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Barclays CEO Energy 2017 Power Conference – PDC Energy, Inc.

PDC Energy, Inc. · Sep 6, 2017 · 31 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. Barclays CEO Energy 2017 Power Conference – PDC Energy, Inc. – slide 1
    BARCLAYS CEO ENERGY CONFERENCE September 6, 2017
  2. Barclays CEO Energy 2017 Power Conference – PDC Energy, Inc. – slide 2
    PDC Energy Strategic Overview Strategic Overview Top-Tier Growth Profile 35% 2,600 3-year Production CAGR Drilling Inventory Capital Efficient Drilling (2016-2019) Technical Innovations < 2.0x 15% Leverage Ratio(1) Watt.…
  3. Barclays CEO Energy 2017 Power Conference – PDC Energy, Inc. – slide 3
    PDC Energy Premier Assets Provide Top-Tier Growth Core Wattenberg 2.5B Market Cap(1) 95,500 net acres 1,800 identified locations(2) 305 MMBoe proved reserves 3.6B Enterprise Value(1) Utica Shale Delaware Basin 60,000 net…
  4. Barclays CEO Energy 2017 Power Conference – PDC Energy, Inc. – slide 4
    PDC Energy Track Record of Delivering Value Operating Costs (/Boe) Gross Margin(2) Oil Production (MMBbls) LOE per BOE TG&P Production Taxes G&A 100% Gross Margin NYMEX Oil 100 25 15 80% 80 20 NYMEX Oil (/Bbl) Gross Margin (%)…
  5. Barclays CEO Energy 2017 Power Conference – PDC Energy, Inc. – slide 5
    PDC Energy Second Quarter Results 88,078 2017 Second Quarter Highlights Continued execution in Wattenberg drives strong results (Boe/d) Drill times improved 15% on SRL, MRL and XRL wells Wattenberg LOE reduced 17% from 2Q16 to…
  6. Barclays CEO Energy 2017 Power Conference – PDC Energy, Inc. – slide 6
    PDC Energy Capital Efficiency in a 50 and 3 World 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 Base Case: 60…
  7. Barclays CEO Energy 2017 Power Conference – PDC Energy, Inc. – slide 7
    PDC Energy 2017 Production & Capital Guidance Wattenberg 2017e Production Mix 2017e Production (MMBoe) Plan to return to 3 rigs in 4Q17 (Anticipate closer to 32 MMBOE) 30% annual production growth 155 Spuds 133 TILs with 7,300…
  8. Barclays CEO Energy 2017 Power Conference – PDC Energy, Inc. – slide 8
    PDC Energy 2017 Capital Investment Program and Financial Guidance Capital Investment Details 2017e Capital Investments 2017e Capital Investment 2017e capital investment of 800 MM (millions) Wattenberg: 450 MM Delaware: 345 MM…
  9. Barclays CEO Energy 2017 Power Conference – PDC Energy, Inc. – slide 9
    Robust Hedge Position Insulates Capital Program 2017 and 2018 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…
  10. Barclays CEO Energy 2017 Power Conference – PDC Energy, Inc. – slide 10
    PDC Energy Balance Sheet Strength and Liquidity As of June 30, 2017 Leverage and Liquidity 1,000 902 million liquidity Debt Maturity Schedule (millions) 202 million cash balance Leverage ratio(1) of 1.9x 750 Debt Maturities…
  11. Barclays CEO Energy 2017 Power Conference – PDC Energy, Inc. – slide 11
    ASSET OVERVIEW
  12. Barclays CEO Energy 2017 Power Conference – PDC Energy, Inc. – slide 12
    Core Wattenberg Asset Overview (2) 2017e TIL Breakdown Net Acres Outer Core Kersey SRL Middle Core Area 30% XRL 47% Inner Core Acreage HBP MRL 23% Horizontal Locations(1) 305 155 133 7,300 YE16 Proved Reserves…
  13. Barclays CEO Energy 2017 Power Conference – PDC Energy, Inc. – slide 13
    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…
  14. Barclays CEO Energy 2017 Power Conference – PDC Energy, Inc. – slide 14
    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)…
  15. Barclays CEO Energy 2017 Power Conference – PDC Energy, Inc. – slide 15
    Core Wattenberg Midstream Overview Additional Capacity Enables Future Growth Objectives NATURAL GAS Multiple midstream providers (DCP and Aka-APC) DCP expected to gather and process 72% of 2017e gas volumes DCP current capacity 850…
