Q3 2022 Operational and Financial Update November 3, 2022
Third Quarter 2022 Updates First full quarter with fully integrated Great Western assets Key Takeaways Building a Company of Scale Proved Reserves: 1.0 Bboe (YE21) , Production: 250 Mboe/d Total production of 250 Mboe/d (81 MBOPD)…
2022 ESG Reports Highlight Progress on Key Metrics and Material Initiatives PDC employees volunteered more than 5,700 hours with 40+ charities in September 2022 alone through our annual Energizing Our Communities event Key highlights…
Operations Overview 5
3Q22 Operational Success Underpinned by Quality Asset Base 3Q22 Operational Highlights 3Q22 Wattenberg Field 3Q22 Delaware Basin Total production of 250,000 Boe per day (81,000 Bbls per day) 219,000 Boe/d 31,000 Boe/d Capital…
Significant Scale in Best-of-Class Core Wattenberg Innovation driving capital efficiencies with larger pads and longer lateral wells Longer laterals, including 3-mile laterals, provide opportunity for step change improvements to…
Long Term Visibility Into Development of Core Wattenberg Field Resilient and Robust Economics: All Areas Deliver 100%+ IRR and Payback in Approximately 14 Month at Current Prices(1) 4+ years inventory of DUC and Permitted projects…
Focused on Execution in the Delaware Core Delaware development with stacked pay supports strong free cash flow generation Currently batch drilling three of our first 3-mile lateral test wells in our Block 4 area Delaware Basin…
Financial Positioning 10
Generate Sustainable Free Cash Flow PDC generated 440 million of FCF during Q3 2022 25% annualized 500 Free Cash Flow 440 (1) FCF Yield 400 Q3 Actual 300 Production (Mboe/d) 250 millions Oil Production (MBbl/d) 81…
Building on Successful Track Record of Shareholder Returns Committed to returning 60+% of annual post-dividend FCF to shareholders via share repurchases and a year end special dividend, if needed Expect to return 1 billion to…
Accelerated Share Buyback Program Reduced Share Count by 4.5% in Q3 93 million shares outstanding as of September 30, 2022 PDCE Shares Outstanding 100,000,000 Q3 2022: invested 260 million to repurchase 4.2 million shares 2022 YTD(1):…
Strengthening an Already Fortified Balance Sheet Reduced debt by 300 million during Q3 2022 Total long-term debt of 1.4 billion as of September 30, 2022 9/30/22: 1.4 billion LT debt - 3Q 2022 net leverage ratio of 0.5x 2,000…
Investor Relations Aaron Vandeford, Director Investor Relations aaron.vandefordpdce.com Corporate Headquarters PDC Energy, Inc. 1775 Sherman St. Suite 3000 D e n v e r, C O 8 0 2 0 3 303.860.5800 www.pdce.com 15
Appendix 16
2022 Guidance Select operating and financial data Capital - Full-Year Total Oil and Gas Investments: 1,075 million Key Outputs of 2022 Guidance: Production - Fourth Quarter: 245,000 255,000 Boe/d Expect to generate 1.5 billion of…
4 years without a lost time incident in either basin Key ESG Accomplishments Material Improvements in Emissions Reductions, Land Use, Operational Efficiencies, Charitable Giving, Governance, Reporting, Climate Strategy and…
Detailed Hedging Hedges in place as of September 30, 2022 Crude Oil Q4 22 Q1 23 Q2 23 Q3 23 Q4 23 2023 2024 2025 Volumes (MMBbls) Collar 1.4 1.4 1.5 1.5 1.5 5.9 0.8 - Swap 3.4 2.5 2.5 2.4 2.4 9.8 6.1 2.6 Total Crude Oil Hedged (MMBbls)…
Non-U.S. GAAP Reconciliations In millions unless noted Note: We are unable to present a reconciliation of forward-looking adjusted cash flow because components of the calculation, including fluctuations in working capital accounts,…
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