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Capital One Southcoast 2012 Energy Conference – PDC Energy, Inc.

PDC Energy, Inc. · Dec 6, 2012 · 28 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. Capital One Southcoast 2012 Energy Conference – PDC Energy, Inc. – slide 1
    Capital One Southcoast 2012 Energy Conference December 6, 2012 NASDAQ: PDCE
  2. Capital One Southcoast 2012 Energy Conference – PDC Energy, Inc. – slide 2
    Company Overview Strategic Core Areas Market cap 1 Billion(1) Colorado and Appalachian Basin Enterprise value 1.7 Billion(1) (4) Liquid-Rich Proved reserves 1.13 Tcfe (188 MMBoe)(2) Basins 34% liquids, 49% proved developed 3P…
  3. Capital One Southcoast 2012 Energy Conference – PDC Energy, Inc. – slide 3
    Key Investment Themes Stable base of production from long-lived assets in Colorado and Appalachia Substantial portfolio of high return, liquid-rich projects Core Wattenberg horizontal Niobrara play running 2 horizontal rigs One of…
  4. Capital One Southcoast 2012 Energy Conference – PDC Energy, Inc. – slide 4
    Track Record of Substantial Growth in Production and Reserves Five-Year CAGR (2006 2011) Annual Production (Bcfe) (1) Double-digit reserve and production growth 60 50 42 45 Increasing Oil/NGLs component: 40 37 37 40% of…
  5. Capital One Southcoast 2012 Energy Conference – PDC Energy, Inc. – slide 5
    Multi-Year Project Inventory Current Producing Gross Additional Area Project Type Wells Project Upside Inventory Wattenberg Horizontal Codell / Horizontal 27 546 - Niobrara Niobrara downspacing OIL/NGLS Wattenberg Vertical…
  6. Capital One Southcoast 2012 Energy Conference – PDC Energy, Inc. – slide 6
    Reserve Summary YE2011 Proved Reserves (1) YE2011 3P Reserves (1) 1,125 Bcfe (or 188 MMBoe) 2.3 Tcfe (or 391 MMBoe) 497 634 61 Chart Legend 322 Wattenberg 966 Piceance NECO Appalachia 821 35 134 34% Liquids, 49%…
  7. Capital One Southcoast 2012 Energy Conference – PDC Energy, Inc. – slide 7
    Production Summary Bcfe 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 Total 36.6 51.5* Oil 22% Q3 2012 Area Production by Commodity Rocky…
  8. Capital One Southcoast 2012 Energy Conference – PDC Energy, Inc. – slide 8
    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…
  9. Capital One Southcoast 2012 Energy Conference – PDC Energy, Inc. – slide 9
    Core Wattenberg Horizontal Niobrara Third largest leaseholder and producer in the core Wattenberg Field 103,000 net acres in core area (109,000 total)(1) 70-80% liquids Typical EURs from 300 to 500 MBoe Excellent returns IRR…
  10. Capital One Southcoast 2012 Energy Conference – PDC Energy, Inc. – slide 10
    PDC Has a Leading Position in the Core Wattenberg Horizontal Niobrara Core Wattenberg Acreage Position (Thousands of Acres)(1) 500 410 400 350 300 200 103 100 48 35 15 0 Noble Anadarko PDC Encana Bonzana Creek Bill Barrett Core…
  11. Capital One Southcoast 2012 Energy Conference – PDC Energy, Inc. – slide 11
    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 Greeley Avg 30 Day IP: 394 % Liquids: 65 85% Center 2012 Spuds: 0 Producing…
  12. Capital One Southcoast 2012 Energy Conference – PDC Energy, Inc. – slide 12
    DJ Basin 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, swell/…
  13. Capital One Southcoast 2012 Energy Conference – PDC Energy, Inc. – slide 13
    Wattenberg Resource Potential Project Inventory Resource Potential Proved Hz Project Inventory Hz Project Inventory Stacked Downspacing 2 Gross wells per 640 Ac. 5 Gross / 4 Net wells per 640 Ac. 12 Gross (7 Niobrara, 5 Codell)…
