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2013 4Q YEAR END REPORT – PDC Energy, Inc.

PDC Energy, Inc. · Feb 20, 2014 · 30 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. 2013 4Q YEAR END REPORT – PDC Energy, Inc. – slide 1
    2013 FOURTH QUARTER AND YEAR-END REPORT February 20, 2014 NASDAQ:PDCE
  2. 2013 4Q YEAR END REPORT – PDC Energy, Inc. – slide 2
    James Trimble Chief Executive Officer and President 2/20/2014 2
  3. 2013 4Q YEAR END REPORT – PDC Energy, Inc. – slide 3
    2013 Highlights Grew production from continuing operations 35% over 2012 Exceeded mid-point of 2013 production guidance Increased crude oil and NGLs production mix to 53% Increased total proved reserves 38% to 266 MMBoe Strong…
  4. 2013 4Q YEAR END REPORT – PDC Energy, Inc. – slide 4
    2013 Highlights, continued Marcellus drilling delineated additional acreage & increased reserves Strengthened balance sheet Completed two strategic dry gas divestitures (June 2013 and December 2013) Completed equity offering…
  5. 2013 4Q YEAR END REPORT – PDC Energy, Inc. – slide 5
    Gysle Shellum Chief Financial Officer 2/20/2014 6
  6. 2013 4Q YEAR END REPORT – PDC Energy, Inc. – slide 6
    Summary Financial Results (from continuing operations) In Millions, Except Per Share Data Three Months Ended Year Ended December 31, December 31, Measure 2013 2012 2013 2012 Total crude oil, natural gas and NGLs sales 120.3 67.8…
  7. 2013 4Q YEAR END REPORT – PDC Energy, Inc. – slide 7
    Summary Financial Results In Millions, Except Per Share Data Three Months Ended Year Ended December 31, December 31, Measure 2013 2012 2013 2012 Income from operations 33.9 8.3 10.2 37.2 Net income (loss) 13.2 (126.2) (22.3)…
  8. 2013 4Q YEAR END REPORT – PDC Energy, Inc. – slide 8
    Debt Maturity Schedule in Millions 115 million 3.25% convertible debentures mature in May 2016 Debt Maturity Schedule 600 53 million PDCM revolver matures in 3.25% Convertible Notes due 2016 April 2017; 15 million second lien…
  9. 2013 4Q YEAR END REPORT – PDC Energy, Inc. – slide 9
    Crude Oil and Natural Gas Hedges Hedges in Place as of January 9, 2014 Crude Oil (includes NGL) FY2014 FY2015 FY2016 (1) NYMEX Average 96.36 88.75 83.83 Weighted-Average Hedge Price With Ceilings 94.15 89.35 N/A…
  10. 2013 4Q YEAR END REPORT – PDC Energy, Inc. – slide 10
    2014 Plan 2/20/2014 11
  11. 2013 4Q YEAR END REPORT – PDC Energy, Inc. – slide 11
    Preliminary 2014 Consolidated Financial Guidance (from continuing operations) In Millions, Except for Per Share Data YE 2013 2014 Guidance (3) Actual Low High Production (MMBoe) 7.4 (1) 9.5 10.0 Crude oil, natural gas and NGLs sales…
  12. 2013 4Q YEAR END REPORT – PDC Energy, Inc. – slide 12
    Barton Brookman Executive Vice President and Chief Operating Officer 2/20/2014 13
  13. 2013 4Q YEAR END REPORT – PDC Energy, Inc. – slide 13
    Operational Overview 2013 Production 20,355 Boe/d WATTENBERG UTICA Liquid-Rich 2013 Production: 16,269 Boe/d Basins 2013 Production: 617 Boe/d YE2013 Proved Reserves: 212 MMBoe YE2013 Proved Reserves: 14 MMBoe Utica 3%…
  14. 2013 4Q YEAR END REPORT – PDC Energy, Inc. – slide 14
    Production Summary 2013 Commodity Mix Highlights NGLs PDC Energy hit 2013 production target 14% Considerable growth year over year Gas Oil Successful Waste Management downspacing project 47% 39% 4 rigs running in Wattenberg area…
  15. 2013 4Q YEAR END REPORT – PDC Energy, Inc. – slide 15
    Proved Reserve Summary YE2013 PDCE Reserves Comparison YE2012 YE2013 Total Proved (MMBoe) 192.8 265.8 % Liquids 48% 54% SEC BTAX PV-10 Value (MM) 1,709 2,704 SEC Product Pricing Oil (/Bbl) 94.71 96.94 SEC Product Pricing Gas…
  16. 2013 4Q YEAR END REPORT – PDC Energy, Inc. – slide 16
