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CREDIT SUISSE SMALL & MID CAP CONFERENCE – PDC Energy, Inc.

PDC Energy, Inc. · Sep 18, 2013 · 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. CREDIT SUISSE SMALL & MID CAP CONFERENCE – PDC Energy, Inc. – slide 1
    CREDIT SUISSE SMALL & MID CAP CONFERENCE September 18, 2013 NASDAQ:PDCE
  2. CREDIT SUISSE SMALL & MID CAP 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 Proved reserves 179 MMBoe(2) WATTENBERG UTICA 52% liquids, 38% proved developed Liquid…
  3. CREDIT SUISSE SMALL & MID CAP CONFERENCE – PDC Energy, Inc. – slide 3
    Organic Investment Opportunities WATTENBERG UTICA APPALACHIAN BASIN 2,000 HZ Projects 200 HZ Projects (1,000 spacing) 50% 140% IRR(1) 30% 80% IRR(1) 70 80% Liquid Mix 50 80% Liquid Mix Total PDC Energy MARCELLUS APPALACHIAN…
  4. CREDIT SUISSE SMALL & MID CAP CONFERENCE – PDC Energy, Inc. – slide 4
    YE2012 Reserves Summary Significant 3P Reserves Growth (MMBoe) Proved Reserves 52% liquids; 62% PUDs; PV-10 of 1.7 billion Development of Wattenberg expected to add significant 3P reserves to PDCs portfolio Continued delineation…
  5. CREDIT SUISSE SMALL & MID CAP CONFERENCE – PDC Energy, Inc. – slide 5
    2013 Capital Budget 2013 Capex Budget by Region Wattenberg(1) Utica PDCM 50% Other Operated Operated Capital Budget Area Horizontal Horizontal (MM) Rigs New Drills 63% 22% Wattenberg 280(1) 2.5 69 Utica 96 1 11 13% 2%…
  6. CREDIT SUISSE SMALL & MID CAP CONFERENCE – PDC Energy, Inc. – slide 6
    Production by Area Area (Boe/d) 2012 2013E Q1 '13 Q2 '13 2012 Commodity Mix Wattenberg 12,180 15,038 15,389 15,019 Utica - 1,074 189 218 Oil Marcellus / Other 2,820 3,784 2,922 2,852 25% (1) Continuing Ops 15,000 19,896 18,500…
  7. CREDIT SUISSE SMALL & MID CAP CONFERENCE – PDC Energy, Inc. – slide 7
    LOE / Margin /Boe (1) Lease Operating Expense Gross Margin 6.00 60.00 Sales Sales 5.50 50.00 47.71 47.10 (4.48) 5.10 (1.81) (4.97) 4.97 40.00 (1.64) 5.00 (3.23) (3.22) /Boe /Boe 4.48 30.00 4.50 4.33 Gross Margin…
  8. CREDIT SUISSE SMALL & MID CAP CONFERENCE – PDC Energy, Inc. – slide 8
    Core Horizontal Wattenberg 98,000 net acres, 95% HBP Third largest leaseholder and producer 70% 80% liquids Niobrara Wt. Avg. Inventory EUR of 335 Mboe per well Excellent returns IRR of 50% 140%(1) 2,000 gross horizontal…
  9. CREDIT SUISSE SMALL & MID CAP CONFERENCE – PDC Energy, Inc. – slide 9
    DJ Basin Stratigraphic Column Multiple Target Zones Current PDC Operations 2,300 net producing vertical wells 80 producing horizontal wells Third drilling rig added in May 13 Spud 63 gross (41 operated, 22 nonoperated) horizontal…
  10. CREDIT SUISSE SMALL & MID CAP CONFERENCE – PDC Energy, Inc. – slide 10
    Wattenberg Project Inventory (1) Proved HZ Inventory(2) 4 Gross HZ wells (Niobrara only) per 640 Ac. Gross HZ Inventory: 382 2P HZ Inventory(2) 10 Gross wells per 640 Ac. (8 Niobrara, 2 Codell) Gross HZ Inventory:…
  11. CREDIT SUISSE SMALL & MID CAP CONFERENCE – PDC Energy, Inc. – slide 11
    Horizontal Niobrara Performance Inner Core Middle Core Outer Core Average EUR1 Average EUR1 Average EUR1 Range of Industry Results Range of Industry Results Range of Industry Results 900 MBoe 600 MBoe 500 MBoe 300 MBoe 200…
  12. CREDIT SUISSE SMALL & MID CAP CONFERENCE – PDC Energy, Inc. – slide 12
    Horizontal Codell Development Strong Well Performance Shows Potential for Development Across Wattenberg Large exposure with nearly all acreage having horizontal Codell potential Codell horizontals showing results similar to…
  13. CREDIT SUISSE SMALL & MID CAP CONFERENCE – PDC Energy, Inc. – slide 13
    Horizontal Codell Performance Current Type Curve Avg. 3-Phase EUR: 345 MBoe PDC 3P Inventory: 455 wells Capex: 4.2MM % Liquids: 75% IRR1: 77% PV10: 5.2MM (1) Flat Pricing: 90 NYMEX Oil, 4.00 NYMEX Gas. Excludes lease…
