2020 Results Demonstrate Top-Tier Execution Net cash from operating activities of 870 million Key Takeaways Adjusted cash flows from operations of 920 million Capital investments of 520 million 1. Project significant, sustainable…
PDCs 3-Year Commitment in a 45 World Assuming 45/Bbl WTI, 2.50/Mcf & 12/Bbl NGLs Focused on Execution Return of Capital Initiatives Reinvestment rate of < 60% of adj. cash flow from operations Debt Reduction Shareholder Returns…
Committed to Corporate Social Responsibility Social Responsibility Leverage newly formed internal Diversity Environmental Stewardship & Inclusion Committee Continue working with community stakeholders through volunteerism and…
LANCE LAUCK
Prolific and Repeatable Wattenberg Inventory Increased inventory by 15+% to 2,000 at YE20 15 Years of Inventory at Current Pace Average lateral length of 9,000 2,500 Unpermitted Inventory Planned 2021 Submitted Permits Current…
Blending Best-Practices to Capture Operating Synergies Well optimization and steady choke management lead to improved production profile Significantly improved operating environment with Outperforming SRC Acquisition Type Curves…
High-Graded Delaware Inventory Delivers Solid Returns Inventory assumes 10-12 wells per section 5-7 Years of Inventory at Current Pace Dependent on of parent wells per section 200 Inventory DUCs Avg lateral length of 9,000 Focused…
DAVID LILLO
Maintenance Spending to Deliver Strong 2021 FCF and Solid Growth Trajectory Capital investment range of 500 - 600 million Represents 5% year-over-year increase primarily due to 1st Quarter Expectations increase in expected non-ops…
Maintaining Momentum in the Wattenberg 375 - 450 million planned capital investment 10% attributable to non-ops and land Anticipated well costs of 360/ft.(1) Prairie Area 75 - 85 spuds with average lateral length of 8,900…
Unlocking Value Through Attaining Future Drilling Permits 100% of acreage in Weld County Continue proactive and open dialogue with COGCC Rules effective January 15 Methodical Approach to New Permits Comprehensive Area Plan (CAP)…
Capturing Operating Efficiencies in Delaware Basin 125 - 150 million planned capital investment XRL well costs (including facilities) of < 800/ft. Loving County More than 5% improvement from 2020 costs Plan to operate one…
SCOTT MEYERS
Merger Synergies Evident Through Year-End Results Adj. Free Cash Flow 399 FCF positive in 5 of past 6 228 159 161 quarters and each of the past (51) 62 38 two years (174) 4Q19 1Q20 2Q20 3Q20 4Q20 2018 2019 2020 Net Cash from…
Resilient Balance Sheet with Strong Hedge Book Balance Sheet Update Reached 1.5 billion debt target in late-February 2021 Total Debt: 1.5 billion (as of 2/1/21) Re-instated stock repurchase program 2,000 Borrowing base and…
PDCs 2021 Commitment to Free Cash Flow Allocation Assuming 45/Bbl WTI, 2.50/Mcf & 12/Bbl NGLs Debt Reduction Shareholder Returns Flex FCF A constant focus for PDC with a long-term focus on Consistent share repurchase program…
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
2021 Full-Year Guidance Capital Investments: 500 - 600 million Run-Rate Non-Recurring G&A per Boe Production Total: 190,000 - 200,000 Boe/d 4.25 3.27 2.36 < 1.75 Oil: 64,000 - 68,000 Bbls/d 2018 2019 2020 2021e Operating…
Detailed Hedge Positions Hedges as of February 20, 2021 February 2021 24
Adjusted Free Cash Flow and Adjusted Earnings Reconciliations 4Q19 1Q20 2Q20 3Q20 4Q20 Cash flows from operations to adjusted cash flows from operations and adjusted free cash flow (deficit): Net cash from operating activities 182.5…
Reconciliation Non-U.S. GAAP Metrics Adjusted EBITDAX Three Months Ended Year Ended December 31, December 31, 2020 2019 2020 2019 Net income (loss) to adjusted EBITDAX: Net income (loss) (6.7) (21.0) (724.3) (56.7) (Gain) loss on…
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