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Scotia Howard Weil Conference – PDC Energy, Inc.

PDC Energy, Inc. · Mar 28, 2017 · 28 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. Scotia Howard Weil Conference – PDC Energy, Inc. – slide 1
    SCOTIA HOWARD WEIL ENERGY CONFERENCE March 28, 2017
  2. Scotia Howard Weil Conference – PDC Energy, Inc. – slide 2
    PDC Energy Strategic Overview Top-Tier Growth Profile Capital Efficient Drilling Projects in Two Premier Basins Financial Discipline Technical Initiatives & Operational Enhancements Long-Term Focus on Value Creation…
  3. Scotia Howard Weil Conference – PDC Energy, Inc. – slide 3
    PDC Energy Company Overview Core Wattenberg 5.0 Enterprise Value (Billions)(1) 96,000 net acres 1.7x YE17e Debt/EBITDAX(2) 30 - 33 2017e Production (MMBoe) 40% 2017e Annual Production Growth (Midpoint) Utica Shale…
  4. Scotia Howard Weil Conference – PDC Energy, Inc. – slide 4
    PDC Energy 2017 Production and Capital Budget 2017e PRODUCTION GUIDANCE 725-775 2017e Capital Investments 30.0 33.0 MMBoe 82,200 90,400 Boe/d 2017e Production Mix (66% Liquids) (millions) 97,000 Boe/d Dec. 2017 exit rate NGL…
  5. Scotia Howard Weil Conference – PDC Energy, Inc. – slide 5
    PDC Energy Strong Financial Positioning As of 12/31/16 YE16 Leverage and Liquidity 932 million liquidity Current Borrowing Base 700 million 244 million cash balance Debt/ EBITDAX(1) of 2.1x Debt Maturities 700 million credit…
  6. Scotia Howard Weil Conference – PDC Energy, Inc. – slide 6
    PDC Energy Proved Reserves Overview Proved 2015 2016 % Liquid Initial Delaware Basin proved reserves booked Reserves (MMBoe) (MMBoe) (2016) Wattenberg 269.6 305.3 58% Wattenberg acreage trade provides tremendous reserve growth…
  7. Scotia Howard Weil Conference – PDC Energy, Inc. – slide 7
    Asset Overview Scalability in Two Top-Tier Basins Core Wattenberg & Core Delaware Portfolio Multiple years of highly economic drilling in Core Wattenberg and Core Delaware Internal rates of return extremely competitive Estimated…
  8. Scotia Howard Weil Conference – PDC Energy, Inc. – slide 8
    Asset Overview High-Return Portfolio Optionality Untapped upside present in both Wattenberg and Delaware assets Competition for capital drives innovation and enhanced results Allocation of capital split between two top-tier basins,…
  9. Scotia Howard Weil Conference – PDC Energy, Inc. – slide 9
    ASSET OVERVIEW 10
  10. Scotia Howard Weil Conference – PDC Energy, Inc. – slide 10
    Core Wattenberg Asset Summary PDC Acreage 96,000 2017e TIL Breakdown Net Acres 100% Acreage HBP SRLs MRLs XRLs 137/139 2017e Spuds & TILs 7,000 2017e Avg. Lateral Length (Spud) 3/28/2017 11
  11. Scotia Howard Weil Conference – PDC Energy, Inc. – slide 11
    Core Wattenberg 170 Stage Spacing Results PDC Acreage LDS (MRL) Cockroft (MRL) 1,000 1,000 685 Mboe 685 Mboe 2-Phase Prod./1,000' of Lateral (boe/d) 2-Phase Prod./1,000' of Lateral (boe/d) LDS Pad - 10 Wells Cockroft…
  12. Scotia Howard Weil Conference – PDC Energy, Inc. – slide 12
    Core Wattenberg Midstream Overview OIL NATURAL GAS Source: Company reports; BTU Analytics production Multiple takeaway options Diversified gas takeaway (DCP/Aka-APC) (refinery, pipeline, trucking and rail) DCP current capacity 800…
  13. Scotia Howard Weil Conference – PDC Energy, Inc. – slide 13
    Delaware Basin Asset Overview PDC Acreage 62,500 net acres in Reeves (43,050) and Culberson (19,450) Counties, TX Culberson Loving 32.5 MMBoe proved reserves at YE16; 68% liquids 580 MMBoe of estimated net reserves potential (65%…
  14. Scotia Howard Weil Conference – PDC Energy, Inc. – slide 14
    Delaware Basin 2017 Initiatives and Capital Budget Rig Location Waiting-on-Completion PDC Acreage 235 million D&C budget PDC/Fortuna HSS State Spud 31 wells PDC Phillips State Wolfcamp A Wolfcamp A (DUC) 7,500 laterals 20 spuds…
  15. Scotia Howard Weil Conference – PDC Energy, Inc. – slide 15
