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1Q 2018 Earnings Presentation – PDC Energy, Inc.

PDC Energy, Inc. · May 2, 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. 1Q 2018 Earnings Presentation – PDC Energy, Inc. – slide 1
    2018 FIRST QUARTER EARNINGS CALL May 2, 2018
  2. 1Q 2018 Earnings Presentation – PDC Energy, Inc. – slide 2
    BART BROOKMAN President and Chief Executive Officer
  3. 1Q 2018 Earnings Presentation – PDC Energy, Inc. – slide 3
    STRONG EXECUTION Lays Foundation for Prolific 2018 Total production of 8.9 MMBoe (99,000 Boe/d) Key Takeaways 34% growth over 1Q17 volumes Strong operational & financial 1st quarter Oil production of 3.8 MMBbls (43% of total…
  4. 1Q 2018 Earnings Presentation – PDC Energy, Inc. – slide 4
    SCOTT MEYERS Chief Financial Officer
  5. 1Q 2018 Earnings Presentation – PDC Energy, Inc. – slide 5
    FINANCIAL RESULTS Summary U.S. GAAP 250 Net Cash from Operating Activities 200 150 millions Three Months Ended Measure March 31, 100 (m illions except per share and price per Boe data) 2018 2017 % 50 Production (MMBoe)…
  6. 1Q 2018 Earnings Presentation – PDC Energy, Inc. – slide 6
    FINANCIAL RESULTS Summary Non-U.S. GAAP See Appendix for Reconciliation 250 Adjusted EBITDAX(1) MK Note Proceeds (40.2 mm) 200 150 millions Three Months Ended Measure(1) March 31, 100 (m illions except per share data)…
  7. 1Q 2018 Earnings Presentation – PDC Energy, Inc. – slide 7
    FINANCIAL RESULTS Production Cost Summary Three Months Ended March 31, Measure 2018 2017 % Production (MMBoe) 8.9 6.6 34% Production Costs per Boe vs Production (MMBoe) 10 10 Operating Costs (millions) Production Costs (per…
  8. 1Q 2018 Earnings Presentation – PDC Energy, Inc. – slide 8
    FINANCIAL STRENGTH Balance Sheet, Leverage and Liquidity As of March 31, 2018 Leverage and Liquidity 1,000 Debt Maturity Schedule Leverage ratio of 1.7x (millions) 745 million liquidity 45 million cash balance Anticipate exiting…
  9. 1Q 2018 Earnings Presentation – PDC Energy, Inc. – slide 9
    FINANCIAL GUIDANCE Reaffirming Full-Year Guidance 2018 Guidance LOE/Boe 4.00 Production: 38 42MMBoe 2.75 - 3.00 Capital Investments: 850 - 920MM 3.00 2018e 2.00 Price Realizations (% NYMEX) (ex. TGP) Commodity Mix Oil: 91 95%…
  10. 1Q 2018 Earnings Presentation – PDC Energy, Inc. – slide 10
    SCOTT REASONER Chief Operating Officer
  11. 1Q 2018 Earnings Presentation – PDC Energy, Inc. – slide 11
    PDC ENERGY 2018 First Quarter Overview 99,000 Production (Boe/d) 34% Production Increase (1Q18 v 1Q17) Core Wattenberg Delaware Basin 51% 76,625 Boe/d (42% oil) 20,690 Boe/d (47% oil) 35 gross operated spuds 8 gross…
  12. 1Q 2018 Earnings Presentation – PDC Energy, Inc. – slide 12
    PDC ENERGY Capital Investment Summary Area 1Q18 Wattenberg 135 1Q18 Capital Investment Highlights Delaware 115 Other - Wattenberg: Operated three rigs & one frac crew 35 gross operated spuds (0 SRL; 21 MRL; 14 XRL) Total 250 29…
  13. 1Q 2018 Earnings Presentation – PDC Energy, Inc. – slide 13
    PDC ENERGY Quarterly production and LOE summary Production slightly exceeded internal expectations LOE negatively impacted by high line pressure related Delaware volume outperformance outweighed costs in Wattenberg Wattenberg slightly…
  14. 1Q 2018 Earnings Presentation – PDC Energy, Inc. – slide 14
    DELAWARE BASIN Continued Execution Delaware Production (Boe/d) 25,000 Daily production of 20,690 Boe/d (47% oil) Increase of more than 3x year-over-year 20,690 29% increase sequentially compared to 4Q17 20,000 Grizzly and…
