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THIRD QUARTER 2013 – PDC Energy, Inc.

PDC Energy, Inc. · Oct 13, 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. THIRD QUARTER 2013 – PDC Energy, Inc. – slide 1
    THIRD QUARTER 2013 October 31, 2013 NASDAQ:PDCE
  2. THIRD QUARTER 2013 – PDC Energy, Inc. – slide 2
    James Trimble Chief Executive Officer and President 10/31/2013 2
  3. THIRD QUARTER 2013 – PDC Energy, Inc. – slide 3
    2013 Third Quarter Highlights Production from continuing operations up 29% over third quarter 2012 Crude volumes from continuing operations up 40% over third quarter 2012; liquids mix 50% Initial Utica Shale Garvin 1H production of…
  4. THIRD QUARTER 2013 – PDC Energy, Inc. – slide 4
    Gysle Shellum Chief Financial Officer 10/31/2013 5
  5. THIRD QUARTER 2013 – PDC Energy, Inc. – slide 5
    Summary Financial Results (from Continuing Operations) In Millions, Except Per Share Data Three Months Ended Nine Months Ended Sept 30, Sept 30, Measure 2013 2012 2013 2012 Total crude oil, natural gas and NGL sales 82.1 52.3…
  6. THIRD QUARTER 2013 – PDC Energy, Inc. – slide 6
    Summary Financial Results In Millions, Except Per Share Data Three Months Ended Nine Months Ended Sept 30, Sept 30, Measure 2013 2012 2013 2012 Income (loss) from operations (13.0) (31.9) (23.7) 28.8 Net loss (16.0) (32.6)…
  7. THIRD QUARTER 2013 – PDC Energy, Inc. – slide 7
    Debt Maturity Schedule in Millions 115 million 3.25% convertible debentures mature in May 2016 Debt Maturity Schedule 600 40 million PDCM revolver matures in 3.25% Convertible Notes due 2016 April 2017; 15 million second lien 500…
  8. THIRD QUARTER 2013 – PDC Energy, Inc. – slide 8
    Crude Oil and Natural Gas Hedges Hedges in Place as of October 15, 2013 Oct Dec Crude Oil FY2014 FY2015 2013 (1) NYMEX Average 102.97 96.36 89.11 Weighted-Average Hedge Price With Ceilings 99.21 94.47 89.30 Weighted-Average…
  9. THIRD QUARTER 2013 – PDC Energy, Inc. – slide 9
    Barton Brookman Executive Vice President and Chief Operating Officer 10/31/2013 10
  10. THIRD QUARTER 2013 – PDC Energy, Inc. – slide 10
    Operational Overview Q3 2013 Production 18,634 Boe/d WATTENBERG UTICA Utica Liquid-Rich 2% Q3 2013: 14,590 Boe/d Basins Q3 2013: 360 Boe/d(1) Wattenberg 2013E: 15,039 Boe/d 2013E: 1,074 Boe/d 79% Q3 2012: 11,475 Boe/d Q3 2012:…
  11. THIRD QUARTER 2013 – PDC Energy, Inc. – slide 11
    Production Summary Q3 2013 Commodity Mix Highlights NGLs 15% YTD PDC Energy volumes on target for 2013 guidance Wattenberg Oil 8 of 16 Waste Management wells online Gas 50% 35% 4 wells online in September (2 Codell, 2 Niobrara) 4…
  12. THIRD QUARTER 2013 – PDC Energy, Inc. – slide 12
    Wattenberg Midstream Update LaSalle Plant renamed OConnor Plant Line pressure relief being experienced Current OConnor throughput 80MMcfd Expected DCP capacity 600MMcfd by Q1 2014 DCP system throughput 500MMcfd Lucerne II Plant…
  13. THIRD QUARTER 2013 – PDC Energy, Inc. – slide 13
    Waste Management Section Update 16-wells per section downspacing project 6 Codell wells 6 Niobrara B wells 4 Niobrara C wells Drilling completed as of September 28th 8 of 16 wells online (western half) Remaining 8 wells completed,…
