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2014 SECOND QUARTER REPORT – PDC Energy, Inc.

PDC Energy, Inc. · Aug 8, 2014 · 30 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. 2014 SECOND QUARTER REPORT – PDC Energy, Inc. – slide 1
    2014 SECOND QUARTER REPORT AUGUST 8, 2014 NASDAQ:PDCE
  2. 2014 SECOND QUARTER REPORT – PDC Energy, Inc. – slide 2
    James Trimble Chief Executive Officer 8/8/2014 2
  3. 2014 SECOND QUARTER REPORT – PDC Energy, Inc. – slide 3
    James Trimble Chief Executive Officer 8/8/2014 4
  4. 2014 SECOND QUARTER REPORT – PDC Energy, Inc. – slide 4
    Barton Brookman President and Chief Operating Officer 8/8/2014 5
  5. 2014 SECOND QUARTER REPORT – PDC Energy, Inc. – slide 5
    2014 Second Quarter Highlights Increased production 64% over Q2 2013 and 11% over Q1 2014 Product sales up 81% over Q2 2013 to 140 million Adjusted cash flows from operations was 55 million Excluding the impact of a litigation…
  6. 2014 SECOND QUARTER REPORT – PDC Energy, Inc. – slide 6
    Operational Overview Q2 2014 Production 29,700 Boe/d WATTENBERG UTICA Liquid-Rich Q2 2014: 23,300 Boe/d Basins Q2 2014: 2,100 Boe/d Q2 2013: 15,000 Boe/d Q2 2013: 200 Boe/d Utica 7% Wattenberg 78% Marcellus 15% Total PDC…
  7. 2014 SECOND QUARTER REPORT – PDC Energy, Inc. – slide 7
    Production Summary Q2 2014 Production Mix Highlights NGLs Q214 net volumes 15% above midpoint guidance 15% Wattenberg 5th rig arrived in mid-June Gas Oil Very strong PDC production 45% 40% - Operated and Non-operated volumes both…
  8. 2014 SECOND QUARTER REPORT – PDC Energy, Inc. – slide 8
    New Production Guidance 11.0 (1) + 0.2 10.7 - 10.9 - 0.3 + 0.3 10.4 - 10.6 10.5 + 0.6 10.0 9.5 - 10.0 2014 MMBoe 9.5 9.0 8.5 8.0 7.5 7.0 Original 2014 1H'14 Actual 2H'14 Forecast 2H'14 Forecast Non-…
  9. 2014 SECOND QUARTER REPORT – PDC Energy, Inc. – slide 9
    Wattenberg Highlights Current Drilling Rig Location All five drilling rigs on schedule 2014 development averaging at or above type curves 1H 14 non-op production 15% of total Wattenberg production Anticipated 2014 development:…
  10. 2014 SECOND QUARTER REPORT – PDC Energy, Inc. – slide 10
    Utica Update drilled and/or completed planned 2014 spud original acreage newly acquired 2014 acreage New Type Curve Areas OIL CONDENSATE WET GAS DRY 67,000 net acres WINDOW WINDOW GAS - 21,000 acres in Condensate window…
  11. 2014 SECOND QUARTER REPORT – PDC Energy, Inc. – slide 11
    Garvin Pad Production Strong Garvin Pad performance in Washington County, Ohio Average rate from 3 wells in-line with 1.2 MMBoe (3-Phase) type curve 10+ months of production history on Garvin 1H Garvin pad in-line with expectations…
  12. 2014 SECOND QUARTER REPORT – PDC Energy, Inc. – slide 12
    Drilling & Completion Activity 2014 Gross Operated Wells TIL 1H 14 Gross Project Counts 45 Drilling Activity TIL Spuds 38 40 Horizontal (operated) 46 60 33 35 Wattenberg 40 55 28 30 Utica 2 5 25 18 Marcellus 4 0 20 17 18…
  13. 2014 SECOND QUARTER REPORT – PDC Energy, Inc. – slide 13
    Lease Operating Expense /Boe Updated Lifting Cost Guidance 5.00 4.00 /Boe 3.00 4.28 4.40 4.23 2.00 3.41 1.00 0.00 (1) Q1'14(A) Q2'14(A) Q3'14(G) Q4'14(G) Higher than expected LOE in Q2 14 due to the following:…
  14. 2014 SECOND QUARTER REPORT – PDC Energy, Inc. – slide 14
    Capex Remaining on Budget MM 2014 1H 14 2H 14 2014 Capital Budget Allocation Area Capital Actuals Estimate Re-guidance Other PDCM 0% 2% Wattenberg 207 236 443 Utica 65 127 192 Utica Other 1 1 2 30% Wattenberg Sub-Total…
  15. 2014 SECOND QUARTER REPORT – PDC Energy, Inc. – slide 15
    Operations Highlights Wattenberg Utica Appalachia Operated production 85% of total Wattenberg volumes thru 1H 14 67,000 net acres - 55% of operated production from - Majority of acreage in liquid-rich window HZ wells - Focus on…
  16. 2014 SECOND QUARTER REPORT – PDC Energy, Inc. – slide 16
