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CAPITAL ONE SOUTHCOAST: 2013 ENERGY CONFERENCE – PDC Energy, Inc.

PDC Energy, Inc. · Dec 13, 2013 · 27 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. CAPITAL ONE SOUTHCOAST: 2013 ENERGY CONFERENCE – PDC Energy, Inc. – slide 1
    CAPITAL ONE SOUTHCOAST: 2013 ENERGY CONFERENCE December 13, 2013 NASDAQ:PDCE
  2. CAPITAL ONE SOUTHCOAST: 2013 ENERGY CONFERENCE – PDC Energy, Inc. – slide 2
    Company Overview NASDAQ:PDCE Market cap 2.2 Billion(1) Strategic Core Areas Enterprise value 2.8 Billion(1) Colorado and Appalachian Basin Proved reserves 179 MMBoe(2) WATTENBERG UTICA 52% liquids, 38% proved developed 2013E:…
  3. CAPITAL ONE SOUTHCOAST: 2013 ENERGY CONFERENCE – PDC Energy, Inc. – slide 3
    YE2012 Reserves Summary Significant 3P Reserves Growth (MMBoe) Proved Reserves 52% liquids; 62% PUDs; PV-10 of 1.7 billion Development of Wattenberg expected to add significant 3P reserves to PDCs portfolio Continued delineation…
  4. CAPITAL ONE SOUTHCOAST: 2013 ENERGY CONFERENCE – PDC Energy, Inc. – slide 4
    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% SubTotal 631 5.8…
  5. CAPITAL ONE SOUTHCOAST: 2013 ENERGY CONFERENCE – PDC Energy, Inc. – slide 5
    Production by Area 2012 2013E 2014E Q1 '13 Q2 '13 Q3 '13 Commodity Mix(1) Area (Boe/d) Wattenberg 12,180 15,038 - 15,389 15,019 14,590 2012 2013E(1) Oil Utica - 1,074 - 189 218 360 25% Oil Gas 39% Marcellus / Other 2,820 3,784 -…
  6. CAPITAL ONE SOUTHCOAST: 2013 ENERGY CONFERENCE – PDC Energy, Inc. – slide 6
    LOE / Margin /Boe (1) Lease Operating Expense Gross Margin From Sales 6.00 5.96 60.00 Sales Sales Sales 5.50 50.00 47.71 47.10 47.91 (4.48) (4.97) (5.96) 4.97 40.00 (1.81) (1.64) (1.58) 5.00 (3.23) (3.22) (3.58) /Boe…
  7. CAPITAL ONE SOUTHCOAST: 2013 ENERGY CONFERENCE – PDC Energy, Inc. – slide 7
    Core Horizontal Wattenberg 98,000 net acres, 95% HBP Third largest leaseholder and producer 70% 80% liquids Niobrara Wt. Avg. Inventory EUR of 335 Mboe per well Excellent returns IRR of 50% 140%(1) 2,000 gross horizontal…
  8. CAPITAL ONE SOUTHCOAST: 2013 ENERGY CONFERENCE – PDC Energy, Inc. – slide 8
    DJ Basin Stratigraphic Column Multiple Target Zones Current PDC Operations 2,300 net producing vertical wells 98 producing horizontal wells(1) Fourth drilling rig added in Dec. 13, 5th rig May 14 Spud 92 gross wells (58 operated,…
  9. CAPITAL ONE SOUTHCOAST: 2013 ENERGY CONFERENCE – PDC Energy, Inc. – slide 9
    Wattenberg Project Inventory (1) Proved HZ Inventory(2) 4 Gross HZ wells (Niobrara only) per 640 Ac. Gross HZ Inventory: 382 2P HZ Inventory(2) 10 Gross wells per 640 Ac. (8 Niobrara, 2 Codell) Gross HZ Inventory:…
  10. CAPITAL ONE SOUTHCOAST: 2013 ENERGY CONFERENCE – PDC Energy, Inc. – slide 10
    Horizontal Niobrara Performance Inner Core Middle Core Outer Core Average EUR1 Average EUR1 Average EUR1 Range of Industry Results Range of Industry Results Range of Industry Results 900 MBoe 600 MBoe 500 MBoe 300 MBoe 200…
  11. CAPITAL ONE SOUTHCOAST: 2013 ENERGY CONFERENCE – PDC Energy, Inc. – slide 11
    Horizontal Codell Development Strong Well Performance Shows Potential for Development Across Wattenberg Large exposure with nearly all acreage having horizontal Codell potential Codell horizontals showing results similar to…
  12. CAPITAL ONE SOUTHCOAST: 2013 ENERGY CONFERENCE – PDC Energy, Inc. – slide 12
    Horizontal Codell Performance Current Type Curve Avg. 3-Phase EUR: 345 MBoe Avg. 3-phase EUR: 345 MBoe PDC 3P Inventory: Capex: 455 wells 4.2MM % Liquids: 75% IRR1: 77% PV10: 5.2MM (1) Flat Pricing: 90 NYMEX Oil, 4.00…
  13. CAPITAL ONE SOUTHCOAST: 2013 ENERGY CONFERENCE – PDC Energy, Inc. – slide 13
    Waste Management 16-Well Section Fall 2013 2N-64W-2 Westerly 8wells as of 10/29/13 Hz Codell Economics Middle Core Economics Average 3-Phase EUR: 345 MBoe Average 3-Phase EUR: 365 MBoe % Liquids: 75% % Liquids: 69% IRR: 77%…
  14. CAPITAL ONE SOUTHCOAST: 2013 ENERGY CONFERENCE – PDC Energy, Inc. – slide 14