  16. Barclays CEO Energy 2017 Power Conference – PDC Energy, Inc. – slide 16
    Delaware Basin Asset Overview Western Central Net Acres Western Central Eastern EUR (MBoe) 1,200 1,000 1,400 750 1,000 Eastern Working Int. 100% 87% 91% Average Working Interest Horizontal Locations(1) Gas NGL 24…
  17. Barclays CEO Energy 2017 Power Conference – PDC Energy, Inc. – slide 17
    Delaware Basin 2017 Planned Activity and Highlights 280 million D&C budget Western Central Spud 24 wells PDC/Arris Greenwich 15 spuds in Eastern PDC Greenwich 2 well pad - Wolfcamp A & B 7,500 laterals 3 well pad - Wolfcamp A(2) &…
  18. Barclays CEO Energy 2017 Power Conference – PDC Energy, Inc. – slide 18
    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…
  19. Barclays CEO Energy 2017 Power Conference – PDC Energy, Inc. – slide 19
    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…
  20. Barclays CEO Energy 2017 Power Conference – PDC Energy, Inc. – slide 20
    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…
  21. Barclays CEO Energy 2017 Power Conference – PDC Energy, Inc. – slide 21
    Marketing & Midstream Gas Throughput and Processing Overview Gas delivered to both El Paso and Waha markets Added 40,000 MMBtu/d firm transportation basin to Waha through 2020 3rd Party Midstream Western Central Central Delivery…
  22. Barclays CEO Energy 2017 Power Conference – PDC Energy, Inc. – slide 22
    Long-Term Delaware Midstream Vision Roadmap to Incremental Value Creation Key Objectives Create separate fee structures for in-field midstream services Build out PDC midstream assets & infrastructure to support development plans…
  23. Barclays CEO Energy 2017 Power Conference – PDC Energy, Inc. – slide 23
    PDC Energy Key Takeaways Strategic Overview Top-Tier Growth Profile 35% 2,600 3-year Production CAGR Drilling Inventory Capital Efficient Drilling (2016-2019) Technical Innovations < 2.0x 15% Leverage Ratio(1) Watt.…
  24. Barclays CEO Energy 2017 Power Conference – PDC Energy, Inc. – slide 24
    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,…
  25. Barclays CEO Energy 2017 Power Conference – PDC Energy, Inc. – slide 25
    APPENDIX
  26. Barclays CEO Energy 2017 Power Conference – PDC Energy, Inc. – slide 26
    Kersey Area Growing Oil Volumes Based on Previous Analyst Day Type Curves Oil volumes per well continue to grow Oil Volume per Well(1) 350 GOR typically stabilizes after 18-36 months (MBbls) 305 MRL and XRL wells represent recent…
  27. Barclays CEO Energy 2017 Power Conference – PDC Energy, Inc. – slide 27
    Wattenberg Kersey Area XRL Type Curve at 1,100 MBoe Increased Type Curve from 850 MBoe to 1,100 MBoe in 2017 Approximately 210 currently identified Middle Core (1) locations Base Case Type Well Details Increased inventory driven by…
  28. Barclays CEO Energy 2017 Power Conference – PDC Energy, Inc. – slide 28
    Wattenberg Kersey Area MRL Type Curve at 800 MBoe Increased Type Curve from 685 MBoe to 800 MBoe in 2017 Recently completed wells are outperforming type curve (1) Base Case Type Well Details Over 380 currently identified Middle Core…
  29. Barclays CEO Energy 2017 Power Conference – PDC Energy, Inc. – slide 29
    Wattenberg Kersey Area SRL Type Curve of 490 MBoe Type Curve Remains 490 MBoe Began testing tighter stage spacing in 2017 (1) Potential upside due to new completion design being Base Case Type Well Details used on MRL and XRL…
  30. Barclays CEO Energy 2017 Power Conference – PDC Energy, Inc. – slide 30
    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…
  31. Barclays CEO Energy 2017 Power Conference – PDC Energy, Inc. – slide 31
    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…

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