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2Q 2017 Earnings Update – PDC Energy, Inc.

PDC Energy, Inc. · Aug 8, 2017 · 29 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. 2Q 2017 Earnings Update – PDC Energy, Inc. – slide 1
    2017 SECOND QUARTER RESULTS August 8, 2017
  2. 2Q 2017 Earnings Update – PDC Energy, Inc. – slide 2
    BART BROOKMAN President and Chief Executive Officer
  3. 2Q 2017 Earnings Update – PDC Energy, Inc. – slide 3
    2017 Second Quarter Results Total production of 8.0 MMBoe (88,078 Boe/d) 54% increase from 2Q16; 19% sequential increase from 1Q17 35,571 Bbls/d oil represent 62% growth from 2Q16; 30% sequential growth Financial position remains…
  4. 2Q 2017 Earnings Update – PDC Energy, Inc. – slide 4
    2017 Commentary and 2018 High-Level Outlook 2017 Plans 2018 Preliminary Outlook 32 - 33 MMBoe total production Balance sheet strength and liquidity are top priorities 800 million capital investments Anticipate capital spend slightly…
  5. 2Q 2017 Earnings Update – PDC Energy, Inc. – slide 5
    SCOTT REASONER SVP Chief Operating Officer
  6. 2Q 2017 Earnings Update – PDC Energy, Inc. – slide 6
    PDC Energy Operational Overview 88,078 Core Wattenberg 95,500 net acres 75,621 Boe/d 2Q17 production Total Production Boe/d 44 gross operated spuds in 2Q17 54% Production Increase (2Q17 over 2Q16) Utica Shale Delaware…
  7. 2Q 2017 Earnings Update – PDC Energy, Inc. – slide 7
    PDC Energy Production and LOE Summary Oil production increased 29% (2Q17 v 1Q17) Oil production growth outpaced gas production growth Liquids account for 63% of total production LOE per Boe improved 16% sequentially (2Q17 v 1Q17)…
  8. 2Q 2017 Earnings Update – PDC Energy, Inc. – slide 8
    PDC Energy Capital Investment Summary 2017 Quarterly Details (millions) Estimated Capital Investment 2H17e Capital Investment Highlights Area 1Q17 2Q17 2H17 FY17 Wattenberg 135 130 185 450 Delaware 63 87 195 345 Wattenberg: Plan…
  9. 2Q 2017 Earnings Update – PDC Energy, Inc. – slide 9
    Core Wattenberg Drilling Efficiencies Continued improvement in spud-to-spud drill times 2017 Analyst Day 2Q17 Earnings Call SRL = 6 days All numbers approximate SRL MRL XRL SRL MRL XRL MRL = 8 days Lateral Length 4,200 6,900 9,500…
  10. 2Q 2017 Earnings Update – PDC Energy, Inc. – slide 10
    Core Wattenberg Encouraging Completion Enhancements STANDARD-REACH LATERALS EXTENDED-REACH LATERALS 100,000 200,000 Cumulative Gross 2-Phase Production per 9,500 (Boe) Cumulative Gross 2-Phase Production per 4,200 (Boe)…
  11. 2Q 2017 Earnings Update – PDC Energy, Inc. – slide 11
    Delaware Basin Summary 2Q17 Activity 5 gross operated spuds 6 TILs 96% working interest 7 million midstream capex 4 rig program throughout quarter; moved to 3 rigs in August 2017 (1) Based on acquisition evaluation 12…
  12. 2Q 2017 Earnings Update – PDC Energy, Inc. – slide 12
    Delaware Basin Prolific Eastern Area Well Results Eastern Area Wolfcamp A Kenosha Daily Performance 500,000 10000 Sugarloaf Keyhole Hanging H 1000 Gross Cumulative 2-Phase Production per 5,000' of Lateral (BOE) Argentine…
  13. 2Q 2017 Earnings Update – PDC Energy, Inc. – slide 13
    Delaware Basin Recent Central Area Wells Exceeding Type Curve Central Area Well Highlights Central Area Wolfcamp A/B 300,000 Greenwich 4H (7,500 Wolfcamp A) Average cumulative Gross Cumulative 2-Phase Production per 5,000' of…
  14. 2Q 2017 Earnings Update – PDC Energy, Inc. – slide 14
    Delaware Basin Operating Efficiencies and Midstream Investments Integration initiatives and facility PDP Production Optimization upgrades/investments since time of acquisition (Tisdale Line and Compression Upgrades) have led to…