    3rd Party Midstream Expansion - Wattenberg One Bcfe per Day of Capacity Planned PDC Acreage Plants and compression strategically placed around PDC acreage OConnor* plant (160 MMcf/d) startedup October 10th 2013 Compressor Site…
  15. CAPITAL ONE SOUTHCOAST: 2013 ENERGY CONFERENCE – PDC Energy, Inc. – slide 15
    Utica Leasehold and Activity drilled and/or completed planned 2013 spud 11 Wells expected to sales by YE 2013 Oil Wet Gas Condensate Dry 48,000 net acres, 57% HBP, 95% WI, 16% royalty Gas 200 gross horizontal locations (1,000 ft.…
  16. CAPITAL ONE SOUTHCOAST: 2013 ENERGY CONFERENCE – PDC Energy, Inc. – slide 16
    Garvin 1-H Initial Performance Very encouraging initial performance from Southern Utica acreage test Little drawdown in reservoir pressure during variations of choke sizes Signals higher than expected fracture conductivity Managing…
  17. CAPITAL ONE SOUTHCOAST: 2013 ENERGY CONFERENCE – PDC Energy, Inc. – slide 17
    Utica Drilling & Completions Multi-well pads Testing different reservoir landing zones Targeting 5,000 to 6,000 ft. laterals 1,000 ft. spacing between wells Evaluating different completion designs Using 20 to 30 frac stages…
  18. CAPITAL ONE SOUTHCOAST: 2013 ENERGY CONFERENCE – PDC Energy, Inc. – slide 18
    Appalachian Basin - Marcellus PDCM Marcellus Acreage producing 125,250(1) Marcellus net acres to PDCM 54 Marcellus productive wells (39 Horizontal) 357 of 600 undeveloped horizontal Marcellus locations in 3county focus area…
  19. CAPITAL ONE SOUTHCOAST: 2013 ENERGY CONFERENCE – PDC Energy, Inc. – slide 19
    Debt Maturity Schedule in Millions 115 million 3.25% convertible debentures mature in May 2016 Debt Maturity Schedule 600 40 million PDCM revolver matures in 3.25% Convertible Notes due 2016 April 2017; 15 million second lien…
  20. CAPITAL ONE SOUTHCOAST: 2013 ENERGY CONFERENCE – PDC Energy, Inc. – slide 20
    Crude Oil and Natural Gas Hedges Hedges in Place as of October 15, 2013 Oct Dec Crude Oil FY2014 FY2015 2013 NYMEX Average (1) 102.97 96.36 89.11 Weighted-Average Hedge Price With Ceilings 99.21 94.47 89.30 Weighted-Average…
  21. CAPITAL ONE SOUTHCOAST: 2013 ENERGY CONFERENCE – PDC Energy, Inc. – slide 21
    Investment Highlights 2013 Utica Objectives Significant horizontal projects in inventory Core Wattenberg Niobrara and Codell / Colorado Utica Shale / Southeast Ohio Marcellus Shale / West Virginia Capital primarily allocated to…
  22. CAPITAL ONE SOUTHCOAST: 2013 ENERGY CONFERENCE – PDC Energy, Inc. – slide 22
    Investor Relations Mike Edwards, Senior Director Investor Relations michael.edwardspdce.com Marti Dowling, Manager Investor Relations marti.dowlingpdce.com Corporate Headquarters PDC Energy, Inc. 1775 Sherman Street Suite 3000…
  23. CAPITAL ONE SOUTHCOAST: 2013 ENERGY CONFERENCE – PDC Energy, Inc. – slide 23
    APPENDIX 12/13/2013 24
  24. CAPITAL ONE SOUTHCOAST: 2013 ENERGY CONFERENCE – PDC Energy, Inc. – slide 24
    Utica Geologic Summary Palmer Onega Commissioners Hickenbottom A Morgan County Guernsey County Belmont County A Utica Pt. Pleasant Trenton Resistivity (ohmm) 800 2,000 1,000 2,000+ 1,000 2,000+ Rock Properties PDC…
  25. CAPITAL ONE SOUTHCOAST: 2013 ENERGY CONFERENCE – PDC Energy, Inc. – slide 25
    PDCE Share Count Leverage to Top-Tier Plays PDCE Highly Leveraged To the Top Liquids-Rich US Onshore Basins Utica: Net Acreage/Million Outstanding Shares IRRs of US Onshore Basins(1) 2,000 Source: Company presentations and filings…
  26. CAPITAL ONE SOUTHCOAST: 2013 ENERGY CONFERENCE – PDC Energy, Inc. – slide 26
    Utica: Local Stratigraphic Column Southern Ohio 1. Queenston Shale Classic Mudstone Null TOC & low resistance 2. Upper Utica Shale Mudstone with null limestone content. Some TOC & low resistivity High clay content Lower Youngs…
  27. CAPITAL ONE SOUTHCOAST: 2013 ENERGY CONFERENCE – PDC Energy, Inc. – slide 27
    Marcellus Horizontal Marcellus Well Production Normalized to 5,000' Lateral 10,000 MCFD 1,000 CAPEX: 7 MM 3.50/MCF (Year 1) EUR: 9 BCF Type Curve F&D: 0.72/MCFE IRR: 32% EUR: 7 BCF Type Curve F&D: 0.93/MCFE IRR: 20% EUR:…

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