    Gysle Shellum Chief Financial Officer 8/8/2014 17
  17. 2014 SECOND QUARTER REPORT – PDC Energy, Inc. – slide 17
    Summary GAAP Financial Results (from continuing operations) in millions, except per share data Three Months Ended Six Months Ended June 30, June 30, Measure 2014 2013 2014 2013 Total crude oil, natural gas and NGLs sales 139.9…
  18. 2014 SECOND QUARTER REPORT – PDC Energy, Inc. – slide 18
    Summary Non-GAAP Financial Results in millions, except per share data Three Months Ended Six Months Ended June 30, June 30, (1) Measure 2014 2013 2014 2013 Adjusted net income (loss) (1.5) 7.0 8.1 (13.4) Adjusted net income…
  19. 2014 SECOND QUARTER REPORT – PDC Energy, Inc. – slide 19
    Debt Maturity Schedule in millions 115 million 3.25% convertible Debt Maturity Schedule debentures mature in May 2016 600 3.25% Convertible Notes due May 2016 Drawn 06/30/2014 - PDCM PDCM: 53 million revolver matures in Undrawn…
  20. 2014 SECOND QUARTER REPORT – PDC Energy, Inc. – slide 20
    Crude Oil and Natural Gas Hedges Hedges in place as of July 15, 2014 July Dec Crude Oil (includes NGL) FY2015 FY2016 2014 NYMEX Average (1) 104.40 97.62 91.88 Weighted-Average Hedge Price With Ceilings 92.92 90.06 94.18…
  21. 2014 SECOND QUARTER REPORT – PDC Energy, Inc. – slide 21
    2014 Consolidated Financial Guidance Update in millions, except per share data Analyst Day Update Guidance (1,2,3) Guidance Low High Production (MMBoe) 9.5 10.0 10.4 10.6 Crude oil, natural gas and NGLs sales 458 - 495 562 587…
  22. 2014 SECOND QUARTER REPORT – PDC Energy, Inc. – slide 22
    Lance Lauck Senior Vice President Corporate Development 8/8/2014 23
  23. 2014 SECOND QUARTER REPORT – PDC Energy, Inc. – slide 23
    PDC Agrees to Sell its 50% Interest in PDCM Marcellus JV PDC to fully focus on its high return liquidrich Wattenberg and Utica Offer Details Sales price: 250 million subject to certain purchase price adjustments Deal structure: Sale…
  24. 2014 SECOND QUARTER REPORT – PDC Energy, Inc. – slide 24
    PDC Portfolio Positive Impact Post PDCM Sale Increases % Liquids, PV10 per boe and margin Year-End 2013 Proved Reserves Pro Forma Year-End 2013 Proved Reserves NGLs NGLs 19% 22% Gas 46% Oil Gas Oil 41% 37% 35% 266 MMBOE 226…
  25. 2014 SECOND QUARTER REPORT – PDC Energy, Inc. – slide 25
    Increased Long-Term Production Growth Outlook Same assumptions as Analyst Day 2014; Update includes sale of Marcellus in Oct 2014, Wattenberg outperformance and updated pricing 60,000 Analyst Day- April 2014 Updated Outlook - August…
  26. 2014 SECOND QUARTER REPORT – PDC Energy, Inc. – slide 26
    Increased Cash Flow per Share Outlook Same assumptions as Analyst Day 2014; Update includes sale of Marcellus in Oct 2014, Wattenberg outperformance and updated pricing 20.00 800 Cash Flow (MM) Analyst Day- April 2014 Updated Outlook…
  27. 2014 SECOND QUARTER REPORT – PDC Energy, Inc. – slide 27
    Slightly Reduced CAPEX; Much Improved Debt Metrics Same assumptions as Analyst Day 2014; Update includes sale of Marcellus in Oct 2014, Wattenberg outperformance and updated pricing 1,200 70% Year-End Debt to Book Cap Analyst Day-…
  28. 2014 SECOND QUARTER REPORT – PDC Energy, Inc. – slide 28
    Appendix 8/8/2014 29
  29. 2014 SECOND QUARTER REPORT – PDC Energy, Inc. – slide 29
    Reconciliation of Non-GAAP Financial Measures in Millions, except share and per share data Three Months Ended June 30, Six Months Ended June 30, Adjusted net income (loss) from net income (loss): 2014 2013 2014 2013 Net income…
  30. 2014 SECOND QUARTER REPORT – PDC Energy, Inc. – slide 30
    Reconciliation of Non-GAAP Financial Measures in Millions, except share and per share data Three Months Ended June 30, Six Months Ended June 30, Adjusted EBITDA from net income (loss): 2014 2013 2014 2013 Net income (loss) (28.2)…

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