  15. 2Q 2017 Earnings Update – PDC Energy, Inc. – slide 15
    PDC Energy Key Second Quarter Takeaways 2017 Initiatives Continue Building on Wattenberg Success 30% 2.22 Wattenberg Oil Growth LOE/Boe (2Q17 v 1Q17) XRL/MRL Development in Wattenberg Transfer Wattenberg Expertise 75,621 49…
  16. 2Q 2017 Earnings Update – PDC Energy, Inc. – slide 16
    DAVID HONEYFIELD SVP Chief Financial Officer
  17. 2Q 2017 Earnings Update – PDC Energy, Inc. – slide 17
    Summary U.S. GAAP Financial Results 200 Net Cash from Operating Activities 150 Three Months Ended Six Months Ended June 30, June 30, millions Measure 2017 2016 % 2017 2016 % 100 (millions except per share and price per Boe…
  18. 2Q 2017 Earnings Update – PDC Energy, Inc. – slide 18
    Production Cost Summary Three Months Ended Six Months Ended June 30, June 30, Measure (millions except per share and price per Boe data) 2017 2016 % 2017 2016 % Production (MMBoe) 8.0 5.2 54% 14.7 9.8 50% Production Costs per Boe…
  19. 2Q 2017 Earnings Update – PDC Energy, Inc. – slide 19
    Summary Non-U.S. GAAP Financial Results 250 Adjusted EBITDAX(1) 200 150 millions Three Months Ended Six Months Ended June 30, June 30, 100 Measure(1) (millions except per share data) 2017 2016 % 2017 2016 % Adjusted net…
  20. 2Q 2017 Earnings Update – PDC Energy, Inc. – slide 20
    Balance Sheet Strength, Liquidity and Hedge Portfolio As of June 30, 2017 1,000 Debt Maturity Schedule Leverage and Liquidity 750 Undrawn Revolver 902 million liquidity 7.75% millions Senior Notes 6.125% 202 million cash…
  21. 2Q 2017 Earnings Update – PDC Energy, Inc. – slide 21
    2017 Updated Financial Guidance 2017 Guidance Production: 32 - 33 MMBoe (40% oil, 63% liquids) LOE/Boe Capital Investments: 800 million 5.00 Production Tax: 6 - 8% of sales 4.00 DD&A/Boe: 15.00 - 16.50 2.65 - 3.00 Expl., geologic…
  22. 2Q 2017 Earnings Update – PDC Energy, Inc. – slide 22
    LANCE LAUCK EVP Corporate Development and Strategy
  23. 2Q 2017 Earnings Update – PDC Energy, Inc. – slide 23
    2017 2019 High Level Outlook Model Increased Capital Efficiency 50/Bbl and 3/Mcf NYMEX Prices Held Flat 2017 - 2019: Mid-Year 50/3 Case vs. 80 Production and Leverage Ratio Outlook 4.0x Production Range Leverage Ratio Analyst Day…
  24. 2Q 2017 Earnings Update – PDC Energy, Inc. – slide 24
    QUESTIONS & ANSWERS
  25. 2Q 2017 Earnings Update – PDC Energy, Inc. – slide 25
    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,…
  26. 2Q 2017 Earnings Update – PDC Energy, Inc. – slide 26
    APPENDIX
  27. 2Q 2017 Earnings Update – PDC Energy, Inc. – slide 27
    Reconciliation of Non-U.S. GAAP Financial Measures Three Months Ended Six Months Ended Net income (loss) to adjusted EBITDAX June 30, June 30, 2017 2016 2017 2016 Net income (loss) 41.3 (95.5) 87.4 (167.0) (Gain) loss on commodity…
  28. 2Q 2017 Earnings Update – PDC Energy, Inc. – slide 28
    Reconciliation of Non-U.S. GAAP Financial Measures Three Months Ended Six Months Ended Net income (loss) to adjusted net income (loss) June 30, June 30, 2017 2016 2017 2016 Net income (loss) 41.3 (95.5) 87.4 (167.0) (Gain) loss on…
  29. 2Q 2017 Earnings Update – PDC Energy, Inc. – slide 29
    Robust Hedge Position Insulates Capital Program Hedges in Place as of 6/30/17 Plus Hedges Entered Into prior to August 3, 2017 CRUDE OIL NATURAL GAS 2H17 2018 2H17 2018 Volumes (MMBbls) Volumes (BBtu) Collar 1.2 1.5 Collar 5,900…

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