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EnerCom Oil and Gas Conference – PDC Energy, Inc.

PDC Energy, Inc. · Aug 13, 2019 · 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. EnerCom Oil and Gas Conference – PDC Energy, Inc. – slide 1
    ENERCOM OIL & GAS CONFERENCE August 2019
  2. EnerCom Oil and Gas Conference – PDC Energy, Inc. – slide 2
    PDC Energy Company Overview 1.9B Market Cap(1) 3.1B Enterprise Value(1) Core Wattenberg Delaware Basin 545 YE18 Proved Reserves (MMBoe) 96,000 net acres(2) 425 MMBoe proved reserves 36,000 net acres(3) 120 MMBoe…
  3. EnerCom Oil and Gas Conference – PDC Energy, Inc. – slide 3
    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…
  4. EnerCom Oil and Gas Conference – PDC Energy, Inc. – slide 4
    PDC Energy Strong Balance Sheet with Low Leverage and Ample Liquidity 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…
  5. EnerCom Oil and Gas Conference – PDC Energy, Inc. – slide 5
    PDC Energy Implementing Key Steps to Deliver Shareholder Value Creation Focused on Timely Execution and Commitment to Capital Discipline OPERATIONS Delivering on capital discipline Decreased full-year capital investment range to 810…
  6. EnerCom Oil and Gas Conference – PDC Energy, Inc. – slide 6
    PDC Energy Updated 2019 Plan Indicates Strong 2nd Half Performance 55/Bbl WTI and 2.70/Mcf NYMEX Prices Adj. Cash Flow Capital 2019 Updated Guidance Overview from Ops Investment(1) (825 - 875MM) (810 - 840MM) 900 Full-year plan…
  7. EnerCom Oil and Gas Conference – PDC Energy, Inc. – slide 7
    PDC Energy Updated 2019 Full-Year Guidance 2019 Guidance LOE/Boe 4.00 Production: 48 50 MMBoe 2.85 - 3.00 Capital Investments: 810 840 million 3.00 2019e Price Realizations Commodity Mix 2.00 (% NYMEX) (ex. TGP) Oil: 90-95%…
  8. EnerCom Oil and Gas Conference – PDC Energy, Inc. – slide 8
    PDC Energy 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 Capital…
  9. EnerCom Oil and Gas Conference – PDC Energy, Inc. – slide 9
    ASSET OVERVIEW
  10. EnerCom Oil and Gas Conference – PDC Energy, Inc. – slide 10
    Core Wattenberg Prolific Asset in Development Mode 2Q19 Results 96,000 Net Acres(1) 105,000 Boe/d Prairie Area 34% Y/Y Growth Kersey Area 43 Spuds 425 YE18 Proved Reserves (MMBoe) 27 TILs 2.46 LOE/Boe Plains Area…
  11. EnerCom Oil and Gas Conference – PDC Energy, Inc. – slide 11
    Core Wattenberg Safely Developing Rural Acreage in Weld County PDC has operated in the Wattenberg Field of the DJ Basin for almost 20 years Field office of 250 employees located in Evans Eaton Consolidated acreage position…
  12. EnerCom Oil and Gas Conference – PDC Energy, Inc. – slide 12
    Core Wattenberg 2019 Plan Significantly Enhances Efficiencies Capital investment of 475 MM TILs by Lateral Length 2018 2019 Plan to reduce rig count from 3 to 2 in September SRL/MRL/XRL well costs of 3/4/5 MM with average spud to…
  13. EnerCom Oil and Gas Conference – PDC Energy, Inc. – slide 13
    Core Wattenberg Successfully Navigating a Challenging Midstream Environment DCP System Expansion Plant 11 restarted in early-August Prairie Area Potential for slower than expected ramp to full capacity 1H19 production equated to…
  14. EnerCom Oil and Gas Conference – PDC Energy, Inc. – slide 14
    Delaware Basin Primary Focus in Two Oil-Rich Areas 2Q19 Results 36,000 Loving County 31,500 Boe/d Net Acres(1) 27% Y/Y Growth 10 Spuds N. Central 120 YE18 Proved Reserves 8 TILs (MMBoe) 3.76 LOE/Boe Reeves County…
  15. EnerCom Oil and Gas Conference – PDC Energy, Inc. – slide 15
    Delaware Basin Steady Progress Towards Development Mode Capital investment of 350 MM TILs by Lateral Length 2018 2019 Drilling & Completion capital investments of 300 million 30 million of midstream investment in 1H 20 million for…
  16. EnerCom Oil and Gas Conference – PDC Energy, Inc. – slide 16
    Delaware Basin 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…
  17. EnerCom Oil and Gas Conference – PDC Energy, Inc. – slide 17
    PDC Energy Delivering Strong Value in 2019 300MM 2H19 2020 Free Cash Flow (Assuming 55/2.70 NYMEX) Returns Results Responsibility Strong Returns on Core Wattenberg and Delaware basins projects generate solid debt- adjusted per…
  18. EnerCom Oil and Gas Conference – 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 Website PDC Energy, Inc. www.pdce.com 1775 Sherman…
  19. EnerCom Oil and Gas Conference – PDC Energy, Inc. – slide 19
    APPENDIX
  20. EnerCom Oil and Gas Conference – PDC Energy, Inc. – slide 20
    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…
  21. EnerCom Oil and Gas Conference – PDC Energy, Inc. – slide 21
    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 New 2 Metrics 0 Debt-Adj.…
  22. EnerCom Oil and Gas Conference – PDC Energy, Inc. – slide 22
    PDC ENERGY Corporate Social Responsibility SAFE OPERATIONS EMPLOYEES MATTER COMMUNITY OUTREACH August 2019 23
  23. EnerCom Oil and Gas Conference – PDC Energy, Inc. – slide 23
    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…
  24. EnerCom Oil and Gas Conference – PDC Energy, Inc. – slide 24
    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…
  25. EnerCom Oil and Gas Conference – PDC Energy, Inc. – slide 25
    PDC Energy 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…
  26. EnerCom Oil and Gas Conference – PDC Energy, Inc. – slide 26
    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…
  27. EnerCom Oil and Gas Conference – PDC Energy, Inc. – slide 27
    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)…
  28. EnerCom Oil and Gas Conference – PDC Energy, Inc. – slide 28
    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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