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PDC and SRC Merger Agreement – PDC Energy, Inc.

PDC Energy, Inc. · Aug 26, 2019 · 15 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. PDC and SRC Merger Agreement – PDC Energy, Inc. – slide 1
    PDC + SRC: THE RIGHT COMBINATION AT THE RIGHT TIME August 26, 2019
  2. PDC and SRC Merger Agreement – PDC Energy, Inc. – slide 2
    COMBINATION OVERVIEW & STRATEGIC RATIONALE Bart Brookman
  3. PDC and SRC Merger Agreement – PDC Energy, Inc. – slide 3
    PDC + SRC The Right Combination at the Right Time COMBINATION OVERVIEW Core Wattenberg Creates a premier E&P company with size, scale and financial strength to deliver value in the new E&P paradigm Forms a champion of Colorado…
  4. PDC and SRC Merger Agreement – PDC Energy, Inc. – slide 4
    PDC + SRC Transaction Overview All stock transaction valued at 1.7bn, including the assumption of 685mm of SRC net debt SRC shareholders will receive a fixed exchange ratio of 0.158 PDC common shares for each share of SRC common…
  5. PDC and SRC Merger Agreement – PDC Energy, Inc. – slide 5
    PDC + SRC Combined Company Strengthens Strategic Priorities 2H19 2021 estimated FCF generation of 800mm 1 Sustainable FCF Commitment to return capital to shareholders through expanded 525mm stock buyback program Financial &…
  6. PDC and SRC Merger Agreement – PDC Energy, Inc. – slide 6
    PDC + SRC A Colorado Champion with a Culture of Responsible Development Clear leader in Colorado oil & gas industry headquartered in Denver Combined company will be the 2nd largest producer in DJ Basin 182,000 combined Wattenberg…
  7. PDC and SRC Merger Agreement – PDC Energy, Inc. – slide 7
    PDC STRATEGIC RATIONALE & PRO FORMA COMPANY OVERVIEW Lance Lauck
  8. PDC and SRC Merger Agreement – PDC Energy, Inc. – slide 8
    PDC Pro Forma Focused in Two Premier Basins DJ Basin (pro forma) Delaware Basin YE18 proved reserves of 730 MMBoe YE18 proved reserves of 120 MMBoe 2Q19 production of 166 MBoe/d (41% oil) 2Q19 production of 31.5 MBoe/d (43% oil)…
  9. PDC and SRC Merger Agreement – PDC Energy, Inc. – slide 9
    PDC Pro Forma Value-Enhancing Transaction Across the Board Creates a premier E&P company with Combination creates a new E&P sector leader built for long-term success with materially enhanced financial enhanced size and scale and…
  10. PDC and SRC Merger Agreement – PDC Energy, Inc. – slide 10
    PDC Pro Forma Premier E&P with Increased Size, Scale & Financial Strength Increased size and scale within DJ Basin strengthens relationships with midstream and service providers Continued emphasis on financial discipline highlighted by…
  11. PDC and SRC Merger Agreement – PDC Energy, Inc. – slide 11
    PDC Pro Forma Leading FCF Generation with Commitment to Shareholder Returns Anticipate generating 800 million of FCF between 2020e FCF yield vs. S&P 500 and S&P E&P Index(2) 2H19 and year-end 2021 at 55/Bbl & 2.70/Mcf 2020e FCF Yield…
  12. PDC and SRC Merger Agreement – PDC Energy, Inc. – slide 12
    PDC Pro Forma Highly-Efficient, Peer-Leading Cost Structure Project NPV of G&A synergies of 300 million through optimization and elimination of corporate redundancies Estimate immediate synergies of 40 million in 2020 leading to G&A of…
  13. PDC and SRC Merger Agreement – PDC Energy, Inc. – slide 13
    PDC Pro Forma 3rd Party Midstream Expansions Improve Operating Outlook DCP Projected Processing & Bypass Expansion Timeline(1) Throughput Details (MMcf/d) 1,100 Current capacity (1H19) 200 Plant 11 Start-up in August 2019(2) 100…
  14. PDC and SRC Merger Agreement – PDC Energy, Inc. – slide 14
    PDC Pro Forma Delivering FCF, Shareholder Returns & Reasonable Growth 2020 Outlook Significant FCF Generating Ability (55/Bbl & 2.70/Mcf NYMEX) PDC SRC Planned 2020 capital investments between 1.2 and 1.4bn 3 Wattenberg rigs and 2…
  15. PDC and SRC Merger Agreement – PDC Energy, Inc. – slide 15
    PDC + SRC The Right Combination at the Right Time Creates a premier E&P company with enhanced size and scale Best in class Wattenberg operator with contiguous, core acreage Strong Delaware position benefiting from continued…

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