PDC Energy Implementing Key Steps to Deliver Shareholder Value Creation Focused on Timely Execution and Commitment to Capital Discipline OPERATIONS Delivering on capital discipline Decrease full-year capital investment range to 810…
PDC Energy Strong 2nd Quarter Sets the Stage for Solid 2nd Half Strong production of 12.4 MMBoe (136,500 Boe/d) Delaware volumes increased 25+% from 1Q Key Takeaways Wattenberg volumes increased 5% from 1Q despite difficult third-…
SCOTT REASONER Chief Operating Officer
Operations 2019 Efficiency Gains Result in Front-Loaded Capital Program 136,500 Production (Boe/d) 25% Oil Production Increase (2Q19 v 2Q18) Core Wattenberg Delaware Basin 96,000 net acres(1) 36,000 net acres(2) 33%…
Operations Strong Sequential Production Growth Contributes to Reduced LOE Consistent level of Delaware TILs leads to sequential Successfully achieved target LOE of less than 3 per Boe production increase of 25+% Strong sequential…
Operations Demonstrating Commitment to Capital Discipline Full-Year 2019 Capital Investment Range Decreased to 810 million - 840 million(1) EVENT IMPACT PDC ACTION Drilling Efficiencies Lower well costs Reallocate completion dollars to…
Wattenberg Successfully Navigating a Challenging Midstream Environment DCP System Expansion 2H19 production largely dependent on DCP Prairie Area performance Grand Plant 11 beginning to take incremental volumes Parkway Potential…
Delaware Systematic Drilling Improvements 2019 activity has been largely focused in North Central area Average Drill Days Typically more difficult drilling in Block 4 due to total depth and (Spud to Rig Release) geologic properties…
SCOTT MEYERS Chief Financial Officer
Financial Results Summary U.S. GAAP 400 Net Cash from Operating Activities DE Midstream Related Three Months Ended Six Months Ended 300 Measure June 30, June 30, millions (millions except per share and price per Boe data)…
Financial Results Summary Non-U.S. GAAP See Appendix for Reconciliation Adjusted EBITDAX 300 80 Avg. NYMEX Oil Three Months Ended Six Months Ended 250 70 Measure June 30, June 30, NYMEX Oil (/Bbl) (millions except per share…
Financial Results Production Cost Summary Production Costs per Boe Three Months Ended Six Months Ended 8 15 Measure June 30, June 30, Production Costs (per Boe) Production (MMBoe) 13 (millions except per share and price…
Financial Results Detailed G&A Breakdown Reduced 2019 G&A guidance to 3.00 - 3.20 per Boe Cash + Non-Cash G&A per Boe Includes cash and non-cash G&A 5.00 4.25 4.00 3.49 3.00 - 3.20 2.60 - 2.80 3.00 Revised guidance includes all…
Financial Overview Leverage, Liquidity & Hedge Position Overview As of June 30, 2019 Leverage and Liquidity Debt Maturity Schedule TTM leverage ratio of 1.4x (millions) 1,500 Total liquidity of 1.3 billion Borrowing base increased…
Financial Overview Updated Guidance Indicates Strong 2nd Half of 2019 2H19 Outlook Reflects 55/2.70 NYMEX 2H19 Estimates Previous Updated (based on midpoints of Metric Guidance Guidance 1H19 Actual production & capital) 5-10% growth…
2019-2020 OUTLOOK Prioritizing Free Cash Flow & Debt-Adj. Per Share Growth 2H19 and 2020 Outlook Reflects 55/2.70 NYMEX Reduced rig count and lower cost structure demonstrate 2018 2019e 2020e commitment to capital discipline and FCF…
Investor Relations Mike Edwards, Senior Director Investor Relations michael.edwardspdce.com Kyle Sourk, Manager Investor Relations kyle.sourkpdce.com Corporate Headquarters Website PDC Energy, Inc. www.pdce.com 1775 Sherman…
APPENDIX
Reconciliation of Non-U.S. GAAP Financial Measures Adjusted Net Income (Loss) Three Months Ended June 30, Six Months Ended June 30, 2019 2018 2019 2018 Adjusted net income (loss): Net income (loss) 68.5 (160.3) (51.6) (173.4)…
Reconciliation of Non-U.S. GAAP Financial Measures Adjusted EBITDAX Three Months Ended June 30, Six Months Ended June 30, 2019 2018 2019 2018 Net income (loss) to adjusted EBITDAX: Net income (loss) 68.5 (160.3) (51.6) (173.4)…
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