…

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