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Goldman Sachs Energy Conference – PDC Energy, Inc.

PDC Energy, Inc. · Jan 9, 2018 · 28 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. Goldman Sachs Energy Conference – PDC Energy, Inc. – slide 1
    GOLDMAN SACHS ENERGY CONFERENCE January 9, 2018
  2. Goldman Sachs Energy Conference – PDC Energy, Inc. – slide 2
    PDC Energy Strategic Overview Strategic Overview Top-Tier Growth Profile 35% 2,600 3-year Drilling Production CAGR Inventory(3) Capital Efficient Drilling (2016-2019) Technical…
  3. Goldman Sachs Energy Conference – PDC Energy, Inc. – slide 3
    PDC Energy Premier Assets Provide Top-Tier Growth Core Wattenberg 3.5B Market Cap(1) 95,500 net acres 1,800 identified locations(2) 305 MMBoe proved reserves 4.7B Enterprise Value(1) Utica Shale Delaware Basin 60,000 net…
  4. Goldman Sachs Energy 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. Goldman Sachs Energy Conference – PDC Energy, Inc. – slide 5
    PDC Energy Third Quarter 2017 Results 92,500 2017 Third Quarter Highlights Continued execution in Wattenberg drives strong results (Boe/d) 77,580 Boe/d 3Q17 production 46 gross operated spuds (18 SRL; 20 MRL; 8 XRL) 47% 39 TILs…
  6. Goldman Sachs Energy Conference – PDC Energy, Inc. – slide 6
    PDC Energy 2018 Production and Capital Investment Guidance Capital Investment Details (All numbers approximate) Wattenberg (480MM) 2018e Production Mix 2018e Production 425MM operated D&C (MMBoe) 131 spuds & 139 TILs (85% avg.…
  7. Goldman Sachs Energy Conference – PDC Energy, Inc. – slide 7
    Robust Hedge Position Insulates Capital Program Hedges in Place as of 9/30/17 Plus Hedges Entered Into prior to 12/31/17 CRUDE OIL NATURAL GAS Q4 17 2018 2019 Q4 17 2018 2019 Volumes (MMBbls) Volumes (BBtu) Collar 0.6 1.5 -…
  8. Goldman Sachs Energy Conference – PDC Energy, Inc. – slide 8
    PDC Energy Balance Sheet Strength and Liquidity Leverage and Liquidity (as of 9/30/17) 1,000 836 million liquidity Debt Maturity Schedule (millions) 136 million cash balance Leverage ratio(1) of 1.8x 750 Borrowing base increased…
  9. Goldman Sachs Energy Conference – PDC Energy, Inc. – slide 9
    ASSET OVERVIEW
  10. Goldman Sachs Energy Conference – PDC Energy, Inc. – slide 10
    Core Wattenberg 2017 Overview Acreage Trades Closed in November and Bolt-On Acquisition Closed in January 2018 (2) 2017e TIL Breakdown Net Acres SRL 30% XRL 47% Acreage HBP MRL 23% Horizontal Locations(1) 305 155…
  11. Goldman Sachs Energy Conference – PDC Energy, Inc. – slide 11
    Wattenberg Transactions Consolidate Position Increase XRL Development Potential Acreage Trades Closed in November; Bolt-On Acquisition Closed in January 2018 Consolidated acreage positions favorable for XRL development Post-Closings…
  12. Goldman Sachs Energy Conference – PDC Energy, Inc. – slide 12
    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…
  13. Goldman Sachs Energy Conference – PDC Energy, Inc. – slide 13
    Core Wattenberg Midstream Overview Additional Capacity Enables Future Growth Objectives NATURAL GAS Post-Closings Acreage Map(1) Multiple midstream providers (DCP and Aka-APC) DCP expected to gather and process 72% of 2017e gas…
  14. Goldman Sachs Energy Conference – PDC Energy, Inc. – slide 14
    Delaware Basin 2017 Overview 2017e Capital Investment Details 285 million D&C budget Spud 24 wells Net Acres(1) 15 spuds in Eastern 7 spuds in Central 2 spuds in Western TIL 18 wells including 8 XRLs Average Working Interest…
  15. Goldman Sachs Energy Conference – PDC Energy, Inc. – slide 15
    Delaware Basin Gaining Operational Momentum Continued improvement in completion operations Eastern Area Block 4 Clustered perf design showing encouraging initial results Approximate Surface Locations Increased capital efficiency…
  16. Goldman Sachs Energy Conference – PDC Energy, Inc. – slide 16
    Delaware Basin Prolific Eastern Area Wolfcamp A Well Results (Well Data as of 11/7/17) 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…
  17. Goldman Sachs Energy Conference – PDC Energy, Inc. – slide 17
    Delaware Basin Initial Eastern Area Wolfcamp B Well Results Early Data on Limited Sample Size as of 11/7/17 Eastern Area Wolfcamp B Elkhead & Kenosha Daily Performance Comparison 250,000 10000 Triangle Hermit 1000 Elkhead…
  18. Goldman Sachs Energy Conference – PDC Energy, Inc. – slide 18
    Delaware Basin Recent Central Area Wells Exceeding Type Curve (Well data as of 11/7/17) Central Area Well Highlights Central Area Wolfcamp A/B 300,000 Liam State cumulative production on trend to outperform 1,050 MBoe EUR…
  19. Goldman Sachs Energy Conference – PDC Energy, Inc. – slide 19
    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…
  20. Goldman Sachs Energy Conference – PDC Energy, Inc. – slide 20
    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…
  21. Goldman Sachs Energy Conference – PDC Energy, Inc. – slide 21
    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…
  22. Goldman Sachs Energy Conference – 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. Goldman Sachs Energy Conference – PDC Energy, Inc. – slide 23
    APPENDIX
  24. Goldman Sachs Energy Conference – PDC Energy, Inc. – slide 24
    PDC Energy 2017 Production & Capital Guidance (Does Not Reflect Potential Effect of Wattenberg Transactions Announced on 9/25/17) Wattenberg 2017e Production Mix 2017e Production (MMBoe) Operated 3-4 rigs 30% annual production…
  25. Goldman Sachs Energy Conference – PDC Energy, Inc. – slide 25
    PDC Energy Capital Efficiency in a 50 and 3 World 50/Bbl and 3/Mcf NYMEX Prices Held Flat (Does Not Reflect Actual 2018 Production & Capital Guidance on 12/11/17) 2017 - 2019: Mid-Year 50/3 Case vs. 80 Production and Leverage Ratio…
  26. Goldman Sachs Energy 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 (MBbls) 305 GOR typically stabilizes after 18-36 months 255 SRL potential 250 245 MRL…
  27. Goldman Sachs Energy Conference – PDC Energy, Inc. – slide 27
    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)…
  28. Goldman Sachs Energy Conference – PDC Energy, Inc. – slide 28
    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)…

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