PDC Energy Built on Foundation of Tier 1 Assets High Quality Assets Paired With Commitment to Environmental, Social and Governance Efforts Underpin Our Organizational Success 2023 Building Blocks for Success Wattenberg Field Durable…
Environmental Leadership in Action Surpassed GHG Intensity and Methane Emission goals in 2022 Key Components to our successes in 2022: GHG Intensity and Methane Emission Intensity Targets 16 Surpassed 2025 methane - Great Western…
Year-End 2022 SEC Proved Reserves Exceed 1 Billion Barrels of Oil Equivalent 440% reserve replacement ratio with pre-tax PV-10 of 19 billion(1) 175 MMBOE (85) MMBOE 1,100 MMBOE(1) 195 MMBOE 47% 53% 815 MMBOE Proved Developed…
Operations Overview 6
Significant Scale in Best-of-Class Tier 1 Wattenberg More than 2,100 locations inclusive of 200 DUCs Wattenberg Field 275,000 Net Acres Prairie Prairie Summit Summit Kersey Kersey Plains Plains % of Inventory In…
Multi-Year DJ Basin Inventory Guanella CAP Assets Located in the Core of the DJ Basin and Include Some of the Largest EUR Wells in the Companys Inventory Strong Economics Across Oil Phases Location count details (as of 12/31/2022)…
Robust DJ Basin Inventory of Derisked, High Return Projects Industry Leading Economics and Years of Tier One Inventory Development Mapped, Supports Long-Term Sustainable Cash Flows Durable Oil Component Across DJ Basin Inventory…
Focused on Execution in the Delaware Basin Core Delaware Development With Stacked Pay Q422 workover program supported base production - Deployed 1-2 workover rigs during the quarter Completion activities resumed in Q123 as planned…
Financial Positioning 11
Foundation of Sustainable Free Cash Flow Generated 1.4 billion of Free Cash Flow for full year 2022 FY2022 Actual Q4 Actual 500 Free Cash Flow(1) and Realized Price 100 Realized Price, excluding realized hedges (per Boe)…
Strengthening an Already Fortified Balance Sheet Reduced Debt by 530 Million Post Closing of Great Western Transaction Met year-end leverage ratio of 0.5x 12/31/22: 1.3 billion LT debt 2,000 1,500MM Total long-term debt of 1.3…
Returned 1 Billion to Shareholders in 2022 Ultimately return nearly 70% of free cash flow, post base dividend, to shareholders 2022 Shareholder Returns Highlights: Q4 2022(1): invested 260 million to repurchase 3.6 million shares…
2023 Shareholder Returns Remain Committed to Returning 60+% of Annual Post-Dividend FCF to Shareholders Expect to return more than 550 million to shareholders in 2023(1) - Increased base quarterly dividend to 0.40 per share -…
2023 Operational Plan and Guidance Key Outputs of 2023 Guidance: expect to generate 825 million of FCF for the full year Capital Investment - Full-Year Total Investments: 1,350 - 1,500 million - First Quarter Investments: 400 -475…
2023 Vision Built on Foundation of Tier 1 Assets Durable Inventory Yields Sustainable Production Growth Profile Multi-year permitted runway of highly economic projects supports 3-5% oil and total production growth off H222 Maintain…
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 18
Appendix 19
Detailed Hedging Hedges in place as of December 31, 2022 Crude Oil Q1 23 Q2 23 Q3 23 Q4 23 2023 2024 2025 Volumes (MMBbls) Collar 1 2 2 2 6 1 - Swap 2 2 2 2 10 6 3 Total Crude Oil Hedged (MMBbls) 4 4 4 4 16 7 3 Crude Oil Price…
Guanella Comprehensive Area Plan Aligned with ESG and Operational Goals Unanimous Approval of The Guanella CAP Adds Clear Line of Sight for Sustainable Long-Term Colorado Development Activities CAP Highlights: PDCE is well positioned…
Non-U.S. GAAP Reconciliations In millions unless noted PV-10. We define PV-10 as the estimated present value of the future net cash flows from our proved reserves before income taxes, discounted using a 10 percent discount rate. We…
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