  14. Capital One Southcoast 2012 Energy Conference – PDC Energy, Inc. – slide 14
    Horizontal Production: Niobrara and Codell (1) Flat Pricing: 90 NYMEX Oil, 3.50 NYMEX Gas. Excludes lease acquisition and corporate-level costs. 12/6/2012 15
  15. Capital One Southcoast 2012 Energy Conference – PDC Energy, Inc. – slide 15
    Wattenberg Production 12/6/2012 16
  16. Capital One Southcoast 2012 Energy Conference – PDC Energy, Inc. – slide 16
    Midstream Provider Throughput (Wattenberg) 12/6/2012 17
  17. Capital One Southcoast 2012 Energy Conference – PDC Energy, Inc. – slide 17
    Midstream Activity Summary Wattenberg Third Party Providers Current Capacity Expansion Projects 410 MMcf/d Mewbourn Expansion 35 MMcf/d Construction - Enterprise Booster 2012 Completed - Box Elder Expansion LaSalle Plant -…
  18. Capital One Southcoast 2012 Energy Conference – PDC Energy, Inc. – slide 18
    Utica Leasehold and Asset Summary Southeast Ohio Activity update Oil Wet Gas Condensate Dry Gas Recent industry drilling results have exceeded GPOR expectations Boy Scout 1-33H GPOR Wagner 1-28H Wells drilled by PDC and other…
  19. Capital One Southcoast 2012 Energy Conference – PDC Energy, Inc. – slide 19
    Appalachian Basin PDCM Project Overview Devonian Marcellus Productive Wells 3,583 24 Total Approx. Net Acreage 236,000 152,000* West Virginia 195,000 143,000 Pennslyvania 41,000 9,000 Gross Undeveloped Locations 790 600 EURs -…
  20. Capital One Southcoast 2012 Energy Conference – PDC Energy, Inc. – slide 20
    Marcellus Focus Area Hz Inventory Undeveloped Locations Core Focus Area 357 Outside Focus Area 243 Total 600 Marcellus Activity Horizontal Wells Harrison County 5 Taylor County 7 Vertical Wells 15 Total 27 West…
  21. Capital One Southcoast 2012 Energy Conference – PDC Energy, Inc. – slide 21
    Marcellus Horizontal (1) (1) (1) Excludes lease acquisition and corporate-level costs; flat pricing assumption. 12/6/2012 22
  22. Capital One Southcoast 2012 Energy Conference – PDC Energy, Inc. – slide 22
    2012 Capital Budget(1) 2012 Capex Budget by Region: 288 Million Wattenberg(2) Utica Other Operated Capital Budget Area Horizontal (MM) Rigs 63% Wattenberg 182 2 33% Utica 95 1 4% Other 11 - 96% of Capex allocated to…
  23. Capital One Southcoast 2012 Energy Conference – PDC Energy, Inc. – slide 23
    Strong Balance Sheet PDC has Maintained Relatively Low Leverage and Strong Liquidity Conservative Leverage Strong Liquidity (1) (MM) 45% 500 4.0x 44% 43% 43% 50% 393 34% 33% 2.8x 2.8x 2.8x 40% 400 357 3.0x 1.7x 1.9x 30% 300…
  24. Capital One Southcoast 2012 Energy Conference – PDC Energy, Inc. – slide 24
    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…
  25. Capital One Southcoast 2012 Energy Conference – PDC Energy, Inc. – slide 25
    Investment Highlights 6,000 total projects in inventory (4,000 liquid-rich) Core Wattenberg horizontal Niobrara and Codell Utica Shale in SE Ohio Capital currently allocated to projects that increase liquids-mix in production…
  26. Capital One Southcoast 2012 Energy Conference – PDC Energy, Inc. – slide 26
    Appendix 12/6/2012 27
  27. Capital One Southcoast 2012 Energy Conference – PDC Energy, Inc. – slide 27
    Adjusted EBITDAX Reconciliation Full Year Full Year Full Year Full Year LTM 2008 2009 2010 2011 9/30/2012 Net income (loss) 113.3 (79.3) 6.2 13.4 (12.9) Unrealized (gain) loss on derivatives, net1 (117.5) 116.6 (12.6) (28.6) 24.9…
  28. Capital One Southcoast 2012 Energy Conference – PDC Energy, Inc. – slide 28
    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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