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1Q 2020 Earnings Results – PDC Energy, Inc.

PDC Energy, Inc. · May 7, 2020 · 25 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. 1Q 2020 Earnings Results – PDC Energy, Inc. – slide 1
    2020 1ST QUARTER EARNINGS CALL May 2020
  2. 1Q 2020 Earnings Results – PDC Energy, Inc. – slide 2
    BART BROOKMAN President & CEO
  3. 1Q 2020 Earnings Results – PDC Energy, Inc. – slide 3
    Long-Term Track Record of Through-the-Cycle Resiliency Discipline displayed through actions taken in 2020 Long-Term Track Record Emphasis on balance sheet strength and FCF Transparent multi-year messaging Through-the-cycle balance…
  4. 1Q 2020 Earnings Results – PDC Energy, Inc. – slide 4
    Shifting Strategic Priorities Amidst Global Pandemic and Demand Destruction Focus on Execution - Commitment to safe operations through dynamic time period Sustainable FCF Generation - Project more than 125 million of FCF(1) Top…
  5. 1Q 2020 Earnings Results – PDC Energy, Inc. – slide 5
    LANCE LAUCK EVP Corporate Development and Strategy
  6. 1Q 2020 Earnings Results – PDC Energy, Inc. – slide 6
    PDCs Multi-Faceted Curtailment Strategy Monthly analysis conducted on an unhedged, well-by-well and pad-by-pad basis with consideration to: Netback Pricing Firm Marketing/Midstream Net Oil Pricing Summary Commitments /Bbl 2019…
  7. 1Q 2020 Earnings Results – PDC Energy, Inc. – slide 7
    Long-Term Marketing & Midstream Commitments Firm Transportation, Sales & Gas Processing Agreements Oil Commitments Variety of long-term contractual commitments: firm (millions) transportation, sales & processing agreements 100…
  8. 1Q 2020 Earnings Results – PDC Energy, Inc. – slide 8
    SCOTT REASONER Chief Operating Officer
  9. 1Q 2020 Earnings Results – PDC Energy, Inc. – slide 9
    2020 First Quarter Operational Overview 260 million of oil & gas capital investments Represents 50% of revised full-year range LOE of 2.94/Boe LOE/Boe for remainder of 2020 partially dependent on ultimate curtailment levels…
  10. 1Q 2020 Earnings Results – PDC Energy, Inc. – slide 10
    Utilizing Flexibility to Ensure Differentiating Results in 2020 Continue to Monitor Monthly Prices and Maintain Flexibility to Further Adjust Capital Plan Capital investment range of 500 - 600 million Represents 50% decrease from…
  11. 1Q 2020 Earnings Results – PDC Energy, Inc. – slide 11
    Updated Wattenberg 2020 Overview 450 million planned capital investment 300 million reduction from original guidance Go-forward well costs of 2.5 - 4.0 million (SRL-XRL) Significant Activity Reductions Guidance (February) Updated…
  12. 1Q 2020 Earnings Results – PDC Energy, Inc. – slide 12
    Updated Delaware Basin 2020 Overview 100 million planned capital investment 200 million reduction from original guidance Significant Activity Reductions Guidance (February) Updated Forecast (May) Recently released completion crew…
  13. 1Q 2020 Earnings Results – PDC Energy, Inc. – slide 13
    SCOTT MEYERS Chief Financial Officer
  14. 1Q 2020 Earnings Results – PDC Energy, Inc. – slide 14
    2020 First Quarter Financial Results See Appendix for Non-U.S. GAAP Reconciliations Three Months Ended Measure March 31, G&A per Boe (millions except per share and price per Boe data) 4.00 2020 2019 % Run-Rate Non-Recurring…
  15. 1Q 2020 Earnings Results – PDC Energy, Inc. – slide 15
    Resilient Balance Sheet with Strong Hedge Book Liquidity Update (as of March 31, 2020) Borrowing base and commitment level of 1.7 billion Borrowings under revolver of 620 million at 1Q 2,000 Liquidity of 1.1 billion Revolver…
  16. 1Q 2020 Earnings Results – PDC Energy, Inc. – slide 16
    Continued Emphasis on Cost Management Targeting combined LOE + G&A of 5/Boe Merger synergies reflected through anticipated year-over-year LOE + G&A (/Boe) reduction of 20+% in LOE+G&A/Boe LOE G&A 8.00 7.77 7.51 Anticipated LOE of…
  17. 1Q 2020 Earnings Results – PDC Energy, Inc. – slide 17
    Multi-Year Focus on Sustainable and Increasing FCF Generation All Numbers Approximate 2020 + 2021 Highlights Significant FCF Generation Anticipate 2-year cumulative capital investments between (millions) 1.0 - 1.2 billion 250…
  18. 1Q 2020 Earnings Results – PDC Energy, Inc. – slide 18
    Investor Relations Mike Edwards, Senior Director Investor Relations michael.edwardspdce.com Kyle Sourk, Senior Manager Corporate Finance & Investor Relations kyle.sourkpdce.com Corporate Headquarters Website PDC Energy, Inc.…
  19. 1Q 2020 Earnings Results – PDC Energy, Inc. – slide 19
    APPENDIX
  20. 1Q 2020 Earnings Results – PDC Energy, Inc. – slide 20
    Detailed Hedge Positions Oil WTI Volumes Hedged 4,500 70.00 4,000 Crude Oil Q1 20 Q2 20 Q3 20 Q4 20 Q1 21 Q2 21 Q3 21 Q4 21 Q1 22 Q2 22 60.00 3,500 Volumes (MBbls) 50.00 Collar 900 900 900 900 - - - - - - 3,000 Swap 2,864…
  21. 1Q 2020 Earnings Results – PDC Energy, Inc. – slide 21
    Commitment to Corporate Social Responsibility Three of PDCs Six Strategic Priorities PRIORITIZE HEALTH, SAFETY & BUILD A BEST-IN-CLASS DRIVE EFFICIENCY THROUGH THE ENVIRONMENT ORGANIZATION TECHNOLOGY & INNOVATION PDCs top…
  22. 1Q 2020 Earnings Results – PDC Energy, Inc. – slide 22
    Free Cash Flow Reconciliation Cash Flows from Operations to Adjusted Cash Flows from Operations and Free Cash Flow (Deficit) Three Months Ended March 31, 2020 2019 Cash flows from operations to adjusted cash flows from operations…
  23. 1Q 2020 Earnings Results – PDC Energy, Inc. – slide 23
    Reconciliation Non-U.S. GAAP Metrics Net Loss to Adjusted Net Income (Loss) and Adjusted Earnings Per Share, Diluted Three Months Ended March 31, 2020 2019 Net loss to adjusted net income (loss): Net loss (465.0) (120.2) (Gain)…
  24. 1Q 2020 Earnings Results – PDC Energy, Inc. – slide 24
    Reconciliation Non-U.S. GAAP Metrics Adjusted EBITDAX Three Months Ended March 31, 2020 2019 Net loss to adjusted EBITDAX: Net loss (465.0) (120.2) (Gain) loss on commodity derivative instruments (434.7) 190.1 Net settlements on…
  25. 1Q 2020 Earnings Results – PDC Energy, Inc. – slide 25
    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): 1Q19…

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