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Q3 2017 Presentation – PDC Energy, Inc.

PDC Energy, Inc. · Nov 7, 2017 · 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 2017 Presentation – PDC Energy, Inc. – slide 1
    2017 THIRD QUARTER RESULTS November 7, 2017
  2. Q3 2017 Presentation – PDC Energy, Inc. – slide 2
    BART BROOKMAN President and Chief Executive Officer
  3. Q3 2017 Presentation – PDC Energy, Inc. – slide 3
    2017 Third Quarter Results Total production of 8.5 MMBoe (92,491 Boe/d) 42% increase from 3Q16; 5% sequential increase from 2Q17 37,380 Bbls/d oil represent 47% growth from 3Q16; 6% sequential growth Building operational momentum…
  4. Q3 2017 Presentation – PDC Energy, Inc. – slide 4
    SCOTT REASONER SVP Chief Operating Officer
  5. Q3 2017 Presentation – PDC Energy, Inc. – slide 5
    PDC Energy Operational Overview 92,491 Core Wattenberg 95,500 net acres(2) 77,582 Boe/d 3Q17 production Total Production (Boe/d) 46 gross operated spuds in 3Q17 42% Production Increase (3Q17 over 3Q16) Utica Shale (3)…
  6. Q3 2017 Presentation – PDC Energy, Inc. – slide 6
    PDC Energy Capital Investment Summary 2017 Quarterly Details (millions) Area 1Q17 2Q17 3Q17 FY17e Capital Investment Highlights Wattenberg 135 130 117 450 Delaware 63 87 86 345 Wattenberg: Currently operating three rigs Utica/Other…
  7. Q3 2017 Presentation – PDC Energy, Inc. – slide 7
    PDC Energy Production and LOE Summary Total production increased 42% (3Q17 v 3Q16) Oil production increased 47% (3Q17 v 3Q16) Oil production accounts for 40% of total production LOE per Boe at 2.81 through 3Q17 Net Production…
  8. Q3 2017 Presentation – PDC Energy, Inc. – slide 8
    Delaware Basin Gaining Operational Momentum Positive well results and steady development ramp lead to strong quarterly production growth Delaware Production (Boe/d) 15,000 Continued improvement in completion operations 12,845…
  9. Q3 2017 Presentation – PDC Energy, Inc. – slide 9
    Delaware Basin Prolific Eastern Area Wolfcamp A Well Results Eastern Area Wolfcamp A Eastern Area Wolfcamp A 500,000 500,000 Keyhole Gross Cumulative 2-Phase Production per 5,000' (Boe) PDC Average (8 wells) Sugarloaf Hanging…
  10. Q3 2017 Presentation – PDC Energy, Inc. – slide 10
    Delaware Basin Initial Eastern Area Wolfcamp B Well Results Early Data on Limited Sample Size Eastern Area Wolfcamp B Elkhead & Kenosha Daily Performance Comparison 250,000 10000 Triangle Hermit 1000 Elkhead Kenosha Elkhead…
  11. Q3 2017 Presentation – PDC Energy, Inc. – slide 11
    Delaware Basin Recent Central Area Wells Exceeding Type Curve Central Area Well Highlights Central Area Wolfcamp A/B 300,000 Liam State cumulative production on trend to outperform 1,050 MBoe EUR normalized type curve Gross…
  12. Q3 2017 Presentation – PDC Energy, Inc. – slide 12
    PDC Energy Key Third Quarter Takeaways 2017 Initiatives Continue Building on Wattenberg Success 47% 2.49 Wattenberg Oil Growth LOE/Boe (3Q17 v 3Q16) XRL/MRL Development in Wattenberg Transfer Wattenberg Expertise 77,582 52…
  13. Q3 2017 Presentation – PDC Energy, Inc. – slide 13
    DAVID HONEYFIELD SVP Chief Financial Officer
  14. Q3 2017 Presentation – PDC Energy, Inc. – slide 14
    Summary U.S. GAAP Financial Results 200 Net Cash from Operating Activities 150 Three Months Ended Nine Months Ended September 30, September 30, millions Measure 100 (m illions except per share and price per Boe data) 2017…
  15. Q3 2017 Presentation – PDC Energy, Inc. – slide 15
    Production Cost Summary Three Months Ended Nine Months Ended September 30, September 30, Measure 2017 2016 % 2017 2016 % Production (MMBoe) 8.5 6.0 42% 23.2 15.8 47% Production Costs per Boe vs Production (MMBoe) 9 9…
  16. Q3 2017 Presentation – PDC Energy, Inc. – slide 16
    Summary Non-U.S. GAAP Financial Results 250 Adjusted EBITDAX(2) MK Note Proceeds (40.2 mm) 200 150 millions Three Months Ended Nine Months Ended September 30, September 30, 100 (1) Measure (millions except per share data)…
  17. Q3 2017 Presentation – PDC Energy, Inc. – slide 17
    Balance Sheet Strength, Liquidity and Hedge Portfolio As of September 30, 2017 Leverage and Liquidity 1,000 Debt Maturity Schedule 836 million liquidity 750 Undrawn Revolver YE17e Pro Forma liquidity of 600 million (1) 7.75%…
  18. Q3 2017 Presentation – PDC Energy, Inc. – slide 18
    2017 Updated Financial Guidance 2017 Guidance Production: 32 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 3.00 Price…
  19. Q3 2017 Presentation – PDC Energy, Inc. – slide 19
    LANCE LAUCK EVP Corporate Development and Strategy
  20. Q3 2017 Presentation – PDC Energy, Inc. – slide 20
    Wattenberg Transactions Consolidate Position Increase XRL Development Potential Acreage Trades and Bolt-On Acquisition Expected to Close in 4Q17 Consolidated acreage positions favorable for XRL development Post-Closings Acreage Map…
  21. Q3 2017 Presentation – PDC Energy, Inc. – slide 21
    QUESTIONS & ANSWERS
  22. Q3 2017 Presentation – PDC Energy, Inc. – slide 22
    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,…
  23. Q3 2017 Presentation – PDC Energy, Inc. – slide 23
    APPENDIX
  24. Q3 2017 Presentation – PDC Energy, Inc. – slide 24
    Reconciliation of Non-U.S. GAAP Financial Measures Adjusted EBITDAX Three Months Ended Nine Months Ended September 30, September 30, 2017 2016 2017 2016 Net loss to adjusted EBITDAX: Net loss (292.5) (23.3) (205.1) (190.3) (Gain)…
  25. Q3 2017 Presentation – PDC Energy, Inc. – slide 25
    Reconciliation of Non-U.S. GAAP Financial Measures Adjusted Net Income (Loss) Three Months Ended Nine Months Ended September 30, September 30, 2017 2016 2017 2016 Adjusted net loss: Net loss (292.5) (23.3) (205.1) (190.3) (Gain)…
  26. Q3 2017 Presentation – PDC Energy, Inc. – slide 26
    Robust Hedge Position Insulates Capital Program Hedges in Place as of 9/30/17 Plus Hedges Entered Into prior to November 3, 2017 CRUDE OIL NATURAL GAS 4Q17 2018 2019 4Q17 2018 2019 Volumes (MMBbls) Volumes (BBtu) Collar 0.6 1.5 -…

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