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DUG IMPROVING RECOVERIES IN NIOBRARA – PDC Energy, Inc.

PDC Energy, Inc. · Apr 3, 2014 · 19 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. DUG IMPROVING RECOVERIES IN NIOBRARA – PDC Energy, Inc. – slide 1
    DUG: Improving Recoveries in Niobrara April 3, 2014 NASDAQ:PDCE
  2. DUG IMPROVING RECOVERIES IN NIOBRARA – PDC Energy, Inc. – slide 2
    Company Overview NASDAQ: PDCE Strategic Core Areas Market cap 2.2 Billion (1) Colorado and Appalachian Basin Enterprise value 2.6 Billion WATTENBERG UTICA Proved reserves (YE2013) 266 MMBoe 97,000 Net Acres Liquid- 48,000 Net…
  3. DUG IMPROVING RECOVERIES IN NIOBRARA – PDC Energy, Inc. – slide 3
    Sustained Growth Since 2009 Represents PDCs Wattenberg, Utica, and Marcellus Plays Total Net Production % Liquids Growth 12 100% % of 3P Reserves (MMBoe) 10 80% 8 MMBOE 6 60% 54% 4 40% 48% 2 34% 20% 24% 0 15% 2009…
  4. DUG IMPROVING RECOVERIES IN NIOBRARA – PDC Energy, Inc. – slide 4
    YE2013 Reserves Summary Significant Proved and 3P Reserves Growth (MMBoe) Proved Reserves 54% liquids; 72% PUDs; BTAX PV-10 of 2.7 billion Development of Wattenberg adding significant proved and 3P reserves to PDCs portfolio…
  5. DUG IMPROVING RECOVERIES IN NIOBRARA – PDC Energy, Inc. – slide 5
    2014 Capital Budget Wattenberg Utica PDCM 50% Other Operated Operated Capital Budget Area Horizontal Horizontal 72% (MM) Rigs New Drills 25% Wattenberg 467 4.5 115 Utica 162 1.25 18 2% Other 2 - - 1% Sub-Total 631 5.8…
  6. DUG IMPROVING RECOVERIES IN NIOBRARA – PDC Energy, Inc. – slide 6
    Core Horizontal Wattenberg 97,000 net acres, 97% HBP Silo Third largest leaseholder and producer Field 2,800 gross horizontal locations Wt. Avg. Inventory EUR of 370 MBoe per well 60% - 80% liquids WELD COUNTY Excellent…
  7. DUG IMPROVING RECOVERIES IN NIOBRARA – PDC Energy, Inc. – slide 7
    PDC Wattenberg History Vertical Well Focus Horizontal Well Transition 1999 Acquired PDC added Rocky Aceite in NE Merit Mountains to portion of Acquisition core operating Wattenberg area. PDC acquired 100% WI in 53 WB Field wells…
  8. DUG IMPROVING RECOVERIES IN NIOBRARA – PDC Energy, Inc. – slide 8
    DJ Basin Stratigraphic Column Multiple Target Zones Current PDC Operations In 2013, spud 119 gross Hz wells in Wattenberg Field - 70 operated, 49 non-operated 2,300 net producing vertical wells(1) 113 operated producing horizontal…
  9. DUG IMPROVING RECOVERIES IN NIOBRARA – PDC Energy, Inc. – slide 9
    Wattenberg Project Inventory YE2013 (1) Proved HZ Inventory 8 Gross wells per 640 Ac. (6 Niobrara, 2 Codell (2) ) Gross HZ Inventory: 623 2P HZ Inventory (1) 14 Gross wells per 640 Ac. (10 Niobrara, 4 Codell) Gross HZ…
  10. DUG IMPROVING RECOVERIES IN NIOBRARA – PDC Energy, Inc. – slide 10
    Horizontal Niobrara Performance Type Curves & Economics Reflect Higher EURs in Middle & Outer Cores and Differential Change Compared to 2013 Inner Core Middle Core Outer Core Average EUR1 Average EUR1 Average EUR1 Range of Industry…
  11. DUG IMPROVING RECOVERIES IN NIOBRARA – PDC Energy, Inc. – slide 11
    PDCE Horizontal Codell Performance Type Curve & Economics Reflects Higher EUR and Differential Change Compared to 2013 Total PDC Horizontal Codell Production 1,000 YE2013 Type Curve Avg. 3-Phase EUR: 370 MBoe Avg. 3-phase EUR:…
  12. DUG IMPROVING RECOVERIES IN NIOBRARA – PDC Energy, Inc. – slide 12
    Horizontal Wattenberg Development Strong Well Performance Shows Potential for Development Across Wattenberg Chesnut Sunmarke PDC Hz Codell PDC Hz Niobrara 20 well / 640 Equivalent WM Pad 4/3/2014 13
  13. DUG IMPROVING RECOVERIES IN NIOBRARA – PDC Energy, Inc. – slide 13
    Waste Management 16-Well Section Online Fall 2013 2N-64W-2 All 16 wells as of 3-10-14 Hz Codell Economics Middle Core Economics Average 3-Phase EUR: 370 MBoe Average 3-Phase EUR: 400 MBoe % Liquids: 72% % Liquids: 66% IRR1: 73%…
  14. DUG IMPROVING RECOVERIES IN NIOBRARA – PDC Energy, Inc. – slide 14
    Sunmarke Downspacing Project 20 wells per section equivalent, 265 between laterals, 32-acre spacing 4-well pad HZ Niobrara C Drilling 8 wells but spaced on 20-wells per section equivalent E HZ Niobrara B HZ Codell 2 Niobrara C wells…
  15. DUG IMPROVING RECOVERIES IN NIOBRARA – PDC Energy, Inc. – slide 15
    Chesnut Downspacing Project 20 wells per section equivalent, 265 between laterals, 32-acre spacing 5-well pad HZ Niobrara C Drilling 10 wells but spaced on 20-wells per section equivalent N HZ Niobrara B HZ Codell 2 Niobrara C wells…
  16. DUG IMPROVING RECOVERIES IN NIOBRARA – PDC Energy, Inc. – slide 16
    Technology Tools Technology Advancements Waste Management Microseismic Microseismic monitoring Chemical / Water tracers Horizontal logging Reservoir modeling Remaining Questions Well spacing Frac stage spacing Centralized…
  17. DUG IMPROVING RECOVERIES IN NIOBRARA – PDC Energy, Inc. – slide 17
    PDCE Share Count Leverage to Core Wattenberg Acreage PDCE Most Leveraged To High Return/Low Risk Wattenberg Asset Amongst Acreage Holders (1) (2) Core Wattenberg Acreage (Thousands of Acres) IRRs of US Onshore Basins 450 410…
  18. DUG IMPROVING RECOVERIES IN NIOBRARA – PDC Energy, Inc. – slide 18
    Contact Information Investor Relations Mike Edwards, Senior Director Investor Relations michael.edwardspdce.com Marti Dowling, Investor Relations Manager marti.dowlingpdce.com Corporate Headquarters PDC Energy, Inc. 1775 Sherman…
  19. DUG IMPROVING RECOVERIES IN NIOBRARA – PDC Energy, Inc. – slide 19
    Reconciliation of non-U.S GAAP Financial Measures in millions, except share and per share data Three Months Ended December 31 Year Ended December 31 Adjusted net income (loss) from net income (loss): 2013 2012 2013 2012 Net income…

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