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IPAA OGIS: TORONTO – PDC Energy, Inc.

PDC Energy, Inc. · Jun 11, 2013 · 21 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. IPAA OGIS: TORONTO – PDC Energy, Inc. – slide 1
    IPAA-OGIS: TORONTO JUNE 11, 2013 NASDAQ:PDCE
  2. IPAA OGIS: TORONTO – PDC Energy, Inc. – slide 2
    Company Overview NASDAQ: PDCE Strategic Core Areas Colorado and Appalachian Basin Market cap 1.6 Billion(1) Enterprise value 2.3 Billion(1) WATTENBERG Liquid- UTICA 2013E Production 5,489 MBoe Rich 2013E Production: 392 MBoe…
  3. IPAA OGIS: TORONTO – PDC Energy, Inc. – slide 3
    Organic Investment Opportunities WATTENBERG UTICA - APPALACHIAN BASIN 2,000 HZ Projects 200 HZ Projects (1,000 spacing) 6.3 Billion Estimated Capital (Net) 1.6 Billion Estimated Capital (Net) 40% - 140% IRR(1) 30% - 80% IRR(1) 70 -…
  4. IPAA OGIS: TORONTO – PDC Energy, Inc. – slide 4
    Non-Core Colorado Asset Divestiture Enables PDC to Accelerate LiquidRich Horizontal Drilling Colorado Natural Gas Assets: Piceance, NECO, Krieger, SECO Offer Amount: 200 million(1) cash Includes certain PDC hedges for 2013-2015…
  5. IPAA OGIS: TORONTO – PDC Energy, Inc. – slide 5
    YE2012 Reserves Summary Solid Growth Despite Price Declines and Divestitures PDCE YE2012 YE2011 YE2012 Post Non-Core CO SEC Pricing Comparison YE2011 YE2012 Reserves Comparison Asset Divestiture Total Proved 169.3 192.9 178.7…
  6. IPAA OGIS: TORONTO – PDC Energy, Inc. – slide 6
    Production by Area AREA (Boe/d) 2011 2012 2013E 2012 Commodity Mix Wattenberg 10,630 12,180 15,038 Utica - - 1,074 Oil 25% Marcellus / Other 2,019 2,820 3,784 Piceance 6,186 6,126 - Gas 65% NGLs NECO/ Other 1,715 1,467 - 10%…
  7. IPAA OGIS: TORONTO – PDC Energy, Inc. – slide 7
    Lease Operating Expense FY 2012 2013E Q1 2013 Direct Well Expense (/Boe) 3.03 2.74 2.09 Workover Expense (/Boe) 0.41 0.40 0.29 Indirect Well Expense (/Boe) 1.67 1.74 2.10 Lifting Cost (/Boe) 5.11 4.88 4.48 Lease Operating Expense…
  8. IPAA OGIS: TORONTO – PDC Energy, Inc. – slide 8
    Core Horizontal Wattenberg Added 3rd drilling rig May 2013 Third largest leaseholder and producer 99,000 net acres(1) 70% - 80% liquids Typical EURs from 300 to 500 MBoe Excellent returns IRR of 40% - 140+%(2) 2,000 gross…
  9. IPAA OGIS: TORONTO – PDC Energy, Inc. – slide 9
    DJ Basin Stratigraphic Column Multiple Target Zones Current PDC Operations 2,300 net producing vertical wells 60+ producing horizontal wells Spud 17 gross horizontal wells YTD in Wattenberg field Currently 3 rigs running Drilling 3…
  10. IPAA OGIS: TORONTO – PDC Energy, Inc. – slide 10
    Wattenberg Project Inventory (1) Proved HZ Inventory 2P HZ Inventory(1) 3P HZ Inventory(1) 4 Gross wells per 640 Ac. 10 Gross wells per 640 Ac. 16 Gross wells per 640 Ac. Gross HZ Inventory: 382 (8 Niobrara, 2 Codell) (12…
  11. IPAA OGIS: TORONTO – PDC Energy, Inc. – slide 11
    Horizontal Production: Niobrara and Codell (2) EUR: 500 MBoe Capex: 4.2MM IRR(1): 140+% PV10: 7.5 MM EUR: 300 MBoe (2) Capex: 4.2MM IRR(1): 57% PV10: 3.2 MM (1) Flat Pricing: 90 NYMEX Oil, 3.50 NYMEX Gas. Excludes lease…
  12. IPAA OGIS: TORONTO – PDC Energy, Inc. – slide 12
    PDC Wattenberg Horizontal Program 6/11/2013 13
  13. IPAA OGIS: TORONTO – PDC Energy, Inc. – slide 13
    3rd Party Midstream Expansion - Wattenberg One Bcfe per Day of Capacity Planned Plants and compression strategically placed around PDC acreage PDC Acreage 2013 Compressor Site Sullivan CS LaSalle plant (160 MMcf/d) start-up late…
  14. IPAA OGIS: TORONTO – PDC Energy, Inc. – slide 14
    Utica Leasehold and Asset Summary Dry Leasehold and asset summary Oil Wet Gas Condensate Gas 45,700 net acres PDCE - 2013 Boy Scout 1-33H IP: 3,456 boepd Wagner 1-28H 7 Planned Spuds on IP: 4,650 boepd Average 95% WI, 16%…
  15. IPAA OGIS: TORONTO – PDC Energy, Inc. – slide 15
    Appalachian Basin - Marcellus PDCM Marcellus Acreage Appalachian Basin Overview Marcellus Productive Wells 47 Horizontal 32 Vertical 15 Net Acreage 125,250 West Virginia 116,250 Pennsylvania 9,000 Undeveloped Marcellus…
  16. IPAA OGIS: TORONTO – PDC Energy, Inc. – slide 16
    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:…
  17. IPAA OGIS: TORONTO – PDC Energy, Inc. – slide 17
    2013 Capital Budget Pro-Forma for Colorado Asset Sale 2013 Capex Budget by Region Operated Capital Budget Horizontal Area Horizontal (MM) New Drills Rigs 63% 22% Wattenberg 280(1) 2.5 69 Utica 96 1 11 13% 2% Other 10 -…
  18. IPAA OGIS: TORONTO – PDC Energy, Inc. – slide 18
    Strong Balance Sheet PDC has Maintained Relatively Low Leverage and Strong Liquidity Conservative Leverage Strong Liquidity (1) (MM) 4.0x 60% 600 50% 51% 49% 509 45% 50% 500 3.0x 3.4x 33% 3.1x 3.1x 40% 384 376 2.8x 400 357 2.0x…
  19. IPAA OGIS: TORONTO – PDC Energy, Inc. – slide 19
    Crude Oil and Natural Gas Hedges Hedges in Place as of March 31, 2013 Pro-forma for Non-Core Colorado natural gas assets divestiture. Crude Oil (includes NGL) 2013 2014 2015 (1) NYMEX Average 96.60 93.21 89.65 Weighted-Average…
  20. IPAA OGIS: TORONTO – PDC Energy, Inc. – slide 20
    Investment 2013 Highlights 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…
  21. IPAA OGIS: TORONTO – PDC Energy, Inc. – slide 21
    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 Street Suite 3000…

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