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3Q 2018 Earnings – PDC Energy, Inc.

PDC Energy, Inc. · Nov 6, 2018 · 22 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. 3Q 2018 Earnings – PDC Energy, Inc. – slide 1
    2018 THIRD QUARTER EARNINGS CALL November 6, 2018
  2. 3Q 2018 Earnings – PDC Energy, Inc. – slide 2
    BART BROOKMAN President and Chief Executive Officer
  3. 3Q 2018 Earnings – PDC Energy, Inc. – slide 3
    SOLID EXECUTION Begins Unlocking Potential Total production of 10.1 MMBoe (110,000 Boe/d) Key Takeaways 21% growth over 3Q17 volumes from Wattenberg and Delaware 6% sequential growth over 2Q18 daily volumes Project free cash flow in…
  4. 3Q 2018 Earnings – PDC Energy, Inc. – slide 4
    SCOTT MEYERS Chief Financial Officer
  5. 3Q 2018 Earnings – PDC Energy, Inc. – slide 5
    FINANCIAL RESULTS Summary U.S. GAAP 250 Net Cash from Operating Activities 200 millions Three Months Ended Measure September 30, (millions except per share and price per Boe data) 150 2018 2017 % Production (MMBoe) 10.1…
  6. 3Q 2018 Earnings – PDC Energy, Inc. – slide 6
    FINANCIAL RESULTS Summary Non-U.S. GAAP See Appendix for Reconciliation 250 Adjusted EBITDAX(1) 200 millions Three Months Ended Measure(1) September 30, (millions except per share data) 2018 2017 % 150 Adjusted net income…
  7. 3Q 2018 Earnings – PDC Energy, Inc. – slide 7
    FINANCIAL RESULTS Production Cost Summary Three Months Ended Production Costs per Boe vs Production September 30, 8 (MMBoe) 12 Measure 2018 2017 % Production Costs (per Boe) Production (MMBoe) 6 10 Production (MMBoe)…
  8. 3Q 2018 Earnings – PDC Energy, Inc. – slide 8
    FINANCIAL STRENGTH Balance Sheet, Leverage and Liquidity As of September 30, 2018 Leverage and Liquidity 1,500 Debt Maturity Schedule Leverage ratio of 1.6x (millions) 75 million drawn on revolver (9/30/18) Revolver(2) October…
  9. 3Q 2018 Earnings – PDC Energy, Inc. – slide 9
    FINANCIAL GUIDANCE Updated Full-Year Guidance 2018 Guidance(1) LOE/Boe 4.00 Production: 40 42 MMBoe 3.00 - 3.15 Capital Investments: 950 - 985MM 3.00 2018e 2.00 Price Realizations (% NYMEX) (ex. TGP) Commodity Mix Oil: 91 95%…
  10. 3Q 2018 Earnings – PDC Energy, Inc. – slide 10
    2020 OUTLOOK Prioritizing Free Cash Flow & Debt-Adj. Per Share Growth Steady-State 6 Rig Scenario 2019 Considerations Production and Leverage Ratio Outlook 80 4.0x Production (6 Rig Scenario) Do not currently anticipate Proposition…
  11. 3Q 2018 Earnings – PDC Energy, Inc. – slide 11
    SCOTT REASONER Chief Operating Officer
  12. 3Q 2018 Earnings – PDC Energy, Inc. – slide 12
    PDC ENERGY 2018 Third Quarter Overview 110,000 Production (Boe/d) 21% Production Increase(1) (3Q18 v 3Q17) Core Wattenberg Delaware Basin 100,000 net acres 55,000 net acres(2) 27% Oil Production Increase(1) 83,670…
  13. 3Q 2018 Earnings – PDC Energy, Inc. – slide 13
    PDC ENERGY Quarterly Production and LOE Summary Wattenberg 3Q production beginning to unbundle Wattenberg LOE projected to decline as production despite only modest line pressure improvements volumes increase PDC system allocations…
  14. 3Q 2018 Earnings – PDC Energy, Inc. – slide 14
    MIDSTREAM INITIATIVES Projected to Unlock Incremental Value Wattenberg Volumes Potential Delaware Midstream Asset Monetization Steady volume growth with DCP Plant 10 start-up Process ongoing led by Jefferies Pace of DCP system…
  15. 3Q 2018 Earnings – PDC Energy, Inc. – slide 15
    DELAWARE BASIN Initial Grizzly Bear Results Support WCA Inventory Six WCA wells (12 wells/section eq.) showing minimal signs of Eastern Area Block 4 communication through choke mgmt. tests (75% oil) Approximate Surface Locations…
  16. 3Q 2018 Earnings – PDC Energy, Inc. – slide 16
    DELAWARE BASIN North Central Well Results 2018 development plan successful step in delineated North Central Area North Central Focus Area State Lazy Acre 13 spuds and 10 TILs throughout position Rabbit Ears Sunnyside (3) Eight YTD…
  17. 3Q 2018 Earnings – PDC Energy, Inc. – slide 17
    QUESTIONS & ANSWERS
  18. 3Q 2018 Earnings – PDC Energy, Inc. – slide 18
    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,…
  19. 3Q 2018 Earnings – PDC Energy, Inc. – slide 19
    APPENDIX
  20. 3Q 2018 Earnings – PDC Energy, Inc. – slide 20
    COLORADO POLITCAL UPDATE Proposed 2,500 Setback Details No New Oil & Gas Development Within 2,500 of Occupied Structures and Broadly Defined Vulnerable Areas Industry Viewpoint WELD Confident resources are in place to defeat this…
  21. 3Q 2018 Earnings – PDC Energy, Inc. – slide 21
    Reconciliation of Non-U.S. GAAP Financial Measures Adjusted EBITDAX Three Months Ended Nine Months Ended September 30, September 30, 2018 2017 2018 2017 Net loss to adjusted EBITDAX: Net loss (3.4) (292.5) (176.8) (205.1) (Gain)…
  22. 3Q 2018 Earnings – PDC Energy, Inc. – slide 22
    Reconciliation of Non-U.S. GAAP Financial Measures Adjusted Cash Flows from Operations Three Months Ended Nine Months Ended September 30, September 30, 2018 2017 2018 2017 Adjusted cash flows from operations: Net cash from…

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