PDC Strategy Focused on Significant Value-Creation Focus on Execution Sustainable Adjusted Wattenberg Field FCF(1) Generation 167,000 Boe/d(2) Through-the-Cycle Delaware Basin 24,000 Boe/d(2) Balance Sheet Strength…
Successful Track Record of Execution Free Cash Flow (millions) Generated more than 700 million of FCF over past 4 quarters 228 Consistent, meaningful levels 161 176 165 of quarterly FCF 62 2Q20 3Q20 4Q20 1Q21 2Q21 Net…
Steadily Increasing Rate of Shareholder Returns On Pace to Meet Return of Capital Goals 50 40 12 millions 30 47 20 22 26 10 0 1Q21 2Q21 July-August Buyback Dividend Shareholder Return Overview Committed to…
Resilient Balance Sheet with Strong Hedge Book As of August 31, 2021 Balance Sheet Reduced net debt by 175 million since the end of Total Net Debt: 1.2 billion first quarter Undrawn revolver and 250 million cash on hand 2,000 Plan…
Updated 2021 Guidance with No Change to Operating Cadence Anticipate FCF(1) of more than 800 million Key Guidance Statistics Expect more than 200 million in each 3rd and 4th quarter August May FCF (millions) 800+ 600+ Narrowed…
Expect Significant FCF and Meaningful Shareholder Returns Significant increase to projected cumulative FCF compared Multi-Year Outlook(1) to May update (2021 2023) 2.5 Billion 600 million of incremental FCF 100 million of…
Implementing Aggressive Environmental Performance Targets Project to deliver significant reduction in both GHG and methane emission intensities by 2025 Forecasted GHG Intensity relative to 2020 baseline CO2e/MBoe 20.4 60% reduction…
ASSET OVERVIEW
Wattenberg Overview Key Statistics 644 YE20 Proved Reserves Prairie Area (MMBoe) 167,000 2Q21 Production Summit Area (Boe/d) Kersey Area Plains Area 30% 2Q21 Crude Oil (Production) 180,000 Net Acres 2.15…
Maintaining Momentum in the Wattenberg 400 - 450 million planned capital investment 10% attributable to non-ops and land Anticipated well costs of 400/ft. in 2H21(1) Prairie Area 75 - 85 spuds with average lateral length of…
Continue to Progress Towards New Colorado Permits Internal Planning Process OGDP Permit Package Official Submittal and Review Informed Alternative DSU & COGCC Commission Signed Plat Directional Ops Form Form WOGLA Submit…
Delaware Basin Overview Key Statistics 87 YE20 Proved Reserves (MMBoe) 24,000 2Q21 Production (Boe/d) 41% 2Q21 Crude Oil 25,000 Net Acres (Production) 4.35 2Q21 LOE/Boe 14 September 2021
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…
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…
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
APPENDIX
2nd Quarter Operating Results 180 million of oil & gas capital investments Slightly below expectations due to shift in non- operated activity to the 3rd quarter Maintain best in class cost structure LOE of 2.43/Boe Cash +…
Maintaining Capital Discipline Wattenberg Field Wattenberg XRL Well Costs Anticipate 10% increase to XRL well costs due to commodity price related cost inflation 10% 4.0MM 4.0 3.6 million XRL projected to increase to 4.0 million…
2nd Quarter Financial Results Three Months Ended Six Months Ended Measure June 30, June 30, (millions except per share and price per Boe data) 2021 2020 % 2021 2020 % Production (MMBoe) 17.4 17.2 1% 33.2 34.1 (3%) Realized Price…
2021 Updated Full-Year Guidance Capital Investments: 550 - 600 million Run-Rate Non-Recurring G&A per Boe Production Total: 190,000 - 195,000 Boe/d 4.25 3.27 2.36 1.80 Oil: 64,000 - 66,000 Bbls/d 2018 2019 2020 2021e…
Continual Progress on Corporate Social Responsibility Environmental Stewardship Social Responsibility Corporate Governance Committed to zero routine flaring, as defined by Committed to further increasing Continuous board…
Detailed Hedge Positions Hedges as of August 31, 2021 September 2021 24
Adjusted Free Cash Flow and Adjusted Earnings Reconciliations 2Q20 3Q20 4Q20 1Q21 2Q21 Cash flows from operations to adjusted cash flows from operations and adjusted free cash flow (deficit): Net cash from operating activities 103.0…
Reconciliation Non-U.S. GAAP Metrics Adjusted EBITDAX Three Months Ended June 30, Six Months Ended June 30, 2021 2020 2021 2020 Net income (loss) to adjusted EBITDAX: Net income (loss) (87.0) (221.8) (96.1) (686.8) Loss (gain) on…
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