BART BROOKMAN President and Chief Executive Officer
First Quarter Results Set Stage for Strong 2017 Total production of 6.6 MMBoe (46% growth compared to 1Q16) 2017 Annual Guidance Average production of 73,865 Boe/d Category Range Consistent production growth expected through remainder…
SCOTT REASONER SVP Chief Operating Officer
PDC Energy Operational Overview 73,866 Core Wattenberg 95,500 net acres 64,285 Boe/d 1Q17 production Total Production Boe/d 29 gross operated spuds in 1Q17 46% Production Increase (MMBoe) (1Q17 over 1Q16) Utica Shale…
PDC Energy Production and LOE Summary Production ahead of internal expectations Strong early performance from recent Wattenberg SRL(1) TILs MRL/XRLs account for 85% of 1Q17 spuds 3rd Delaware rig added in February 2017 Net…
PDC Energy Capital Investment Summary 2017 Quarterly Details (millions) Area 1Q17 2017e Capital Investment Highlights Wattenberg 135 Delaware 63 Wattenberg efficiencies expected to offset modest Utica/Other 2 service cost…
Core Wattenberg Kersey Area Performance Tracking Updated Type Curves Type Well Profile Comparison(1) LDS Project (MRL) AD2016 SRL Type Curve AD2017 MRL Type Curve Pad Average (Older Style Completion) 490 MBoePreTrade SRL Type Curve…
Core Wattenberg Prolific Economics SRL Performance MRL Performance XRL Performance 490 MBoe SRL Type Curve 800 MBoe MRL Type Curve 1,100 MBoe XRL Type Curve Older PDC Operated Wells Updated Completion & Flowback Type Well CWC…
Delaware Basin Summary 1Q17 Activity 7 gross operated spuds 3 TILs 100% working interest 6 million midstream capex 3rd rig added in late February 5/5/2017 11
Delaware Basin Encouraging Recent Well Results Eastern Area Wolfcamp A Central Area Wolfcamp A/B Early production from recent completions performing Multiple wells currently on flowback (yet to reach above acquisition type curve…
Delaware Basin Resilient Economics with Untapped Upside Base Case Economic Summary with Development Cost Structure Type Well Profile Comparison Eastern Wolfcamp A Eastern Wolfcamp B Central Wolfcamp A/B Western Wolfcamp A (XRL)…
PDC Energy Key First Quarter Takeaways 2017 Initiatives Continue Building on Wattenberg Success 29 2.98 LOE/Boe March TILs XRL/MRL Development in Wattenberg Transfer Wattenberg Expertise 64,285 11% LOE/Boe Delaware…
DAVID HONEYFIELD SVP Chief Financial Officer
Summary U.S. GAAP Financial Results Three Months Ended March 31, Measure (millions except per share and price per Boe data) 2017 2016 % 200 Production (MMBoe) 6.6 4.6 46% Net Cash from Operating Activities Realized Price per Boe…
Production Cost Summary Three Months Ended March 31, Measure 2017 2016 Production vs Production Costs per Boe Production (MMBoe) 6.6 4.6 8 8 Operating Costs (millions) 6 6 Lease operating expenses 19.8 15.3 MMBoe /Boe…
Summary Non-U.S. GAAP Financial Results 200 Adjusted EBITDAX(1) 44.7 mm Note Allowance 150 millions Three Months Ended 100 March 31, Measure(1) (millions except per share data) 2017 2016 % 50 Adjusted net income (loss)…
Balance Sheet Strength and Liquidity As of March 31, 2017 Leverage and Liquidity 1,000 946 million liquidity Debt Maturity Schedule (millions) 258 million combined cash balance & shortterm investments 750 Leverage ratio(1) of…
Robust Hedge Position Insulates Capital Program Hedges in Place as of 3/31/17 Plus Hedges Entered Into prior to April 19, 2017 CRUDE OIL NATURAL GAS 2Q17 4Q17 2018 2Q17 4Q17 2018 Volumes (MMBbls) Volumes (BBtu) Collar 1.8 1.5…
2017 Financial Guidance 2017 Guidance LOE/Boe Production: 30 33 MMBoe(1) (anticipate top third) 5.00 Capital Investments: 725 775 mm (anticipate top half) 4.00 Production Tax: 6 8% of sales 2.65 3.00 DD&A/Boe: 15.00 16.50 3.00…
QUESTIONS & ANSWERS
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,…
APPENDIX
Reconciliation of Non-U.S. GAAP Financial Measures Three Months Ended Net income (loss) to adjusted EBITDAX March 31, 2017 2016 Net income (loss) 46.1 (71.5) Gain on commodity derivative instruments (80.7) (11.1) Net settlements…
Reconciliation of Non-U.S. GAAP Financial Measures Three Months Ended Net income (loss) to adjusted net income (loss) March 31, 2017 2016 Net income (loss) 46.1 (71.5) Gain on commodity derivative instruments (80.7) (11.1) Net…
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