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May 2018 Update – PDC Energy, Inc.

PDC Energy, Inc. · May 18, 2018 · 25 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. May 2018 Update – PDC Energy, Inc. – slide 1
    MAY UPDATE May 2018
  2. May 2018 Update – PDC Energy, Inc. – slide 2
    PDC ENERGY Strategic Overview Returns Results Responsibility 38-42 130 2018e Production Dec. 18e Exit Rate Strong Returns on inventory 2,000 gross (MMBoe) (Mboe/d) locations in the Core Wattenberg and Delaware basins 65 1.3x…
  3. May 2018 Update – PDC Energy, Inc. – slide 3
    PDC ENERGY Company Overview 3.9B Market Cap(1) 5.1B Enterprise Value(1) Core Wattenberg Delaware Basin 453 100,000 net acres(2) 60,000 net acres(3) 1,500 identified locations(2) 450 identified locations(4) YE17 Proved…
  4. May 2018 Update – PDC Energy, Inc. – slide 4
    PDC ENERGY Track Record of Delivering Value Proven track record of value-added growth Production (MMBoe) 35+% 3-year production CAGR 50 40 Remain focused on balance sheet strength 30 40% decrease in debt per flowing Boe 20…
  5. May 2018 Update – PDC Energy, Inc. – slide 5
    PDC ENERGY Portfolio Value Creation MRL Equivalent Inventory Breakdown Robust inventory of 10-15 years at current development pace (1,950 total locations) Entire portfolio delivers strong economic results Weighted-average portfolio…
  6. May 2018 Update – PDC Energy, Inc. – slide 6
    PDC ENERGY 2018 Financial Guidance Reaffirmed 2018 Guidance LOE/Boe 4.00 Production: 38 42MMBoe 2.75 - 3.00 Capital Investments: 850 - 920MM 3.00 2018e Price Realizations (% NYMEX) (excl. TGP) Commodity Mix 2.00 Oil: 91 95%…
  7. May 2018 Update – PDC Energy, Inc. – slide 7
    PDC ENERGY Overview of Financial Strength Leverage and Liquidity 1,000 Debt Maturity Schedule Leverage ratio of 1.7x (millions) 745 million liquidity 45 million cash balance Anticipate exiting 2018 with an undrawn revolver…
  8. May 2018 Update – PDC Energy, Inc. – slide 8
    PDC ENERGY Corporate Social Responsibility SAFE OPERATIONS EMPLOYEES MATTER COMMUNITY OUTREACH May 2018 9
  9. May 2018 Update – PDC Energy, Inc. – slide 9
    PDC ENERGY Expect Strong Balance Sheet with 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 estimated at…
  10. May 2018 Update – PDC Energy, Inc. – slide 10
    ASSET OVERVIEW
  11. May 2018 Update – PDC Energy, Inc. – slide 11
    CORE WATTENBERG Prolific Asset in Development Mode 100,000 Net Acres(1) 1Q18 Results 76,625 Boe/d 35 Spuds 29 TILs 1,500 Horizontal Locations(2) 351 YE17 Proved Reserves (MMBoe) May 2018 (1) Niobrara and Codell only;…
  12. May 2018 Update – PDC Energy, Inc. – slide 12
    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…
  13. May 2018 Update – PDC Energy, Inc. – slide 13
    CORE WATTENBERG Production Unbundled with Midstream Expansions 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…
  14. May 2018 Update – PDC Energy, Inc. – slide 14
    DELAWARE BASIN Primary Focus in Two Oil-Rich Areas 60,000 Net Acres(1) 1Q18 Results 20,690 Boe/d 8 Spuds 7 TILs 450 Est. Block 4 & North Central MRL Locations(2) 98 YE17 Proved Reserves (MMBoe) (1) Includes 3,200…
  15. May 2018 Update – PDC Energy, Inc. – slide 15
    DELAWARE BASIN Focused on Continued Execution Delaware Production (Boe/d) 25,000 Anticipate 2018 capital investments of 380 - 420 million 75% allocated to spud and TIL 25 30 operated wells 15% planned for midstream infrastructure…
  16. May 2018 Update – PDC Energy, Inc. – slide 16
    DELAWARE BASIN Prolific Results Continue in Block 4 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 Bear…
  17. May 2018 Update – PDC Energy, Inc. – slide 17
    DELAWARE BASIN Solid Early Data from North Central Wells 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)…
  18. May 2018 Update – PDC Energy, Inc. – slide 18
    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…
  19. May 2018 Update – PDC Energy, Inc. – slide 19
    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…
  20. May 2018 Update – PDC Energy, Inc. – slide 20
    PDC ENERGY Strategic Overview Returns Results Responsibility 38-42 130 2018e Production Dec. 18e Exit Rate Strong Returns on inventory 2,000 gross (MMBoe) (Mboe/d) locations in the Core Wattenberg and Delaware basins 65 1.3x…
  21. May 2018 Update – PDC Energy, Inc. – slide 21
    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,…
  22. May 2018 Update – PDC Energy, Inc. – slide 22
    APPENDIX
  23. May 2018 Update – PDC Energy, Inc. – slide 23
    DELAWARE BASIN Water Management Improves Efficiencies Water mgmt. delivers incremental value options Eastern Area Block 4 Water Distribution System Better operational control and synergies Reduced LOE and/or capital per well…
  24. May 2018 Update – PDC Energy, Inc. – slide 24
    Reconciliation U.S. Non-GAAP 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 (80.7) Net settlements…
  25. May 2018 Update – PDC Energy, Inc. – slide 25
    Reconciliation U.S. Non-GAAP 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 and liabilities (30.2)…

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