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June 2018 Corporate Presentation – PDC Energy, Inc.

PDC Energy, Inc. · Jun 11, 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. June 2018 Corporate Presentation – PDC Energy, Inc. – slide 1
    COMPANY UPDATE June 2018
  2. June 2018 Corporate Presentation – 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. June 2018 Corporate Presentation – PDC Energy, Inc. – slide 3
    PDC ENERGY Company Overview 4.0B Market Cap(1) 5.2B 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. June 2018 Corporate Presentation – 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. June 2018 Corporate Presentation – 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. June 2018 Corporate Presentation – 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. June 2018 Corporate Presentation – PDC Energy, Inc. – slide 7
    PDC ENERGY Overview of Financial Strength Leverage and Liquidity 1,000 Debt Maturity Schedule Leverage ratio of 1.7x as 3/31/18 (millions) 745 million liquidity as of 3/31/18 45 million cash balance Anticipate exiting 2018 with…
  8. June 2018 Corporate Presentation – PDC Energy, Inc. – slide 8
    PDC ENERGY Corporate Social Responsibility SAFE OPERATIONS EMPLOYEES MATTER COMMUNITY OUTREACH June 2018 9
  9. June 2018 Corporate Presentation – 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. June 2018 Corporate Presentation – PDC Energy, Inc. – slide 10
    ASSET OVERVIEW
  11. June 2018 Corporate Presentation – PDC Energy, Inc. – slide 11
    CORE WATTENBERG Prolific Asset in Development Mode 100,000 Net Acres(1) 1Q18 Results 76,625 Boe/d 1,500 Horizontal Locations(2) 35 Spuds 29 TILs 351 3.02 LOE/Boe YE17 Proved Reserves (MMBoe) June 2018 (1) Niobrara…
  12. June 2018 Corporate Presentation – PDC Energy, Inc. – slide 12
    CORE WATTENBERG 2018 Activity Focused on Capital Efficient Development Plan to invest 470 - 500 million in 2018 1Q18 investment of 135 million Expect to spud and TIL 135 150 wells 35 1Q18 spuds and 29 1Q18 TILs Plan to operate…
  13. June 2018 Corporate Presentation – PDC Energy, Inc. – slide 13
    CORE WATTENBERG Production Unbundled with Midstream Expansions Wattenberg production expected to account for 75-80% of total company 2018e volumes Natural Gas DCP gathers and processes 75% of Wattenberg gas DCP system throughput…
  14. June 2018 Corporate Presentation – 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 450 Est. Block 4 & North Central 8 Spuds MRL Equivalent Locations(2) 7 TILs 98 4.44 LOE/Boe YE17 Proved Reserves…
  15. June 2018 Corporate Presentation – 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 1Q18 investment of 115 million 75% allocated to spud and TIL 25 30 operated wells 20,690 15%…
  16. June 2018 Corporate Presentation – PDC Energy, Inc. – slide 16
    DELAWARE BASIN Prolific Results Continue in Block 4 Buzzard and Grizzly wells continue to show strong early Eastern Area Block 4 performance (70% oil) Oil from eight most recent wells gathered on pipe Elkhead Kenosha Completing…
  17. June 2018 Corporate Presentation – 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. June 2018 Corporate Presentation – PDC Energy, Inc. – slide 18
    DELAWARE BASIN Oil and Gas Takeaway Delaware oil and gas production expect to account for 20-25% of total PDC 2018e volumes Oil Downstream Marketing Firm sales agreement with large, international energy company Provides firm physical…
  19. June 2018 Corporate Presentation – PDC Energy, Inc. – slide 19
    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…
  20. June 2018 Corporate Presentation – PDC Energy, Inc. – slide 20
    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,…
  21. June 2018 Corporate Presentation – PDC Energy, Inc. – slide 21
    APPENDIX
  22. June 2018 Corporate Presentation – PDC Energy, Inc. – slide 22
    PDC ENERGY Quarterly production and LOE summary Production slightly exceeded internal expectations LOE negatively impacted by high line pressure Delaware volume outperformance outweighed related costs in Wattenberg Wattenberg slightly…
  23. June 2018 Corporate Presentation – 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. June 2018 Corporate Presentation – PDC Energy, Inc. – slide 24
    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…
  25. June 2018 Corporate Presentation – PDC Energy, Inc. – slide 25
    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…
  26. June 2018 Corporate Presentation – PDC Energy, Inc. – slide 26
    Current Hedge Position Hedges in Place as of 3/31/18 plus Hedges Entered Into prior to 5/17/18 CRUDE OIL NATURAL GAS Jun - Dec 2018 2019 2020 Jun - Dec 2018 2019 Volumes (MMBbls) Volumes (BBtu) Collar 1.3 1.4 - Collar 1,072 -…
  27. June 2018 Corporate Presentation – PDC Energy, Inc. – slide 27
    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…
  28. June 2018 Corporate Presentation – PDC Energy, Inc. – slide 28
    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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