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2014 FOURTH QUARTER AND YEAR END REPORT – PDC Energy, Inc.

PDC Energy, Inc. · Feb 19, 2015 · 26 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 FOURTH QUARTER AND YEAR END REPORT – PDC Energy, Inc. – slide 1
    2014 FOURTH QUARTER AND YEAR-END REPORT FEBRUARY 19, 2015 NASDAQ:PDCE
  2. 2014 FOURTH QUARTER AND YEAR END REPORT – PDC Energy, Inc. – slide 2
    Barton Brookman Chief Executive Officer 2/19/15 3
  3. 2014 FOURTH QUARTER AND YEAR END REPORT – 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 non-operated activity…
  4. 2014 FOURTH QUARTER AND YEAR END REPORT – PDC Energy, Inc. – slide 4
    2014 Significant Accomplishments Strong production growth to 9.3 MMBoe from continuing operations 42% overall growth from 2013 Oil & gas revenues increased 38% Lifting costs decreased 9% to 4.36 per boe Adjusted cash flow from…
  5. 2014 FOURTH QUARTER AND YEAR END REPORT – PDC Energy, Inc. – slide 5
    Gysle Shellum Chief Financial Officer 2/19/15 6
  6. 2014 FOURTH QUARTER AND YEAR END REPORT – PDC Energy, Inc. – slide 6
    Summary GAAP Financial Results (from continuing operations) In millions, except per share data Three Months Ended Year Ended December 31, December 31, Measure 2014 2013 2014 2013 Total crude oil, natural gas and NGLs sales 99.9…
  7. 2014 FOURTH QUARTER AND YEAR END REPORT – PDC Energy, Inc. – slide 7
    Summary Non-GAAP Financial Results In millions, except per share data Three Months Ended Year Ended December 31, December 31, (1) Measure 2014 2013 2014 2013 Adjusted net income (loss) (39.9) 16.1 (37.7) 0.5 Adjusted net income…
  8. 2014 FOURTH QUARTER AND YEAR END REPORT – PDC Energy, Inc. – slide 8
    Debt and Liquidity As of 12/31/14 115 million 3.25% convertible debentures mature in May 2016 Debt Maturity Schedule (in millions) 800 3.25% Convertible Notes due May 2016 700 million revolver matures May 2018 700 Current…
  9. 2014 FOURTH QUARTER AND YEAR END REPORT – PDC Energy, Inc. – slide 9
    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…
  10. 2014 FOURTH QUARTER AND YEAR END REPORT – PDC Energy, Inc. – slide 10
    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…
  11. 2014 FOURTH QUARTER AND YEAR END REPORT – PDC Energy, Inc. – slide 11
    Scott Reasoner Senior Vice President of Operations 2/19/15 12
  12. 2014 FOURTH QUARTER AND YEAR END REPORT – PDC Energy, Inc. – slide 12
    Operational Overview Pro forma from Continuing Operations 2014 Production 9.3 MMBoe WATTENBERG UTICA 2014 Production: 23,243 Boe/d 2014 Production: 2,204 Boe/d Utica YE2014 Proved Reserves: 245 MMBoe YE2014 Proved Reserves: 5…
  13. 2014 FOURTH QUARTER AND YEAR END REPORT – PDC Energy, Inc. – slide 13
    Production Summary Pro forma from Continuing Operations 2014 Highlights 2014 Commodity Mix Achieved production target of 9.3MMBoe Substantial growth of 50% year over year from Wattenberg and NGLs 19% Utica basins 5th drilling rig…
  14. 2014 FOURTH QUARTER AND YEAR END REPORT – PDC Energy, Inc. – slide 14
    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 PV-10 Value (MM) 2,704 2,603 3,450 SEC Product Pricing Oil…
  15. 2014 FOURTH QUARTER AND YEAR END REPORT – PDC Energy, Inc. – slide 15
    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…
  16. 2014 FOURTH QUARTER AND YEAR END REPORT – PDC Energy, Inc. – slide 16
    Achieving Operational Efficiencies in Wattenberg IRR and PV10 estimates assume 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: 2.4MM PV10:…
  17. 2014 FOURTH QUARTER AND YEAR END REPORT – PDC Energy, Inc. – slide 17
    Utica Update Drilled and/or completed Upcoming TILs PDC acreage Early Results from Dynamite 4-well Pad Type Curve Areas OIL CONDENSATE WET GAS DRY GAS Dynamite 4-well Cole pad 4- well pad Detweiler 3-well pad Dynamite…
  18. 2014 FOURTH QUARTER AND YEAR END REPORT – PDC Energy, Inc. – slide 18
    Drilling & Completion Activity From Continuing Operations 2014 Gross Operated Wells TIL 2014 Gross Project Counts 45 41 Drilling Activity TIL Spuds 40 38 Operated HZ 94 127 35 33 Wattenberg 86 116 30 27 Utica 8 11 25 Non…
  19. 2014 FOURTH QUARTER AND YEAR END REPORT – PDC Energy, Inc. – slide 19
    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:…
  20. 2014 FOURTH QUARTER AND YEAR END REPORT – PDC Energy, Inc. – slide 20
    2014 Capital Spending & 2015 Capital Forecast MM 2014 2014 Capital Spend Allocation 2015 Capital PDCM Area Capital 1% Forecast Actual Utica 23% Wattenberg 506 435 Wattenberg 76% Utica 152 35 Other 0 3 2015 Capital…
  21. 2014 FOURTH QUARTER AND YEAR END REPORT – PDC Energy, Inc. – slide 21
    Operations Highlights PDC Company Highlights Wattenberg: Q414 net production of 25,700 Boe/d 2014 net production of 23,243 Boe/d Operated production 85% of total 2014 Wattenberg volumes - HZ wells 58% of operated production…
  22. 2014 FOURTH QUARTER AND YEAR END REPORT – PDC Energy, Inc. – slide 22
    Questions & Answers 2/19/15 23
  23. 2014 FOURTH QUARTER AND YEAR END REPORT – PDC Energy, Inc. – slide 23
    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,…
  24. 2014 FOURTH QUARTER AND YEAR END REPORT – PDC Energy, Inc. – slide 24
    Appendix 2/19/15 25
  25. 2014 FOURTH QUARTER AND YEAR END REPORT – 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 net income (loss) from net income (loss): 2014 2013 2014 2013 Net income (loss) 131.8…
  26. 2014 FOURTH QUARTER AND YEAR END REPORT – PDC Energy, Inc. – slide 26
    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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