  15. 1Q 2018 Earnings Presentation – PDC Energy, Inc. – slide 15
    DELAWARE BASIN Block 4 Wells Continue to Exceed Expectations Buzzard and Grizzly wells continue to show strong Eastern Area Block 4 early performance (70% oil) Elkhead Drilling last two wells on six-well downspacing test Grizzly…
  16. 1Q 2018 Earnings Presentation – PDC Energy, Inc. – slide 16
    DELAWARE BASIN Water Management Improves Efficiencies Water mgmt. delivers incremental value options Eastern Area Block 4 Water Distribution System Better operational control and synergies Elkhead Reduced LOE and/or capital per well…
  17. 1Q 2018 Earnings Presentation – PDC Energy, Inc. – slide 17
    DELAWARE BASIN North Central Well Results Five 1Q18 TILs in North Central North Central Area 3-well Greenwich pad, Sunnyside, Old Monarch, State Lazy Acre Three Wolfcamp As (2 MRL, 1 SRL) Two Wolfcamp Bs ( 1MRL, 1 SRL) Sunnyside…
  18. 1Q 2018 Earnings Presentation – PDC Energy, Inc. – slide 18
    LANCE LAUCK EVP Corporate Development & Strategy
  19. 1Q 2018 Earnings Presentation – PDC Energy, Inc. – slide 19
    DELAWARE BASIN Oil Marketing Summary Delaware oil production expected to account for 20-25% of total PDC 2018e volumes Oil Gathering Infield oil is piped and trucked to central delivery points 50% of 2018e oil production is on pipe…
  20. 1Q 2018 Earnings Presentation – PDC Energy, Inc. – slide 20
    DELAWARE BASIN Gas Gathering Overview Delaware gas production expected to account for 20-25% of total PDC 2018e gas volumes Eastern Block 4 and South Central Area Eagle Claw Volumes processed by Eagle Claw Midstream and marketed by…
  21. 1Q 2018 Earnings Presentation – PDC Energy, Inc. – slide 21
    CORE WATTENBERG Marketing & Midstream Summary Wattenberg production expected to account for 75-80% of 2018e volumes Natural Gas DCP gathers and processes 75% of Wattenberg gas DCP system throughput capacity expected to increase by…
  22. 1Q 2018 Earnings Presentation – PDC Energy, Inc. – slide 22
    PDC ENERGY Portfolio Value Creation Economics Based on MRL Equivalent Locations MRL Equivalent Inventory Breakdown Robust inventory of 10-15 years at current development pace (1,950 total locations) Entire portfolio delivers strong…
  23. 1Q 2018 Earnings Presentation – PDC Energy, Inc. – slide 23
    PDC ENERGY Strategic Overview Returns Results Responsibility 38-42 130 2018e Production Dec. 18e Exit Rate Strong Returns on inventory 1,950 gross (MMBoe) (Mboe/d) locations in the Core Wattenberg and Delaware basins 65 1.3x…
  24. 1Q 2018 Earnings Presentation – PDC Energy, Inc. – slide 24
    QUESTIONS & ANSWERS
  25. 1Q 2018 Earnings Presentation – PDC Energy, Inc. – slide 25
    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,…
  26. 1Q 2018 Earnings Presentation – PDC Energy, Inc. – slide 26
    APPENDIX
  27. 1Q 2018 Earnings Presentation – PDC Energy, Inc. – slide 27
    Reconciliation of Non-U.S. GAAP Financial Measures Adjusted EBITDAX Three Months Ended March 31, 2018 2017 Net income (loss) to adjusted EBITDAX: Net income (loss) (13.1) 46.1 (Gain) loss on commodity derivative instruments 47.2…
  28. 1Q 2018 Earnings Presentation – PDC Energy, Inc. – slide 28
    Reconciliation of Non-U.S. GAAP Financial Measures Adjusted Cash Flows from Operations Three Months Ended March 31, 2018 2017 Adjusted cash flows from operations: Net cash from operating activities 205.1 139.5 Changes in assets…

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