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2014 FIRST QUARTER REPORT – PDC Energy, Inc.

PDC Energy, Inc. · May 6, 2014 · 22 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 FIRST QUARTER REPORT – PDC Energy, Inc. – slide 1
    2014 FIRST QUARTER REPORT MAY 6, 2014 NASDAQ:PDCE
  2. 2014 FIRST QUARTER REPORT – PDC Energy, Inc. – slide 2
    James Trimble Chief Executive Officer & President 5/6/2014 2
  3. 2014 FIRST QUARTER REPORT – PDC Energy, Inc. – slide 3
    2014 First Quarter Highlights Increased production 44% over Q1 2013 and 2% over Q4 2013 Increased crude oil and NGLs production mix to 59% Increased crude oil and NGLs volumes by 57% over Q1 2013 Nonoperated production of 2,800…
  4. 2014 FIRST QUARTER REPORT – PDC Energy, Inc. – slide 4
    Gysle Shellum Chief Financial Officer 5/6/2014 5
  5. 2014 FIRST QUARTER REPORT – PDC Energy, Inc. – slide 5
    Summary Financial Results (from continuing operations) In Millions, Except Per Share Data Three Months Ended March 31, Measure 2014 2013 Total crude oil, natural gas and NGLs sales 129.8 79.4 Production costs 21.2 15.9 (1)…
  6. 2014 FIRST QUARTER REPORT – PDC Energy, Inc. – slide 6
    Summary Financial Results In Millions, Except Per Share Data Three Months Ended March 31, Measure 2014 2013 Income (loss) from operations 9.1 (50.1) Net loss (2.1) (39.4) Net loss per diluted share (0.06) (1.30) (1)…
  7. 2014 FIRST QUARTER REPORT – PDC Energy, Inc. – slide 7
    Debt Maturity Schedule in Millions 115 million 3.25% convertible Debt Maturity Schedule debentures mature in May 2016 3.25% Convertible Notes due 2016 600 Drawn 03/31/2014 PDCM PDCM: 53 million revolver matures in Undrawn Revolver…
  8. 2014 FIRST QUARTER REPORT – PDC Energy, Inc. – slide 8
    Crude Oil and Natural Gas Hedges Hedges in place as of April 15, 2014 Apr Dec Crude Oil (includes NGL) FY2015 FY2016 2014 NYMEX Average (1) 98.58 90.69 84.98 WeightedAverage Hedge Price With Ceilings 93.55 89.35 94.50…
  9. 2014 FIRST QUARTER REPORT – PDC Energy, Inc. – slide 9
    Barton Brookman Executive Vice President and Chief Operating Officer 5/6/2014 10
  10. 2014 FIRST QUARTER REPORT – PDC Energy, Inc. – slide 10
    Operational Overview Q1 2014 Production 26,690 Boe/d WATTENBERG UTICA Liquid-Rich Q1 2014: 20,544 Boe/d Basins Q1 2014: 2,194 Boe/d Utica 8% Q1 2013: 15,388 Boe/d Q1 2013: 187 Boe/d Wattenberg Marcellus 77% 15% Total PDC…
  11. 2014 FIRST QUARTER REPORT – PDC Energy, Inc. – slide 11
    Production Summary Q1 2014 Commodity Mix Highlights NGLs Q114 net volumes 4% above midpoint guidance 16% Wattenberg 5th rig arrival in midMay Gas Waste Management 16well project continues to 41% Oil perform above expectations…
  12. 2014 FIRST QUARTER REPORT – PDC Energy, Inc. – slide 12
    Production Summary 29,000 +505 (444) 26,690 27,000 26,131 +498 Boe/d Boe/d 25,000 BOE/D 23,000 21,000 19,000 17,000 15,000 Q4'13 Volumes Increased Wattenberg Increased Utica Decrease in PDCM Q1'14 Volumes…
  13. 2014 FIRST QUARTER REPORT – PDC Energy, Inc. – slide 13
    Utica Update drilled and/or completed planned 2014 spud New Type Curve Areas 54,000 net acres OIL CONDENSATE WINDOW WET GAS WINDOW DRY GA 300 Horizontal locations in inventory S Commissioners 1425H Commissioners 2H,…
  14. 2014 FIRST QUARTER REPORT – PDC Energy, Inc. – slide 14
    Drilling Activity 2014 Gross Operated Wells Turned in Line (TIL) Q1 2014 Gross Project Counts 45 Drilling Activity TIL Spuds 40 Horizontal (operated) 18 27 35 33 31 Wattenberg 13 24 30 27 Utica 2 3 25 Marcellus 3 0 20 18 17…
  15. 2014 FIRST QUARTER REPORT – PDC Energy, Inc. – slide 15
    Capex Update MM Q114 Q214 Q414 2014 Area Actuals Estimate Capital Budget 2014 Capital Budget Allocation Wattenberg 86 381 467 Utica 28 134 162 Utica Other 0.3 1.7 2 25% Wattenberg SubTotal 114 517 631 72% Marcellus Shale…
  16. 2014 FIRST QUARTER REPORT – PDC Energy, Inc. – slide 16
    Lease Operating Expense /Boe Updated Lifting Cost Guidance 6.00 5.00 (0.92) (3.41 4.00 )(1.32 )(3.17 ) /Boe 3.00 Gross Margin 2.00 3.94 Gross Margin 4.23 Gross Margin Gross Margin 3.41 3.77 3.60 1.00 0.00…
  17. 2014 FIRST QUARTER REPORT – PDC Energy, Inc. – slide 17
    Operations Highlights Wattenberg Utica Appalachia Q114 net production of 20,544 Boe/d 54,000 net acres 13% attributed to non-operated production Continued strong stabilized production 52% of production from horizontal wells Most…
  18. 2014 FIRST QUARTER REPORT – PDC Energy, Inc. – slide 18
    Questions & Answers 5/6/2014 19
  19. 2014 FIRST QUARTER REPORT – PDC Energy, Inc. – slide 19
    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…
  20. 2014 FIRST QUARTER REPORT – PDC Energy, Inc. – slide 20
    Appendix 5/6/2014 21
  21. 2014 FIRST QUARTER REPORT – PDC Energy, Inc. – slide 21
    Reconciliation of Non-GAAP Financial Measures in millions, except share and per share data Three Months Ended March 31, Adjusted net income (loss) from net loss: 2014 2013 Net loss (2.1) (39.4) Loss on commodity derivative…
  22. 2014 FIRST QUARTER REPORT – PDC Energy, Inc. – slide 22
    Reconciliation of Non-GAAP Financial Measures in millions, except share and per share data Three Months Ended March 31, Adjusted EBITDA from net loss: 2014 2013 Net loss (2.1) (39.4) (Gain) loss on commodity derivative instruments…

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