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June 2021 Company Update – PDC Energy, Inc.

PDC Energy, Inc. · Jun 1, 2021 · 28 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. June 2021 Company Update – PDC Energy, Inc. – slide 1
    COMPANY UPDATE June 2021
  2. June 2021 Company Update – PDC Energy, Inc. – slide 2
    PDC Strategy Focused on Significant Value-Creation Focus on Execution Sustainable Adjusted Wattenberg Field FCF(1) Generation 155,000 Boe/d(2) Through-the-Cycle Delaware Basin 20,500 Boe/d(2) Balance Sheet Strength…
  3. June 2021 Company Update – PDC Energy, Inc. – slide 3
    Successful Track Record of Execution Free Cash Flow Generated more than 600 million of FCF over past 4 quarters 228 Positive FCF in 6 of past 7 161 176 quarters 62 (51) 1Q20 2Q20 3Q20 4Q20 1Q21 Net Debt Paid down…
  4. June 2021 Company Update – PDC Energy, Inc. – slide 4
    Maintenance Spending to Deliver Strong 2021 FCF Capital investment range of 500 - 600 million Represents 5% year-over-year increase primarily due to 2nd Quarter Expectations increase in expected non-ops Expect 60% of capital to be…
  5. June 2021 Company Update – PDC Energy, Inc. – slide 5
    Multi-Year Focus on Sustainable FCF Generation Assuming 55/Bbl WTI, 2.50/Mcf & 15/Bbl NGLs 2021 - 2023 Highlights Cumulative FCF (includes forward-looking, non-U.S. GAAP numbers) Anticipate 3-year cumulative capital investments…
  6. June 2021 Company Update – PDC Energy, Inc. – slide 6
    PDCs 3-Year Commitment Focused on Execution Return of Capital Initiatives Reinvestment rate of < 60% of adj. cash flow from operations Debt Reduction Shareholder Returns Flex Capital Stable operational cadence centered around…
  7. June 2021 Company Update – PDC Energy, Inc. – slide 7
    Resilient Balance Sheet with Strong Hedge Book As of March 31, 2021 Balance Sheet Paid down 230 million of net debt in first quarter Undrawn revolver and 60 million cash on hand Total Net Debt: 1.4 billion Liquidity of 1.7 billion…
  8. June 2021 Company Update – PDC Energy, Inc. – slide 8
    Continual Progress on Corporate Social Responsibility Environmental Stewardship Social Responsibility Corporate Governance Aligned with World Bank Zero Routine Flaring by Committed to further increasing Continuous board refreshment…
  9. June 2021 Company Update – PDC Energy, Inc. – slide 9
    ASSET OVERVIEW
  10. June 2021 Company Update – PDC Energy, Inc. – slide 10
    Wattenberg Overview Key Statistics 644 YE20 Proved Reserves Prairie Area (MMBoe) 155,000 1Q21 Production Summit Area (Boe/d) Kersey Area Plains Area 30% 1Q21 Crude Oil (Production) 180,000 Net Acres 2.31…
  11. June 2021 Company Update – PDC Energy, Inc. – slide 11
    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…
  12. June 2021 Company Update – PDC Energy, Inc. – slide 12
    Comprehensive Area Plan (CAP) Overview Continue to target submission of Guanella CAP application by year-end Significant progress made in compilation of materials/documents needed Recent Accomplishments: Received unanimous…
  13. June 2021 Company Update – PDC Energy, Inc. – slide 13
    Delaware Basin Overview Key Statistics 87 YE20 Proved Reserves (MMBoe) 20,500 1Q21 Production (Boe/d) 37% 1Q21 Crude Oil 25,000 Net Acres (Production) 5.27 1Q21 LOE/Boe 15 June 2021
  14. June 2021 Company Update – PDC Energy, Inc. – slide 14
    Capturing Operating Efficiencies in Delaware Basin 125 - 150 million planned capital investment XRL well costs (including facilities) of < 800/ft. More than 5% improvement from 2020 costs Plan to operate one drilling rig…
  15. June 2021 Company Update – PDC Energy, Inc. – slide 15
    Consistent, Successful Execution of Transparent Strategy Track Record of Operational and Financial Execution Positions PDC for Sustainable Value-Creation Ability to generate consistent, sustainable FCF Project to generate more than…
  16. June 2021 Company Update – PDC Energy, Inc. – slide 16
    Investor Relations Kyle Sourk, Director Corporate Finance & Investor Relations kyle.sourkpdce.com Corporate Headquarters Website PDC Energy, Inc. www.pdce.com 1775 Sherman Street Suite 3000 Denver, Colorado 80203 303-860-5800
  17. June 2021 Company Update – PDC Energy, Inc. – slide 17
    APPENDIX
  18. June 2021 Company Update – PDC Energy, Inc. – slide 18
    Committed to Corporate Social Responsibility Social Responsibility Leverage newly formed internal Diversity Environmental Stewardship & Inclusion Committee Continue working with community stakeholders through volunteerism and…
  19. June 2021 Company Update – PDC Energy, Inc. – slide 19
    PDCs 2021 Commitment to Free Cash Flow Allocation Assuming 55/Bbl WTI, 2.50/Mcf & 15/Bbl NGLs Debt Reduction Shareholder Returns Flex FCF A constant focus for PDC with a goal of reaching and Consistent share repurchase program…
  20. June 2021 Company Update – PDC Energy, Inc. – slide 20
    1st Quarter Operating Results 125 million of oil & gas capital investments Anticipate 2Q21 capital investments of 200 million LOE of 2.66/Boe 10% improvement compared to 1Q20 Total production of 15.7 MMBoe (175,000 Boe/d)…
  21. June 2021 Company Update – PDC Energy, Inc. – slide 21
    1st Quarter Financial Results Three Months Ended Measure March 31, (millions except per share and price per Boe data) 2021 2020 % Production (MMBoe) 15.7 16.8 (7%) Realized Price per Boe (excluding derivatives) 29.74 19.02 56%…
  22. June 2021 Company Update – PDC Energy, Inc. – slide 22
    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…
  23. June 2021 Company Update – PDC Energy, Inc. – slide 23
    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…
  24. June 2021 Company Update – PDC Energy, Inc. – slide 24
    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…
  25. June 2021 Company Update – PDC Energy, Inc. – slide 25
    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…
  26. June 2021 Company Update – PDC Energy, Inc. – slide 26
    Detailed Hedge Positions Hedges as of April 30, 2021 June 2021 28
  27. June 2021 Company Update – PDC Energy, Inc. – slide 27
    Adjusted Free Cash Flow and Adjusted Earnings Reconciliations 1Q20 2Q20 3Q20 4Q20 1Q21 Cash flows from operations to adjusted cash flows from operations and adjusted free cash flow (deficit): Net cash from operating activities 266.3…
  28. June 2021 Company Update – PDC Energy, Inc. – slide 28
    Reconciliation Non-U.S. GAAP Metrics June 2021 30

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