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April 2018 Corporate Update – PDC Energy, Inc.

PDC Energy, Inc. · Apr 4, 2018 · 24 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. April 2018 Corporate Update – PDC Energy, Inc. – slide 1
    COMPANY UPDATE April 2018
  2. April 2018 Corporate Update – PDC Energy, Inc. – slide 2
    PDC Energy Strategic Overview Strategic Overview Top-Tier Growth Profile 25% 35% 2018e Annual 2018e Annual Oil Production Growth Production Growth Capital Efficient Drilling Technical Innovations 1.4x 130 YE18e Leverage Dec.…
  3. April 2018 Corporate Update – PDC Energy, Inc. – slide 3
    PDC Energy Premier Assets Provide Top-Tier Growth 3.2B Core Wattenberg 100,000 net acres(2) 1,500 identified locations Market Cap(1) 351 MMBoe proved reserves 4.4B Enterprise Value(1) Delaware Basin 60,000 net…
  4. April 2018 Corporate Update – PDC Energy, Inc. – slide 4
    PDC Energy Track Record of Delivering Value Operating Costs (/Boe) Gross Margin(2) 25 LOE TGP Production Tax G&A Gross Margin NYMEX Oil 100% 100 20 80% 80 NYMEX Oil (/Bbl) Gross Margin (%) 15 60% 60 10 40% 40 5 20%…
  5. April 2018 Corporate Update – PDC Energy, Inc. – slide 5
    PDC Energy 2018 Production and Capital Investment Guidance Capital Investment Details 2018e Production Mix 2018e Production (All numbers approximate) (MMBoe) Wattenberg 470 - 500MM capital investment 90% allocated for operated…
  6. April 2018 Corporate Update – PDC Energy, Inc. – slide 6
    Balance Sheet Strength, Liquidity and Hedge Portfolio As of December 31, 2017 1,000 Debt Maturity Schedule Leverage and Liquidity (millions) 881 million liquidity 700 million pro forma Bayswater Acquisition(1) Expect to exit…
  7. April 2018 Corporate Update – PDC Energy, Inc. – slide 7
    PDC Energy Corporate Social Responsibility Active Members of the Communities in which We Operate Charitable Giving & Proactive Engagement Fostering Relationships Volunteerism Early outreach in new operations, Open lines of…
  8. April 2018 Corporate Update – PDC Energy, Inc. – slide 8
    ASSET OVERVIEW
  9. April 2018 Corporate Update – PDC Energy, Inc. – slide 9
    Core Wattenberg Prolific Asset in Development Mode Net Acres(1) Acreage HBP Horizontal Locations 351 79% 10 76,200 YE17 Proved Reserves (MMBoe) Avg. Working Interest (all locations) Years Inventory at Current Drill…
  10. April 2018 Corporate Update – PDC Energy, Inc. – slide 10
    Core Wattenberg 2018 Activity Focused on Capital Efficient Development Plan to invest 470 - 500 million in 2018 Expect to spud and TIL 135 150 wells Plan to operate three rigs and one completion crew(1) Majority of focus in prolific…
  11. April 2018 Corporate Update – PDC Energy, Inc. – slide 11
    Core Wattenberg Production Unbundled with Midstream Expansions Additional Capacity Enables Future Growth Objectives NATURAL GAS Multiple midstream providers (DCP and Aka-APC) Prairie Upcoming DCP processing expansions expected to…
  12. April 2018 Corporate Update – PDC Energy, Inc. – slide 12
    Delaware Basin Primary Focus in Two Oil-Rich Areas 2018e Spud Breakdown (3) Net Acres(1) SRL 10% XRL MRL 50% Average Working Interest 40% Estimated Block 4 & North Central MRL Locations(2) 98 16,030 9 14 1.0 2.6…
  13. April 2018 Corporate Update – PDC Energy, Inc. – slide 13
    Delaware Basin 2018 Focused on Maintaining Momentum Anticipate 2018 capital investments of 380 - 420 million 75% allocated to spud and TIL 25 30 operated wells Delaware Production (Boe/d) 20,000 15% planned for midstream…
  14. April 2018 Corporate Update – PDC Energy, Inc. – slide 14
    Delaware Basin Continued Improvement Unlocks Value Continued improvement in completion operations Fit-for-purpose rigs beginning to improve spud-to-TD drill times Buzzard pad avg. 30-IP of 235 Boe/d per 1,000 (69% oil) 40%…
  15. April 2018 Corporate Update – PDC Energy, Inc. – slide 15
    Delaware Basin Executing our Eastern Area Plan Six well downspacing test (testing 12 wells per section Eastern Area Block 4 equivalent spacing in Wolfcamp A) Approximate Surface Locations Elkhead Initial Wolfcamp C test (Grizzly…
  16. April 2018 Corporate Update – PDC Energy, Inc. – slide 16
    Delaware Basin Unlocking Potential Value in Central Area 2018 TILs: 10 in Central Area North Central Area Three-well Greenwich pad TILd in 1Q18 Approximate Surface Locations State Lazy Acre State Lazy Acre non-op well showing…
  17. April 2018 Corporate Update – PDC Energy, Inc. – slide 17
    Marketing & Midstream Gas Throughput and Processing Overview Gas Delivered to Both El Paso and Waha Markets Initial oil gathering infrastructure investment planned 3rd Party Midstream in 2018 Central Central Delivery Points…
  18. April 2018 Corporate Update – PDC Energy, Inc. – slide 18
    PDC Energy Strategic Overview Strategic Overview Top-Tier Growth Profile 25% 35% 2018e Annual 2018e Annual Oil Production Growth Production Growth Capital Efficient Drilling Technical Innovations 1.4x 130 YE18e Leverage Dec. 18…
  19. April 2018 Corporate Update – PDC Energy, Inc. – slide 19
    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,…
  20. April 2018 Corporate Update – PDC Energy, Inc. – slide 20
    APPENDIX
  21. April 2018 Corporate Update – PDC Energy, Inc. – slide 21
    Delaware Basin Gaining Operational Momentum Eastern Area Block 4 Approximate Surface Locations Elkhead Recent Well Result Details Kenosha Lateral Buzzard North Wolfcamp Length 30-day Peak IP Clustered Hermit Well Name TIL…
  22. April 2018 Corporate Update – PDC Energy, Inc. – slide 22
    PDC Energy 2019 Outlook: Strong Balance Sheet, Capital Efficient Growth 80 Production and Leverage Ratio Outlook 4.0x Production Range Leverage Ratio Capital efficient production growth 60 3.0x 3-Year Production CAGR of 33%…
  23. April 2018 Corporate Update – PDC Energy, Inc. – slide 23
    Reconciliation of Non-U.S. GAAP Financial Measures Adjusted EBITDAX Three Months Ended Twelve Months Ended December 31, December 31, 2017 2016 2017 2016 Net income (loss) to adjusted EBITDAX: Net income (loss) 77.6 (55.6) (127.5)…
  24. April 2018 Corporate Update – PDC Energy, Inc. – slide 24
    Reconciliation of Non-U.S. GAAP Financial Measures Adjusted Net Income (Loss) Three Months Ended Twelve Months Ended December 31, December 31, 2017 2016 2017 2016 Adjusted net income (loss): Net income (loss) 77.6 (55.6) (127.5)…

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