  14. CREDIT SUISSE SMALL & MID CAP CONFERENCE – PDC Energy, Inc. – slide 14
    Waste Management 16-Well Section Fall 2013 2N-64W-2 Map View 4well pad 8well pad N Two rigs, spud wells in May 6 Niobrara B; 4 Niobrara C, and; 6 Codell wells Drilled both 4-well pads, Side View completions began on…
  15. CREDIT SUISSE SMALL & MID CAP CONFERENCE – PDC Energy, Inc. – slide 15
    3rd Party Midstream Expansion - Wattenberg One Bcfe per Day of Capacity Planned PDC Acreage Plants and compression strategically placed around PDC acreage LaSalle plant (160 MMcf/d) startup late Q313 2013 Compressor Site Sullivan…
  16. CREDIT SUISSE SMALL & MID CAP CONFERENCE – PDC Energy, Inc. – slide 16
    Utica Leasehold and Activity drilled and/or completed planned 2013 spud Oil Wet Gas Condensate Dry Gas 46,000 net acres, 57% HBP, 95% WI, 16% royalty Commissioners 3H spud next 200 gross horizontal locations (based on 1,000 ft.…
  17. CREDIT SUISSE SMALL & MID CAP CONFERENCE – PDC Energy, Inc. – slide 17
    Utica Drilling & Completions Multi-well pads Testing different reservoir landing zones Targeting 5,000 to 6,000 ft. laterals 1,000 ft. spacing between wells Evaluating different completion designs Using 20 to 30 frac stages…
  18. CREDIT SUISSE SMALL & MID CAP CONFERENCE – PDC Energy, Inc. – slide 18
    Appalachian Basin - Marcellus PDCM Marcellus Acreage 125,250(1) Marcellus net acres to PDCM 54 Marcellus productive wells (39 Horizontal) 357 of 600 undeveloped horizontal Marcellus locations in 3county focus area of West…
  19. CREDIT SUISSE SMALL & MID CAP CONFERENCE – PDC Energy, Inc. – slide 19
    Marcellus Horizontal Marcellus Well Production Normalized to 5,000' Lateral 10,000 MCFD 1,000 CAPEX: 7 MM 3.50/MCF (Year 1) EUR: 9 BCF Type Curve F&D: 0.72/MCFE IRR: 32% EUR: 7 BCF Type Curve F&D: 0.93/MCFE IRR: 20% EUR:…
  20. CREDIT SUISSE SMALL & MID CAP CONFERENCE – PDC Energy, Inc. – slide 20
    Debt Maturity Schedule 450 million revolver matures in May 2018 Debt Maturity Schedule (1) 115 million 3.25% convertible debentures 600 mature in May 2016 3.25% Convertible Notes due 2016 500 500 Undrawn Revolver 450 500…
  21. CREDIT SUISSE SMALL & MID CAP CONFERENCE – PDC Energy, Inc. – slide 21
    Crude Oil and Natural Gas Hedges Hedges in Place as of August 31, 2013 Sep Dec Crude Oil FY2014 FY2015 2013 NYMEX Average (1) 104.15 95.82 89.72 Weighted-Average Hedge Price With Floors 91.82 88.79 88.46 Weighted-Average Hedge…
  22. CREDIT SUISSE SMALL & MID CAP CONFERENCE – PDC Energy, Inc. – slide 22
    Investment Highlights 2013 Utica Objectives Significant horizontal projects in inventory Core Wattenberg Niobrara and Codell / Colorado Utica Shale / Southeast Ohio Marcellus Shale / West Virginia Capital primarily allocated to…
  23. CREDIT SUISSE SMALL & MID CAP CONFERENCE – PDC Energy, Inc. – slide 23
    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…
  24. CREDIT SUISSE SMALL & MID CAP CONFERENCE – PDC Energy, Inc. – slide 24
    APPENDIX 9/18/2013 25
  25. CREDIT SUISSE SMALL & MID CAP CONFERENCE – PDC Energy, Inc. – slide 25
    Utica Geologic Summary Palmer Onega Commissioners Hickenbottom A Morgan County Guernsey County Belmont County A Utica Pt. Pleasant Trenton Resistivity (ohmm) 800 2,000 1,000 2,000+ 1,000 2,000+ Rock Properties PDC…
  26. CREDIT SUISSE SMALL & MID CAP CONFERENCE – PDC Energy, Inc. – slide 26
    PDCE Share Count Leverage to Top-Tier Plays PDCE Highly Leveraged To the Top Liquids-Rich US Onshore Basins Utica: Net Acreage/Million Outstanding Shares IRRs of US Onshore Basins(1) 2,000 Source: Company presentations and filings…

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