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Howard Weil Energy Conference – PDC Energy, Inc.

PDC Energy, Inc. · Mar 20, 2013 · 24 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. Howard Weil Energy Conference – PDC Energy, Inc. – slide 1
    Howard Weil Energy Conference March 20, 2013 NASDAQ:PDCE
  2. Howard Weil Energy Conference – PDC Energy, Inc. – slide 2
    Company Overview Market cap 1.6 Billion(1) Strategic Core Areas Enterprise value 2.2 Billion(1) Colorado and Appalachian Basin Proved reserves 1.2 Tcfe (193 MMBoe)(2) (4) 48% liquids, 42% proved developed Does not include…
  3. Howard Weil Energy Conference – PDC Energy, Inc. – slide 3
    PDC Signs Definitive Agreement to Sell Non-Core Colorado Assets Colorado Natural Gas Assets: Piceance, NECO, Krieger, SECO Offer Amount: 200 million cash Includes certain PDC Hedges for 2013-2015 Buyer assumption of all PDC Firm…
  4. Howard Weil Energy Conference – PDC Energy, Inc. – slide 4
    PDC Positioned to Accelerate Liquid-Rich Horizontal Wattenberg & Utica Focuses PDC on three premier horizontal plays with decade-plus drilling inventory Liquid-rich: Core Wattenberg (Niobrara & Codell) and Utica Shale Prolific natural…
  5. Howard Weil Energy Conference – PDC Energy, Inc. – slide 5
    YE2012 Reserve Summary PDCE Reserves Comparison YE2011 YE2012 Total Proved (Bcfe) 1,016 1,157 PDP (Bcfe) 338 339 % Liquids 34% 48% PV-10 Value (MM) 1,350 1,709 SEC Product Pricing Gas (/MMbtu) 4.12 2.76 SEC Product Pricing Oil…
  6. Howard Weil Energy Conference – PDC Energy, Inc. – slide 6
    Production Summary from Continuing Operations 2011 2012 Wattenberg 23.3 26.7 Appalachia 4.4 6.2 Piceance 13.5 13.5 December 2012 Commodity Mix NECO/Other 3.8 3.2 Total 45.0 49.6 Exit Rate (December average, MMcfe/d) 139 143…
  7. Howard Weil Energy Conference – PDC Energy, Inc. – slide 7
    Lease Operating Expenses /Mcfe 2011 2012 Lease Operating Expense (MM) 41 42 Direct Well Expense (/Mcfe) 0.47 0.50 Workover Expense (/Mcfe) 0.20 0.07 Indirect Well Expense (/Mcfe) 0.25 0.28 Lifting Cost Continuing Ops 0.92…
  8. Howard Weil Energy Conference – PDC Energy, Inc. – slide 8
    Core Wattenberg Horizontal Niobrara Third largest leaseholder and producer in the core Wattenberg Field 99,000 net acres in core area(1) 70%-80% liquids Typical EURs from 300 to 500 MBoe Excellent returns IRR of 40% -…
  9. Howard Weil Energy Conference – PDC Energy, Inc. – slide 9
    PDC Core Wattenberg Horizontal Program PDC Average Peak 24 Hr and 30 Day IP in Boepd North 2012 Spuds: 37 Producing Wells: 31 Avg Peak 24 Hr IP: 513 Avg 30 Day IP: 394 Center % Liquids: 65 85% 2012 Spuds: 0 Producing Wells: 2 Avg…
  10. Howard Weil Energy Conference – PDC Energy, Inc. – slide 10
    Wattenberg Field Stratigraphic Column Multiple Target Zones Current PDC Horizontal Program Data Drilling 3 to 5 well pads 4,000 average lateral length 16 frac stages per well Drill time of 12-15 days spud to spud Sliding sleeves,…
  11. Howard Weil Energy Conference – PDC Energy, Inc. – slide 11
    Wattenberg Project Inventory Proved HZ Inventory 2P HZ Inventory* 3P HZ Inventory* 4 Gross wells per 640 Ac. 10 Gross wells per 640 Ac. 16 Gross wells per 640 Ac. Gross HZ Inventory: 384 (8 Niobrara, 2 Codell) (12 Niobrara, 4…
  12. Howard Weil Energy Conference – PDC Energy, Inc. – slide 12
