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4Q 2018 and 2019 Operating Plan – PDC Energy, Inc.

PDC Energy, Inc. · Feb 27, 2019 · 23 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. 4Q 2018 and 2019 Operating Plan – PDC Energy, Inc. – slide 1
    2018 4TH QUARTER AND FULL-YEAR EARNINGS February 2019
  2. 4Q 2018 and 2019 Operating Plan – PDC Energy, Inc. – slide 2
    BART BROOKMAN President & CEO
  3. 4Q 2018 and 2019 Operating Plan – PDC Energy, Inc. – slide 3
    CORE STRATEGIC PRIORITIES Built to Deliver Sustainable, Long-Term Value PRIORITIZE HEALTH, SAFETY & THE PROVIDE TOP-TIER FINANCIAL ENVIRONMENT & PERFORMANCE METRICS Maintain top-tier Balance Sheet PDCs top priority. Be a good…
  4. 4Q 2018 and 2019 Operating Plan – PDC Energy, Inc. – slide 4
    STRATEGIC PRIORITIES Adapting to the Changing Landscape Multi-Year Planning Focused to Achieve Specific Targets at 50 Oil & 3 Gas 1 Sustainable FCF Year-over-year growth in FCF of 50MM Consideration of opportunities to return…
  5. 4Q 2018 and 2019 Operating Plan – PDC Energy, Inc. – slide 5
    EXECUTIVE COMP. New Metrics Demonstrate Commitment to Capital Efficiency 50% Qualitative & 50% Quantitative Free Cash Flow Margin 1 Percentage measurement of free cash flow divided by capital investments Proposed 2 New 0 Debt-Adj.…
  6. 4Q 2018 and 2019 Operating Plan – PDC Energy, Inc. – slide 6
    SCOTT REASONER Chief Operating Officer
  7. 4Q 2018 and 2019 Operating Plan – PDC Energy, Inc. – slide 7
    4th Quarter Results Reflect Solid Execution and High Quality Portfolio 128,000 Production (Boe/d) 32% Oil Production Increase (4Q18 v 4Q17) Core Wattenberg Delaware Basin 17% 96,000 net acres(1) 42,000 net acres(2)…
  8. 4Q 2018 and 2019 Operating Plan – PDC Energy, Inc. – slide 8
    Strong Improvements in Quarterly Production and LOE/Boe Strong Wattenberg performance due to steady third- Declining LOE per Boe coincides with unbundled party processing throughput Wattenberg production Kersey line pressures still…
  9. 4Q 2018 and 2019 Operating Plan – PDC Energy, Inc. – slide 9
    2019 Plan Expected to Deliver Differentiating Results 50/Bbl WTI and 3/Mcf NYMEX Prices 1000 Adj. Cash Flow Capital 2019 Guidance Overview from Ops Investment(1) (840 - 890MM) (810 - 870MM) Plan targets free cash flow generation at…
  10. 4Q 2018 and 2019 Operating Plan – PDC Energy, Inc. – slide 10
    Core Wattenberg 2019 Plan Significantly Enhances Efficiencies Capital investment of 500 MM TILs by Lateral Length 2018 2019 Three rigs and one completion crew SRL/MRL/XRL well costs of 3/4/5 MM with spud to TD drill times of 5/7/9…
  11. 4Q 2018 and 2019 Operating Plan – PDC Energy, Inc. – slide 11
    Delaware Basin Steady Progress Towards Development Mode Capital investment of 350 MM TILs by Lateral Length 2018 2019 Includes 40 MM of planned midstream investment (portion of which expected to be refunded if divested) Project 20%…
  12. 4Q 2018 and 2019 Operating Plan – PDC Energy, Inc. – slide 12
    Delaware Basin 2019 Plan Focused on Oily Areas of Block 4 Continue to Test Optimal Spacing Design 2019 Program Block 4 Wolfcamp A Focus on multi-well pads, longer-laterals and spacing design Continue to refine Area boundaries and…
  13. 4Q 2018 and 2019 Operating Plan – PDC Energy, Inc. – slide 13
    SCOTT MEYERS Chief Financial Officer
  14. 4Q 2018 and 2019 Operating Plan – PDC Energy, Inc. – slide 14
    FINANCIAL RESULTS Summary U.S. GAAP 350 Net Cash from Operating Activities 300 250 millions Three Months Ended Twelve Months Ended Measure December 31, December 31, 200 (millions except per share and price per Boe data)…
  15. 4Q 2018 and 2019 Operating Plan – PDC Energy, Inc. – slide 15
    FINANCIAL RESULTS Summary Non-U.S. GAAP See Appendix for Reconciliation 300 Adjusted EBITDAX(1) 250 millions Three Months Ended Twelve Months Ended 200 Measure(1) December 31, December 31, (millions except per share data)…
  16. 4Q 2018 and 2019 Operating Plan – PDC Energy, Inc. – slide 16
    FINANCIAL RESULTS Production Cost Summary Three Months Ended Twelve Months Ended December 31, December 31, Production Costs per Boe vs Production Measure 2018 2017 % 2018 2017 % 8 (MMBoe) 12 Production Costs (per Boe)…
  17. 4Q 2018 and 2019 Operating Plan – PDC Energy, Inc. – slide 17
    FINANCIAL STRENGTH Balance Sheet, Leverage and Liquidity As of December 31, 2018 1,500 Debt Maturity Schedule Leverage and Liquidity (millions) YE18 leverage ratio improved to 1.4x from 1.9x at YE17 Revolver 1,250 30 million…
  18. 4Q 2018 and 2019 Operating Plan – PDC Energy, Inc. – slide 18
    FINANCIAL GUIDANCE 2019 Full-Year Guidance 2019 Guidance LOE/Boe 4.00 Production: 46 50 MMBoe 2.85 - 3.15 Capital Investments: 810 870 3.00 2019e Price Realizations Commodity Mix 2.00 (% NYMEX) (ex. TGP) Oil: 90 95% 1.00 Gas:…
  19. 4Q 2018 and 2019 Operating Plan – PDC Energy, Inc. – slide 19
    2019-2020 OUTLOOK Prioritizing Free Cash Flow & Debt-Adj. Per Share Growth 2019 Highlights Production and Leverage Ratio Outlook 80 2.0x Production Commitment to capital discipline 70 Leverage Ratio Capital investments reduced…
  20. 4Q 2018 and 2019 Operating Plan – 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. 4Q 2018 and 2019 Operating Plan – PDC Energy, Inc. – slide 21
    APPENDIX
  22. 4Q 2018 and 2019 Operating Plan – PDC Energy, Inc. – slide 22
    Reconciliation of Non-U.S. GAAP Financial Measures Adjusted Net Income (Loss) Three Months Ended Twelve Months Ended December 31, December 31, 2018 2017 2018 2017 Adjusted net income (loss): Net income (loss) 178.9 77.6 2.0…
  23. 4Q 2018 and 2019 Operating Plan – 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, 2018 2017 2018 2017 Net income (loss) to adjusted EBITDAX: Net income (loss) 178.9 77.6 2.0…

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