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HOWARD WEIL 43RD ANNUAL ENERGY CONFERENCE – PDC Energy, Inc.

PDC Energy, Inc. · Mar 24, 2015 · 25 slides

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Slides

  1. HOWARD WEIL 43RD ANNUAL ENERGY CONFERENCE – PDC Energy, Inc. – slide 1
    HOWARD WEIL 43RD ANNUAL ENERGY CONFERENCE MARCH 24, 2015 NASDAQ:PDCE
  2. HOWARD WEIL 43RD ANNUAL ENERGY CONFERENCE – PDC Energy, Inc. – slide 2
    Company Overview NASDAQ:PDCE Market cap 2.1 Billion (1) Strategic Core Areas Enterprise value 2.7 Billion (1) Colorado and Appalachian Basin WATTENBERG UTICA (4) YE2014 Proved reserves 250 MMBoe 96,000 Net Acres 67,000 Net Acres…
  3. HOWARD WEIL 43RD ANNUAL ENERGY CONFERENCE – PDC Energy, Inc. – slide 3
    2015 Executing on Value Added Growth Capital reduction to 473 million from 557 million 2015 Category Initial reductions in completed well costs (Mid-Point) Dec 8, 2014 Feb 19, 2015 Anticipated reductions in nonoperated activity…
  4. HOWARD WEIL 43RD ANNUAL ENERGY CONFERENCE – PDC Energy, Inc. – slide 4
    2014 Capital Spending & 2015 Capital Forecast MM 2014 2015 Capital Area Capital 2015 Budget: 473 MM Forecast Actual 2015 Est. Cash Flow: 360 MM Wattenberg 506 435 2015E CF Outspend: 110 MM 2015YE Est. Debt/EBITDAX: 2.0X…
  5. HOWARD WEIL 43RD ANNUAL ENERGY CONFERENCE – PDC Energy, Inc. – slide 5
    Proved Reserve Summary YE2014 Reserves Comparison YE2013 YE2013 YE2014 (Pro forma PDCM Divestiture) Total Proved (MMBoe) 265.8 226.2 250.1 % Liquids 54% 63% 64% SEC BTAX PV10 Value (MM) 2,704 2,603 3,450 SEC Product Pricing Oil…
  6. HOWARD WEIL 43RD ANNUAL ENERGY CONFERENCE – PDC Energy, Inc. – slide 6
    0 100 10 20 30 40 50 60 70 80 90 Wattenberg HZ 3/24/2015 NE Weld 10% Eagle Ford East (oil) Bakken Core Eagle Ford West 15% (cond) Yeso Hz Cana Woodford Granite Wash (cond) Wolfcamp North Cana…
  7. HOWARD WEIL 43RD ANNUAL ENERGY CONFERENCE – PDC Energy, Inc. – slide 7
    Core Wattenberg Field 3/24/2015 8
  8. HOWARD WEIL 43RD ANNUAL ENERGY CONFERENCE – PDC Energy, Inc. – slide 8
    Horizontal Program DJ Basin PDCs Core Wattenberg Field Position Regional Horizontal Development Overview(1) 96,000 net acres, 100% HBP Third largest leaseholder and producer Strong repeatable lower risk projects 2,600 total 2P…
  9. HOWARD WEIL 43RD ANNUAL ENERGY CONFERENCE – PDC Energy, Inc. – slide 9
    Quantifying Consistency in Core Wattenberg Niobrara Horizontals Inside and Outside Core Wattenberg EUR Variability Ratio Inner Core ( P10 / P90 ) Middle Core Outer Core Calculated EURs on 800 industry Hz Niobrara CO DJ Niobrara…
  10. HOWARD WEIL 43RD ANNUAL ENERGY CONFERENCE – PDC Energy, Inc. – slide 10
    DJ Basin Stratigraphic Column Multiple Target Zones Current PDC Operations 2,350 gross operated producing vertical wells (1) 235 gross operated producing horizontal wells (1) 5th drilling rig deployed in early June 2014 2015…
  11. HOWARD WEIL 43RD ANNUAL ENERGY CONFERENCE – PDC Energy, Inc. – slide 11
    Achieving Operational Efficiencies in Wattenberg IRR and PV10 estimates assume unhedged flat pricing of 60 NYMEX Oil and 3.25 NYMEX Gas 2014 Program(1) 2015 Program(2) Inner Core Niobrara Inner Core Niobrara IRR: 39% IRR: 68% PV10:…
  12. HOWARD WEIL 43RD ANNUAL ENERGY CONFERENCE – PDC Energy, Inc. – slide 12
    Key Technical Updates / Inner Core Performance Current Drilling Rig Location Extended Reach Lateral Locations Extended Reach Lateral & Downspacing Key Technical Updates: 2014 Extended Reach Lateral & Downspacing Project: Chesnut…
  13. HOWARD WEIL 43RD ANNUAL ENERGY CONFERENCE – PDC Energy, Inc. – slide 13
