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March 2020 Company Update – PDC Energy, Inc.

PDC Energy, Inc. · Mar 24, 2020 · 16 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. March 2020 Company Update – PDC Energy, Inc. – slide 1
    COMPANY UPDATE March 2020
  2. March 2020 Company Update – PDC Energy, Inc. – slide 2
    PDC Strategy Focused on Significant Value-Creation Focus on Execution Sustainable FCF(1) Generation Wattenberg Field 163,000 Boe/d(2) Delaware Basin Through-the-Cycle 34,000 Boe/d(2) Balance Sheet Strength Consistent…
  3. March 2020 Company Update – PDC Energy, Inc. – slide 3
    Long-Term Track Record of Execution Prudent balance sheet Leverage Ratio management positions PDC to 2.1x manage through commodity 1.9x cycles Low leverage to 1.4x 1.4x 1.4x manage commodity cycles 2015 2016 2017 2018…
  4. March 2020 Company Update – PDC Energy, Inc. – slide 4
    Trailing Twelve Month Track Record of Execution Significant mid-year adjustments Free Cash Flow (millions) 159 to 2019 capital program to ensure generation of FCF 40 million 39 2019 FCF (89) (71) 1Q19 2Q19 3Q19 4Q19 Improved…
  5. March 2020 Company Update – PDC Energy, Inc. – slide 5
    Focused on Preserving and Improving Our Strong Financial Positioning As of 12/31/19 Key Financial Metrics Revolver TTM leverage ratio of 1.4x 1,800 (Commitment Level) 1,600 Total liquidity of 1.1 billion(1) 1,400 Successfully…
  6. March 2020 Company Update – PDC Energy, Inc. – slide 6
    PDC Hedge Profile As of 3/20/20 Oil WTI Volumes Hedged Oil 4,500 70.00 2020 15.7 MMBbls 4,000 60.00 3,500 Weighted-average floor price of 58/Bbl 3,000 50.00 MBbls Represents 60% of preliminary 2020e oil volumes 2,500…
  7. March 2020 Company Update – PDC Energy, Inc. – slide 7
    Updated 2020 Capital Plan Expected to Generate Free Cash Flow Original 2020 Guidance Capital investment range of 1.0 - 1.1 billion Wattenberg: 3 rigs and 2 completion crews Delaware: 1.5 rigs and 1 crew through mid-year Anticipate…
  8. March 2020 Company Update – PDC Energy, Inc. – slide 8
    Flexibility in Low Price Environment Operational Flexibility to Ensure FCF Generation in 2020 Through-the-cycle balance sheet strength including low leverage and ample liquidity Systematic hedging program protects a portion of…
  9. March 2020 Company Update – PDC Energy, Inc. – slide 9
    Multi-Year Focus on Sustainable and Increasing FCF Generation All Numbers Approximate 2020 + 2021 Highlights(1) Currently anticipate similar capital investment levels Significant FCF Generation (millions) in 2020 & 2021 Maintain…
  10. March 2020 Company Update – PDC Energy, Inc. – slide 10
    Highlighting PDCs Value-Proposition All Numbers Approximate Focus on Execution Remain committed to safety and operational excellence while executing on updated business plan Sustainable Ability to generate sustainable FCF in…
  11. March 2020 Company Update – PDC Energy, Inc. – slide 11
    APPENDIX
  12. March 2020 Company Update – PDC Energy, Inc. – slide 12
    2019 Full-Year PDC + SRC Combined PDC SRC Combined Production Crude oil (MBbls) 19,166 9,813 28,979 Natural Gas (MMcf) 115,950 49,471 165,421 NGLs (MBbls) 10,923 4,526 15,449 Crude oil equivalent (MMBoe) 49.4 22.6 72.0…
  13. March 2020 Company Update – PDC Energy, Inc. – slide 13
    Free Cash Flow Reconciliation Cash Flows from Operations to Adjusted Cash Flows From Operations and Free Cash Flow (Deficit) Three Months Ended Twelve Months Ended December 31, December 31, 2019 2018 2019 2018 Cash flows from…
  14. March 2020 Company Update – PDC Energy, Inc. – slide 14
    Reconciliation Non-U.S. GAAP Metrics Net Income (Loss) to Adjusted Net Income (Loss) and Adjusted Earnings Per Share, Diluted Three Months Ended Twelve Months Ended December 31, December 31, 2019 2018 2019 2018 Net income (loss)…
  15. March 2020 Company Update – PDC Energy, Inc. – slide 15
    Reconciliation Non-U.S. GAAP Metrics Adjusted EBITDAX Three Months Ended Twelve Months Ended December 31, December 31, 2019 2018 2019 2018 Net income (loss) to adjusted EBITDAX: Net income (loss) (21.0) 178.9 (56.7) 2.0 (Gain)…
  16. March 2020 Company Update – PDC Energy, Inc. – slide 16
    Reconciliation of Non-U.S. GAAP Metrics Beginning in 3Q19, the Company modified its adjusted EBITDAX reconciliation to exclude (Gain) loss on sale of properties and equipment Net income (loss) to adjusted EBITDAX (in millions): 4Q18…

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