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2012 Third Quarter Conference – PDC Energy, Inc.

PDC Energy, Inc. · Nov 1, 2012 · 27 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. 2012 Third Quarter Conference – PDC Energy, Inc. – slide 1
    2012 Third Quarter Teleconference November 1, 2012 NASDAQ:PDCE
  2. 2012 Third Quarter Conference – PDC Energy, Inc. – slide 2
    James Trimble President and Chief Executive Officer 11/1/2012 2
  3. 2012 Third Quarter Conference – PDC Energy, Inc. – slide 3
    2012 Third Quarter Highlights Adjusted net loss(1) for the third quarter of 2012 was 4.8 million, or (0.16) per diluted share Adjusted cash flow from operations(1) was 33.6 million for the third quarter of 2012 and 112.3 million for…
  4. 2012 Third Quarter Conference – PDC Energy, Inc. – slide 4
    2012 Third Quarter Highlights Drilled 6 horizontal Codell wells to-date; drilled and completed three Niobrara/Codell downspacing projects to-date to test 12 gross well per section density PDCM (PDCs 50/50 JV) completed a horizontal…
  5. 2012 Third Quarter Conference – PDC Energy, Inc. – slide 5
    Gysle Shellum Chief Financial Officer 11/1/2012 6
  6. 2012 Third Quarter Conference – PDC Energy, Inc. – slide 6
    Summary Financial Results in millions, except per share data Three Months Ended Nine Months Ended September 30, September 30, Measure 2012 2011 2012 2011 Total natural gas, NGL, and crude oil sales 59.9 72.0 192.1 196.6 Production…
  7. 2012 Third Quarter Conference – PDC Energy, Inc. – slide 7
    Summary Financial Results in millions, except per share data Three Months Ended Nine Months Ended September 30, September 30, Measure 2012 2011 2012 2011 Income (loss) from opeartions (39.4) 59.5 2.0 51.1 Net income (loss)…
  8. 2012 Third Quarter Conference – PDC Energy, Inc. – slide 8
    Debt Maturity Schedule As of 9/30/2012 (Pro Forma For 500mm High Yield Notes Offering and October 31, 2012 Borrowing Base Redetermination) in millions 450 million revolver matures in November 2015 Debt Maturities (1) 600 Drawn…
  9. 2012 Third Quarter Conference – PDC Energy, Inc. – slide 9
    Crude Oil and Natural Gas Hedges Hedges in Place as of September 30, 2012 Crude Oil (includes NGL) Q4-2012 2013 2014 NYMEX Average(1) 92.21 93.71 91.78 Weighted-Average Hedge Price With Ceilings 100.80 100.32 100.84…
  10. 2012 Third Quarter Conference – PDC Energy, Inc. – slide 10
    Average Sales Price Including Realized Derivatives Gains/Losses 10.00 9.00 8.00 6.59 7.00 6.52 6.47 (1) 6.19 6.33 6.31 6.09 5.89 6.00 5.00 /Mcfe 4.00 3.00 2.00 1.00 0.00 Actual March Actual March Actual…
  11. 2012 Third Quarter Conference – PDC Energy, Inc. – slide 11
    Bart Brookman Senior Vice President - Exploration and Production 11/1/2012 12
  12. 2012 Third Quarter Conference – PDC Energy, Inc. – slide 12
    Core Operating Regions Production 6% increase from Q3 2011 11/1/2012 13
  13. 2012 Third Quarter Conference – PDC Energy, Inc. – slide 13
    Production Overview 2012 Quarterly Net Production 16 Produced 12 Bcfe 14 Wattenberg vertical well production 12.4 12.5 12.7 continues to be impacted 12 13.1 by high line pressure 11.5 12.0 10 Wattenberg Horizontal program…
  14. 2012 Third Quarter Conference – PDC Energy, Inc. – slide 14