  14. THIRD QUARTER 2013 – PDC Energy, Inc. – slide 14
    Utica - drilled and/or completed - 2013 remaining spuds Oil Wet Gas Condensate Dry Gas Currently drilling 12th Hz well (10th in 2013) Commissioners 2H & 3H Midstream services Onega-Commissioners (drilled, awaiting completion)…
  15. THIRD QUARTER 2013 – PDC Energy, Inc. – slide 15
    Garvin 1H Initial Performance Very encouraging initial performance from Southern Utica acreage test Little drawdown in reservoir pressure during variations of choke sizes Signals higher than expected fracture…
  16. THIRD QUARTER 2013 – PDC Energy, Inc. – slide 16
    Drilling Activity 2013 Gross Wells Drilled 9-Months 2013 Gross Project Counts 45 Operated Non Operated Horizontal Spuds (operated) 67 40 37 38 Wattenberg (23 Nio, 24 Codell) 47 36 35 33 Utica 9 30 30 27 Marcellus 11 24 25…
  17. THIRD QUARTER 2013 – PDC Energy, Inc. – slide 17
    Capex Update 9 Months FY PDC Energy Q4'13E Actuals 2013E D&C Capital 231 124 355 Wattenberg 173 94 267 Utica 58 30 88 Other - - - Leasehold, Exploration & Miscellaneous 13 18 31 Total Capex 245 142 387 PDCM JV (PDCE Share)…
  18. THIRD QUARTER 2013 – PDC Energy, Inc. – slide 18
    LOE / Margin (1) Lease Operating Expense Gross Margin From Sales 6.00 5.96 60.00 Sales Sales Sales 5.50 50.00 47.71 47.10 47.91 (4.48) (4.97) (5.96) 4.97 (1.81) (1.64) (1.58) 5.00 40.00 (3.23) /Boe (3.22) (3.58) /Boe…
  19. THIRD QUARTER 2013 – PDC Energy, Inc. – slide 19
    Operations Highlights Wattenberg Utica Appalachia Quarterly production of 14,600 Boe/d 48,000 net acres Quarterly horizontal production 6,400 Boe/d Most acreage in liquid-rich window 45% of production from horizontal wells 9 wells…
  20. THIRD QUARTER 2013 – PDC Energy, Inc. – slide 20
    Questions & Answers 10/31/2013 21
  21. THIRD QUARTER 2013 – PDC Energy, Inc. – slide 21
    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…
  22. THIRD QUARTER 2013 – PDC Energy, Inc. – slide 22
    APPENDIX 10/31/2013 23
  23. THIRD QUARTER 2013 – PDC Energy, Inc. – slide 23
    Reconciliation of Adjusted Net Income (Loss) to Net Loss in millions, except share and per share data Three Months Ended Nine Months Ended Sept 30, Sept 30, 2013 2012 2013 2012 Net loss (16.0) (32.6) (35.5) (4.5) (1)…
  24. THIRD QUARTER 2013 – PDC Energy, Inc. – slide 24
    Reconciliation of Adjusted Cash Flows from Operations to Net Cash from Operating Activities in millions, except share and per share data Three Months Ended Nine Months Ended Sept 30, Sept 30, 2013 2012 2013 2012 Net cash from…
  25. THIRD QUARTER 2013 – PDC Energy, Inc. – slide 25
    Reconciliation of Adjusted EBITDA to Net Loss in millions, except share and per share data Three Months Ended Nine Months Ended Sept 30, Sept 30, 2013 2012 2013 2012 Net loss (16.0) (32.6) (35.5) (4.5) Unrealized loss on…
  26. THIRD QUARTER 2013 – PDC Energy, Inc. – slide 26
    Reconciliation of Adjusted EBITDA to Net Cash from Operating Activities in millions, except share and per share data Three Months Ended Nine Months Ended Sept 30, Sept 30, 2013 2012 2013 2012 Net cash from operating activities…

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