    Horizontal Niobrara Performance Type Curves & Economics Reflect Higher EURs in Middle & Outer Cores and Differential Change Compared to 2013 Inner Core Middle Core Outer Core Average EUR1 Average EUR1 Average EUR1 Range of Industry…
  17. 2013 4Q YEAR END REPORT – PDC Energy, Inc. – slide 17
    PDCE Horizontal Codell Performance Type Curve & Economics Reflects Higher EUR and Differential Change Compared to 2013 Total PDC Horizontal Codell Production 1,000 YE2013 Type Curve Avg. 3-Phase EUR: 370 MBoe Avg. 3-phase EUR:…
  18. 2013 4Q YEAR END REPORT – PDC Energy, Inc. – slide 18
    Utica Leasehold and Activity - drilled and/or completed - planned 2014 spud Wet Gas Condensate Dry Oil Gas 25% acreage in Guernsey & N. Noble Counties Onega-Commissioners 14-25H Commissioners 2H , 3H 75% acreage in Washington, S.…
  19. 2013 4Q YEAR END REPORT – PDC Energy, Inc. – slide 19
    Drilling Activity 2013 Gross Operated Wells Drilled 2013 Gross Project Counts 35 Horizontal Spuds (operated) 95 30 28 28 Wattenberg (35 Nio, 35 Codell) 70 27 26 25 25 Utica 11 22 20 Marcellus 14 Spuds 17 17 15…
  20. 2013 4Q YEAR END REPORT – PDC Energy, Inc. – slide 20
    Capex Update 2013 2013 2013 2014 Area Capital Budget Capital Actual Variance Capital Budget (MM) (MM) (MM) (MM) Wattenberg 280 269 (11) 467 Utica 96 101 5 162 Other 11 7 (3) 2 Sub-Total 387 377 (10) 631 Marcellus Shale 56…
  21. 2013 4Q YEAR END REPORT – PDC Energy, Inc. – slide 21
    LOE / Margin /Boe (1) Lease Operating Expense Gross Margin From Sales 60.00 Sales 5.96 Sales Sales Sales 50.03 6.00 50.00 47.71 47.10 47.91 (4.74) (4.48 ) (4.97 ) (5.96) (1.31) 5.50 (1.81) (1.64) (1.58) (3.22) 4.74 40.00…
  22. 2013 4Q YEAR END REPORT – PDC Energy, Inc. – slide 22
    Operations Highlights Wattenberg Utica Appalachia Yearly net production of 16,269 Boe/d 48,000 net acres Dec13 average net production of 20,000 Continued strong stabilized production Boe/d Most acreage in liquid-rich window 13…
  23. 2013 4Q YEAR END REPORT – PDC Energy, Inc. – slide 23
    Questions & Answers 2/20/2014 24
  24. 2013 4Q YEAR END REPORT – PDC Energy, Inc. – slide 24
    Investor Relations Mike Edwards, Senior Director Investor Relations michael.edwardspdce.com Marti Dowling, Manager Investor Relations marti.dowlingpdce.com Corporate Headquarters PDC Energy, Inc. 1775 Sherman Street Suite 3000…
  25. 2013 4Q YEAR END REPORT – PDC Energy, Inc. – slide 25
    APPENDIX 2/20/2014 26
  26. 2013 4Q YEAR END REPORT – PDC Energy, Inc. – slide 26
    Adjusted Net Income (Loss) Reconciliation From Net Income (Loss) in millions, except share and per share data Three Months Ended Year Ended December 31, December 31, 2013 2012 2013 2012 Net income (loss) 13.2 (126.2) (22.3)…
  27. 2013 4Q YEAR END REPORT – PDC Energy, Inc. – slide 27
    Adjusted Cash Flows From Operations Reconciliation From Net Cash From Operating Activities in millions, except share and per share data Three Months Ended Year Ended December 31, December 31, 2013 2012 2013 2012 Net cash from…
  28. 2013 4Q YEAR END REPORT – PDC Energy, Inc. – slide 28
    Adjusted EBITDA Reconciliation From Net Income (Loss) in millions, except share and per share data Three Months Ended Year Ended December 31, December 31, 2013 2012 2013 2012 Net income (loss) 13.2 (126.2) (22.3) (130.7) (Gain)…
  29. 2013 4Q YEAR END REPORT – PDC Energy, Inc. – slide 29
    Adjusted EBITDA Reconciliation From Net Cash From Operating Activities in millions, except share and per share data Three Months Ended Year Ended December 31, December 31, 2013 2012 2013 2012 Net cash from operating activities…
  30. 2013 4Q YEAR END REPORT – PDC Energy, Inc. – slide 30
    Reconciliation of PV-10% in millions Year Ended December 31, 2013 2012 PV-10% 2,703.9 1,708.9 Present value of estimated future income tax discounted at 10% (913.4) (540.4) Standardized measure of discounted future net cash…

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