    Production by Area Bcfe Mid-Year 9 Month Guidance Actuals 2012E Wattenberg 19.3 28.7 Appalachia 4.6 6.5 Q3 2012 Commodity Mix Piceance 10.3 13.2 NECO/ Other 2.4 3.1 Oil Total 36.6 51.5* 22% Q3 2012 Area Production by…
  15. 2012 Third Quarter Conference – PDC Energy, Inc. – slide 15
    Midstream Provider Throughput (Wattenberg) 11/1/2012 16
  16. 2012 Third Quarter Conference – PDC Energy, Inc. – slide 16
    Wattenberg Production 11/1/2012 17
  17. 2012 Third Quarter Conference – PDC Energy, Inc. – slide 17
    Drilling Activity 2012 Gross Operated Wells Drilled Q3 Project Counts 16 Horizontal Spuds 12 14 Wattenberg 11 14 13 Utica 1 12 12 Refracs/Recompletes (Stages) 32 10 10 Non-Operated 6 9 9 9 8 Drilling Activity 6 Two Horizontal…
  18. 2012 Third Quarter Conference – PDC Energy, Inc. – slide 18
    Wattenberg Horizontal Production (1) Flat pricing: 90 NYMEX Oil, 3.50 NYMEX Gas. Excludes lease acquisition and corporate-level costs. 11/1/2012 19
  19. 2012 Third Quarter Conference – PDC Energy, Inc. – slide 19
    Capex Update MM Q3 2012 9 Month FY PDC Energy Actual Actuals 2012E Development Capital 51 120 186 Wattenberg 51 116 182 Other - 4 4 Leasehold, Exploration & Miscellaneous 55 99 102 Wattenberg Rocky Acquisition - 327 327…
  20. 2012 Third Quarter Conference – PDC Energy, Inc. – slide 20
    Lease Operating Expenses Q3 2012 9 Month FY 2011 Actual Actuals 2012E Lease Operating Expense (MM) 41.3 10.7 32.4 46.4 Direct Well Expense (/Mcfe) 0.49 0.49 0.52 0.54 Workover Expense (/Mcfe) 0.18 0.11 0.09 0.09 Indirect Well…
  21. 2012 Third Quarter Conference – PDC Energy, Inc. – slide 21
    Operations Highlights Wattenberg Utica Appalachia Q3 horizontal production of 3 MBoepd 45,000 net acres secured with clear title Deployed second drilling rig in July Majority of acreage in liquids-rich window Drilling 41st…
  22. 2012 Third Quarter Conference – PDC Energy, Inc. – slide 22
    2012 Third Quarter Teleconference Q&A 11/1/2012 23
  23. 2012 Third Quarter Conference – PDC Energy, Inc. – slide 23
    Contact Information Investor Relations Ron Wirth, Director Investor Relations ron.wirthpdce.com Marti Dowling, Investor Relations Manager marti.dowlingpdce.com Corporate Headquarters PDC Energy, Inc. 1775 Sherman Street Suite…
  24. 2012 Third Quarter Conference – PDC Energy, Inc. – slide 24
    Appendix 11/1/2012 25
  25. 2012 Third Quarter Conference – PDC Energy, Inc. – slide 25
    Adjusted Net Income (Loss) Reconciliation to Net Income (Loss) in millions, except share and per share data Three Months Ended Nine Months Ended September 30, September 30, 2012 2011 2012 2011 Net income (loss) (32.6) 32.6 (4.5)…
  26. 2012 Third Quarter Conference – PDC Energy, Inc. – slide 26
    Adjusted Cash Flows From Operations Reconciliation to Cash Flows From Operations in millions, except share and per share data Three Months Ended Nine Months Ended September 30, September 30, 2012 2011 2012 2011 Net cash from…
  27. 2012 Third Quarter Conference – PDC Energy, Inc. – slide 27
    Adjusted EBITDA Reconciliation to Net Income (Loss) in millions, except share and per share data Three Months Ended Nine Months Ended September 30, September 30, 2012 2011 2012 2011 Net income (loss) (32.6) 32.6 (4.5) 21.8…

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