Third Quarter Results Emphasize Valuation Disconnect 3rd Quarter Highlights Permit Update 280 million of net cash from operating activities Generated 225 million of adjusted free cash flow (FCF)(1) 32 additional permits approved in…
DAVE LILLO Senior Vice President Operations
2020 Third Quarter Operational Overview 35 million of oil & gas capital investments Anticipate to invest 110 million in 4Q20 LOE of 2.11/Boe Compressor optimization Labor redeployment and reduced overtime Conversion to line power…
Capital Efficiency Gains Contributing to Lower Projected Well Costs Wattenberg Completions Efficiency(1) (Hours per day Completing) Continued improvements to Wattenberg completions 85% 82% Recent completion activity averaging 20…
Attaining Colorado Permits Amidst Ongoing Rulemaking Discussions Project to exit 2020 with 275 well permits (Form 2) secured through 23 approved surface location permits (Form 2A) 85% of approved surface locations were approved under…
Rural Weld County Position with Low Building Unit (BU) Density PDC acreage is 100% in Weld County, Colorado PDC Inventory in Relation to Nearest BU 80% in unincorporated Weld County (not within Municipal (Does Not Include DUCs)…
SCOTT MEYERS Chief Financial Officer
2020 Third Quarter Financial Results See Appendix for Non-U.S. GAAP Reconciliations G&A per Boe Three Months Ended Nine Months Ended Run-Rate Non-Recurring Measure September 30, September 30, (millions except per share and price…
Resilient Balance Sheet with Strong Hedge Book Liquidity Update (as of September 30, 2020) Borrowing base and commitment level of 1.6 billion as of 9/30/20 (post-Fall redetermination in October 2020) Pro Forma Borrowing Base…
Project Significant FCF at 35 Oil Capital investment range to 500 - 550 million 2020e Capital Investments Expect 110 million in 4Q (millions) Wattenberg one rig and one completion crew planned Delaware minimal planned activity…
Multi-Year Focus on Sustainable FCF Generation All Numbers Approximate 2020 + 2021 Highlights Significant FCF Generation (millions) 350+ Anticipate 2-year cumulative capital investments of 1.1 billion 300 200 850 million of…
Investor Relations Kyle Sourk, Senior Manager Corporate Finance & Investor Relations kyle.sourkpdce.com Corporate Headquarters Website PDC Energy, Inc. www.pdce.com 1775 Sherman Street Suite 3000 Denver, Colorado 80203…
APPENDIX
Commitment to Corporate Social Responsibility Published Inaugural Sustainability Report in Alignment with SASB Standards Responsible Environmental Social Corporate Operations Stewardship Impact Governance 52% 84% 2,285 50%…
Current Colorado Permit Process Average 12 Months from Permit Submittal to Approval (steps 3-4) 1. Site Selection Process Surface Owner 3. Submit Form 2A Application COGCC 5. PERMIT APPROVED - Field land and surface owner agree on…
Current COGCC Rulemaking Update SB-181 Rules Related to Setback and Siting Requirements Expected to be Finalized in Late November Current proposal of new rules viewed as extremely similar to existing Directors Objective Criteria 500…
Continued Emphasis on Cost Management Targeting combined LOE + G&A of < 5/Boe LOE + G&A (/Boe) LOE G&A 8.00 7.51 Merger synergies and focus on costs reflected through 6.60 6.15 anticipated year-over-year reduction of 20+% in…
Detailed Hedge Positions Hedges as of October 31, 2020 November 2020 PDC Energy 22
Adjusted Free Cash Flow & Adjusted Earnings Reconciliations Cash Flows from Operations to Adjusted Cash Flows from Operations and Adjusted Free Cash Flow (Deficit) Three Months Ended Nine Months Ended September 30, September 30, 2020…
Reconciliation Non-U.S. GAAP Metrics Adjusted EBITDAX Three Months Ended Nine Months Ended September 30, September 30, 2020 2019 2020 2019 Net income (loss) to adjusted EBITDAX: Net income (loss) (30.8) 15.9 (717.6) (35.7) Loss…
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): 3Q19…
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