    Delaware Basin Highly Productive Acreage Blocks PDC Acreage EASTERN 17,600 net acres 91% WI Wolfcamp EURs Oil: 50 70% A: 1,000 MBoe Gas: 20 30% B: 750 MBoe NGLs: 10 20% Inventory: 410 locations CENTRAL 27,900 net acres 87%…
  16. Scotia Howard Weil Conference – PDC Energy, Inc. – slide 16
    Delaware Basin Encouraging Early Results PDC Acreage Eastern Acreage Wolfcamp A 400,000 Western Central 1,000 MBoe EUR Gross Cum. 2-Phase Boe per 5,000' of Lateral Eastern 200,000 SUGARLOAF 74 1H KEYHOLE 34 1H HANGING…
  17. Scotia Howard Weil Conference – PDC Energy, Inc. – slide 17
    Delaware Basin 100% Owned & Operated Midstream Future Upside from Buildout of 100% Owned and Operated Midstream Infrastructure Midstream Assets: Current & Future Gas gathering systems to central delivery points (CDP) Water…
  18. Scotia Howard Weil Conference – PDC Energy, Inc. – slide 18
    Delaware Basin Early Innings Upside Expansive inventory upside Industry testing significantly tighter spacing and additional horizons Early wells outperforming acquisition type curve Technical enhancements Executing…
  19. Scotia Howard Weil Conference – PDC Energy, Inc. – slide 19
    PDC Energy Key Takeaways Top-Tier Growth Profile 40% 2017e Production Growth Capital Efficient Drilling 7,000 Projects Average 2017 TIL Lateral Length Financial Discipline 1.7x YE17e Debt:EBITDAX Technical &…
  20. Scotia Howard Weil Conference – PDC Energy, Inc. – slide 20
    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,…
  21. Scotia Howard Weil Conference – PDC Energy, Inc. – slide 21
    2017 Financial Guidance 2017 Guidance LOE/Boe Production: 30 33 MMBoe(1) 5.00 Capital Investments: 725 - 775 mm 4.00 Anticipate towards the high-end 2.80 - 3.10 Production Tax: 6 - 8% of sales 3.00 DD&A/Boe: 15.10 - 16.65 2.00…
  22. Scotia Howard Weil Conference – PDC Energy, Inc. – slide 22
    Hedges Summary Hedges in place as of December 31, 2016 plus hedges entered prior to February 24, 2017 9.5 MMBbls crude oil volumes at NYMEX weighted average floor price of 49.83/Bbl 2017 38,217 BBtu natural gas volumes at NYMEX…
  23. Scotia Howard Weil Conference – PDC Energy, Inc. – slide 23
    Core Wattenberg 2016 EUR Analysis Based on Evaluation of Public Production Data PDC Acreage 2,500 Wells Included in Study 2016 EUR ANALYSIS 2.6-3.6 EUR Variability Ratio Range for Inner Core Middle Core Outer Core Represents…
  24. Scotia Howard Weil Conference – PDC Energy, Inc. – slide 24
    Core Delaware Acreage Overview PDC Acreage 93% NM TX Average WI Western Central Central Basin Midland Loving Platform 100% Basin Delaware Basin Approximate Operated Position Eastern 785 Currently Identified…
  25. Scotia Howard Weil Conference – PDC Energy, Inc. – slide 25
    Delaware Basin Expansive Inventory Upside Acquisition Model Assumes Maximum Density of Only 12 Wells per Section Well Spacing & Inventory Summary Max ACQ Peer Eastern Inventory Central Inventory Western Inventory Bench Spacing…
  26. Scotia Howard Weil Conference – PDC Energy, Inc. – slide 26
    Delaware Basin Strategic Bolt-On Acquisition Closed December 30, 2016 from Fortuna Resources Capitan - Ava State Wolfcamp A 30-day Peak IP: 1,250 Boe/d Lateral Length: 4,200 CULBERSON Capitan - Dorothy State Wolfcamp A 30-day…
  27. Scotia Howard Weil Conference – PDC Energy, Inc. – slide 27
    Reconciliation of Non-US GAAP Financial Measures In millions, except per share data Three Months Ended Twelve Months Ended Adjusted EBITDA from net income (loss): December 31, December 31, 2016 2015 2016 2015 Net income (loss)…
  28. Scotia Howard Weil Conference – PDC Energy, Inc. – slide 28
    Reconciliation of Non-US GAAP Financial Measures In millions, except per share data Three Months Ended Twelve Months Ended Adjusted net income (loss) from net income (loss): December 31, December 31, 2016 2015 2016 2015 Net income…

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