    Substantial Wattenberg Crude Oil Takeaway Crude Takeaway Optionality Provides Support for Long-Term Wellhead Deduct Estimated at 10 per Barrel Rail Facilities 115,000 Bbl/d Multiple delivery points Carr Rail White Cliffs Pipeline…
  14. HOWARD WEIL 43RD ANNUAL ENERGY CONFERENCE – PDC Energy, Inc. – slide 14
    DCP Midstream Expansion - Wattenberg PDC Acreage Plants and compression strategically placed NGL Outlet to Mt. Belvieu around PDC acreage Compressor Sites Lucerne 2 Plant Current midstream capacity 640 MMcf/d New Processing Plants…
  15. HOWARD WEIL 43RD ANNUAL ENERGY CONFERENCE – PDC Energy, Inc. – slide 15
    Utica Update Drilled and/or completed Upcoming TILs PDC acreage Early Results from Dynamite 4well Pad Type Curve Areas OIL CONDENSATE WET GAS DRY GAS Dynamite 4well Cole pad 4 well pad Detweiler 3well pad Dynamite…
  16. HOWARD WEIL 43RD ANNUAL ENERGY CONFERENCE – PDC Energy, Inc. – slide 16
    Utica Midstream Operations MarkWest (MWE) MWE Cadiz Plant PDC volumes flow to Seneca Plant MWE Hopedale Fractionator MWE has current capacity of 600 MMcf/d with planned expansion to 800 MMcf/d in 2015 REX Pipeline Access…
  17. HOWARD WEIL 43RD ANNUAL ENERGY CONFERENCE – PDC Energy, Inc. – slide 17
    Debt and Liquidity As of 12/31/14 (in millions) 115 million 3.25% convertible debentures mature in May 2016 Debt Maturity Schedule 800 3.25% Convertible Notes due May 2016 700 million revolver matures May 2018 700 Current…
  18. HOWARD WEIL 43RD ANNUAL ENERGY CONFERENCE – PDC Energy, Inc. – slide 18
    Crude Oil and Natural Gas Hedges Summary Hedges in place as of December 31, 2014 plus hedges entered into prior to February 1, 2015 2015: 85% of crude oil volumes at weighted average floor price of 88.61/Bbl 75% of natural gas…
  19. HOWARD WEIL 43RD ANNUAL ENERGY CONFERENCE – PDC Energy, Inc. – slide 19
    2015 Financial Guidance In millions, except per share data 2014 2015 Guidance (3) Actual Low High Production (MMBoe) 9.3 (1) 13.5 14.5 Crude oil, natural gas and NGLs sales 471 361 400 Realized gain (loss) on derivatives (1) 188…
  20. HOWARD WEIL 43RD ANNUAL ENERGY CONFERENCE – PDC Energy, Inc. – slide 20
    Lease Operating Expense /Boe (From Continuing Operations) 5.00 4.00 3.00 4.85 4.56 2.00 4.21 3.78 3.39 - 3.75 1.00 0.00 Q1'14 Q2'14 Q3'14 Q4'14 FY 2015E Full Year 2014 Lifting Cost: 4.36/Boe LOE Range for 2015:…
  21. HOWARD WEIL 43RD ANNUAL ENERGY CONFERENCE – PDC Energy, Inc. – slide 21
    Investment Highlights 2015 Capex budget and financial metrics based on NYMEX pricing of 52/Bbl and 2.86/Mcf Positioned to execute multiyear organic growth of valueadded production, cash flow and proved reserves 2015 production growth…
  22. HOWARD WEIL 43RD ANNUAL ENERGY CONFERENCE – PDC Energy, Inc. – slide 22
    Investor Relations Mike Edwards, Senior Director Investor Relations michael.edwardspdce.com Kyle Sourk, Manager Investor Relations kyle.sourkpdce.com Corporate Headquarters PDC Energy, Inc. 1775 Sherman Street Suite 3000 Denver,…
  23. HOWARD WEIL 43RD ANNUAL ENERGY CONFERENCE – PDC Energy, Inc. – slide 23
    Appendix 3/24/2015 24
  24. HOWARD WEIL 43RD ANNUAL ENERGY CONFERENCE – PDC Energy, Inc. – slide 24
    Reconciliation of Non-GAAP Financial Measures In millions, except per share data Three Months Ended December 31 Year Ended December 31 Adjusted net income (loss) from net income (loss): 2014 2013 2014 2013 Net income (loss) 131.8…
  25. HOWARD WEIL 43RD ANNUAL ENERGY CONFERENCE – PDC Energy, Inc. – slide 25
    Reconciliation of Non-GAAP Financial Measures In millions, except per share data Three Months Ended December 31 Year Ended December 31 Adjusted EBITDA from net income (loss): 2014 2013 2014 2013 Net income (loss) 131.8 13.2 155.4…

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