    Horizontal Production: Niobrara and Codell Total Horizontal Production 1,000 EUR: 500 MBOE Capex: 4.2MM IRR: 123% PV10: 7.5 MM 100 EUR: 300 MBOE Capex: 4.2MM IRR: 40% PV10: 3.3 MM 40 Niobrara Wells 26 Niobrara Wells…
  13. Howard Weil Energy Conference – PDC Energy, Inc. – slide 13
    3rd Party Midstream Expansion Future Capacity 1,065 MMcf/d Oil and Gas Lease New plants and compression strategically placed around PDC acreage Sullivan CS Compressor Site LaSalle plant expected start-up late Q313 Processing…
  14. Howard Weil Energy Conference – PDC Energy, Inc. – slide 14
    Utica Leasehold and Asset Summary Southeast Ohio Activity update Oil Wet Gas Condensate Dry Gas PDC and other operators recent reported drilling results Boy Scout 1-33H Wagner 1-28H have exceeded expectations IP: 3,456 boepd IP:…
  15. Howard Weil Energy Conference – PDC Energy, Inc. – slide 15
    Appalachian Basin PDCM Project Overview Devonian Marcellus Productive Wells 3,571 24 Total Approx. Net Acreage 236,000 152,000* West Virginia 195,000 143,000 Pennslyvania 41,000 9,000 EURs - horizontal Marcellus wells (Bcf) 5-9 *…
  16. Howard Weil Energy Conference – PDC Energy, Inc. – slide 16
    Marcellus Focus Area Hz Inventory Undeveloped Locations Core Focus Area 357 Outside Focus Area 243 Total 600 Marcellus Activity Horizontal Wells Harrison County 8 Taylor County 7 Vertical Wells 15 Total 30 West…
  17. Howard Weil Energy Conference – PDC Energy, Inc. – slide 17
    Marcellus Horizontal 3/20/2013 18
  18. Howard Weil Energy Conference – PDC Energy, Inc. – slide 18
    2013 Capital Budget Pro-Forma for Colorado Asset Sale 2013 Capex Budget by Region Wattenberg(1) Utica PDCM 50% Other Operated Capital Budget Area Horizontal (MM) Rigs 63% Wattenberg 280 2.5 22% Utica 96 1 13% Other 10 -…
  19. Howard Weil Energy Conference – PDC Energy, Inc. – slide 19
    Strong Balance Sheet PDC has Maintained Relatively Low Leverage and Strong Liquidity Conservative Leverage Strong Liquidity (*) (MM) 4.0x 60% 600 535 49% 47% 44% 45% 50% 500 3.0x 384 34% 33% 3.1x 40% 400 357 2.8x 2.9x 2.0x…
  20. Howard Weil Energy Conference – PDC Energy, Inc. – slide 20
    Crude Oil and Natural Gas Hedges Hedges in place as of December 31, 2012 Pro-forma for expected non-core Colorado natural gas assets divestiture. Crude Oil (includes NGL) 2013 2014 2015 NYMEX Average(1) 92.75 92.36 90.26…
  21. Howard Weil Energy Conference – PDC Energy, Inc. – slide 21
    Investment Highlights Significant horizontal projects in inventory Core Wattenberg Niobrara and Codell / Colorado Utica Shale / Southeast Ohio Marcellus Shale / West Virginia Capital primarily allocated to projects that…
  22. Howard Weil Energy Conference – PDC Energy, Inc. – slide 22
    Appendix 3/20/2013 23
  23. Howard Weil Energy Conference – PDC Energy, Inc. – slide 23
    Adjusted EBITDAX Reconciliation Full Year Full Year Full Year 2010 2011 2012 Net Income (loss) attributable to shareholders 6.2 13.4 (130.7) Unrealized loss (gain) on derivatives, net (1) (12.6) (28.6) 17.1 Interest Expense, net…
  24. Howard Weil Energy Conference – PDC Energy, Inc. – slide 24
    Contact Information Investor Relations Ron Wirth, Vice President Finance and Treasurer ron.wirthpdce.com Marti Dowling, Investor Relations Manager marti.dowlingpdce.com Corporate Headquarters PDC Energy, Inc. 1775 Sherman Street…

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