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Goldman Sachs Energy and Clean Technology Conference – PDC Energy, Inc.

PDC Energy, Inc. · Jan 5, 2022 · 24 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. Goldman Sachs Energy and Clean Technology Conference – PDC Energy, Inc. – slide 1
    GOLDMAN SACHS ENERGY AND CLEAN TECHNOLOGY CONFERENCE January 2022
  2. Goldman Sachs Energy and Clean Technology Conference – PDC Energy, Inc. – slide 2
    PDC Strategy Focused on Significant Value-Creation Focus on Execution Sustainable Adjusted Wattenberg Field FCF(1) Generation 175,000 Boe/d(2) Through-the-Cycle Delaware Basin 29,500 Boe/d(2) Balance Sheet Strength…
  3. Goldman Sachs Energy and Clean Technology Conference – PDC Energy, Inc. – slide 3
    Successful Track Record of Execution Free Cash Flow (millions) Generated more than 750 million of FCF over past 4 quarters 268 Consistent, meaningful levels 228 161 176 165 of quarterly FCF 3Q20 4Q20 1Q21 2Q21 3Q21 Net…
  4. Goldman Sachs Energy and Clean Technology Conference – PDC Energy, Inc. – slide 4
    Significant Debt Reduction Throughout 2021 As of December 1, 2021 Balance Sheet Reduced net debt by more than 40% since YE20 Total Debt: 950 million Paid off 160 million revolver balance 2,000 Retired 200 million convertible notes…
  5. Goldman Sachs Energy and Clean Technology Conference – PDC Energy, Inc. – slide 5
    Committed to Returning Capital to Shareholders Increased Shareholder Returns Each Quarter Buyback Dividend Special Dividend 120 90 50 millions 60 12 12 30 12 60 51 22 26 0 1Q21 2Q21 3Q21 4Q21 Cumulative SH Returns…
  6. Goldman Sachs Energy and Clean Technology Conference – PDC Energy, Inc. – slide 6
    Improved Guidance Throughout 2021 Anticipate FCF(1) of more than 900 million Key Guidance Statistics Expect more than 300 million in 4Q21 Nov. Sept. May FCF (millions) 900+ 800+ 600+ Capex (millions, mid-point) 575 575 550 Capital…
  7. Goldman Sachs Energy and Clean Technology Conference – PDC Energy, Inc. – slide 7
    Ability to Deliver Sustainable Shareholder Returns Committed to generating material, sustainable FCF in a variety of commodity price environments 2021 2023 Cumulative FCF(1) Project 2.5 billion post-tax FCF at mid-cycle commodity…
  8. Goldman Sachs Energy and Clean Technology Conference – PDC Energy, Inc. – slide 8
    Continued Progress on Our ESG Journey Key 2021 Accomplishments 2nd Annual Sustainability Report (published September 2021) Established near- and long-term GHG(1) and methane intensity targets Committed to zero routine flaring, as…
  9. Goldman Sachs Energy and Clean Technology Conference – PDC Energy, Inc. – slide 9
    ASSET OVERVIEW
  10. Goldman Sachs Energy and Clean Technology Conference – PDC Energy, Inc. – slide 10
    Wattenberg Overview Key Statistics 644 YE20 Proved Reserves Prairie Area (MMBoe) 175,000 3Q21 Production Summit Area (Boe/d) Kersey Area Plains Area 30% 3Q21 Crude Oil (Production) 180,000 Net Acres 2.15…
  11. Goldman Sachs Energy and Clean Technology Conference – PDC Energy, Inc. – slide 11
    Successfully Securing Permits in Colorado Permits Issued to PDC Under New Rules Internal Planning Process OGDP Permit Package Official Submittal and Review Informed Alternative DSU & COGCC Commission Signed Plat Directional Ops Form…
  12. Goldman Sachs Energy and Clean Technology Conference – PDC Energy, Inc. – slide 12
    Delaware Basin Overview Key Statistics 87 YE20 Proved Reserves (MMBoe) 29,500 3Q21 Production (Boe/d) 44% 3Q21 Crude Oil 25,000 Net Acres (Production) 4.09 3Q21 LOE/Boe 13 January 2022
  13. Goldman Sachs Energy and Clean Technology Conference – PDC Energy, Inc. – slide 13
    Implemented Relaxed Spacing Design to Delaware Development Less than anticipated production from 2021 TIL program Example: 2019 Drilling/2021 TIL Program primarily due to suboptimal well spacing (5 wells, 14-16 wells per section…
  14. Goldman Sachs Energy and Clean Technology Conference – PDC Energy, Inc. – slide 14
    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 2.5 billion post-tax…
  15. Goldman Sachs Energy and Clean Technology Conference – PDC Energy, Inc. – slide 15
    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
  16. Goldman Sachs Energy and Clean Technology Conference – PDC Energy, Inc. – slide 16
    APPENDIX
  17. Goldman Sachs Energy and Clean Technology Conference – PDC Energy, Inc. – slide 17
    3rd Quarter Operating Results 149 million of oil & gas capital investments Project less than 150 million in 4Q21 Maintain best in class cost structure LOE of 2.43/Boe Cash + non-cash G&A of 1.64/Boe Total production of 18.8…
  18. Goldman Sachs Energy and Clean Technology Conference – PDC Energy, Inc. – slide 18
    3rd Quarter Financial Results Three Months Ended Nine Months Ended Measure September 30, September 30, (millions except per share and price per Boe data) 2021 2020 % 2021 2020 % Production (MMBoe) 18.8 17.7 6% 51.9 51.8 - Realized…
  19. Goldman Sachs Energy and Clean Technology Conference – PDC Energy, Inc. – slide 19
    2021 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: 60,000 - 63,000 Bbls/d 2018 2019 2020 2021e Operating…
  20. Goldman Sachs Energy and Clean Technology Conference – PDC Energy, Inc. – slide 20
    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…
  21. Goldman Sachs Energy and Clean Technology Conference – PDC Energy, Inc. – slide 21
    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…
  22. Goldman Sachs Energy and Clean Technology Conference – PDC Energy, Inc. – slide 22
    Detailed Hedge Positions Hedges as November 30, 2021 Crude Oil Q4 21 Q1 22 Q2 22 Q3 22 Q4 22 Q1 23 Q2 23 Q3 23 Q4 23 Q1 24 Q2 24 Collar 1.3 1.2 1.2 1.2 1.2 0.8 0.9 0.9 0.9 0.2 0.1 Swap 2.5 1.7 1.7 1.7 1.7 1.5 1.5 1.3 1.3 0.5 0.5…
  23. Goldman Sachs Energy and Clean Technology Conference – PDC Energy, Inc. – slide 23
    Adjusted Free Cash Flow and Adjusted Earnings Reconciliations 3Q20 4Q20 1Q21 2Q21 3Q21 Cash flows from operations to adjusted cash flows from operations and adjusted free cash flow (deficit): Net cash from operating activities 280.1…
  24. Goldman Sachs Energy and Clean Technology Conference – PDC Energy, Inc. – slide 24
    Reconciliation Non-U.S. GAAP Metrics Adjusted EBITDAX Three Months Ended September 30, Nine Months Ended September 30, 2021 2020 2021 2020 Net income (loss) to adjusted EBITDAX: Net income (loss) 145.3 (30.8) 49.2 (717.6) Loss…

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