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IPAA OGIS: SAN FRANCISCO – PDC Energy, Inc.

PDC Energy, Inc. · Sep 30, 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. IPAA OGIS: SAN FRANCISCO – PDC Energy, Inc. – slide 1
    IPAA-OGIS: SAN FRANCISCO September 30, 2013 NASDAQ:PDCE
  2. IPAA OGIS: SAN FRANCISCO – PDC Energy, Inc. – slide 2
    Company Overview NASDAQ:PDCE Market cap 2.2 Billion(1) Strategic Core Areas Enterprise value 2.8 Billion(1) Colorado and Appalachian Basin Proved reserves 179 MMBoe(2) WATTENBERG UTICA 52% liquids, 38% proved developed Liquid…
  3. IPAA OGIS: SAN FRANCISCO – 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. IPAA OGIS: SAN FRANCISCO – 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. IPAA OGIS: SAN FRANCISCO – 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. IPAA OGIS: SAN FRANCISCO – 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. IPAA OGIS: SAN FRANCISCO – 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. IPAA OGIS: SAN FRANCISCO – 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. IPAA OGIS: SAN FRANCISCO – 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(1) Third drilling rig added in May 13 Spud 70 gross wells (46 operated, 24…
  10. IPAA OGIS: SAN FRANCISCO – 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. IPAA OGIS: SAN FRANCISCO – 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. IPAA OGIS: SAN FRANCISCO – 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. IPAA OGIS: SAN FRANCISCO – PDC Energy, Inc. – slide 13
    Horizontal Codell Performance Current Type Curve Avg. 3-Phase EUR: 345 MBoe Avg. 3-phase EUR: 345 MBoe PDC 3P Inventory: Capex: 455 wells 4.2MM % Liquids: 75% IRR1: 77% PV10: 5.2MM (1) Flat Pricing: 90 NYMEX Oil, 4.00…
  14. IPAA OGIS: SAN FRANCISCO – PDC Energy, Inc. – slide 14
    Waste Management 16-Well Section Fall 2013 2N-64W-2 Map View HZ Niobrara B HZ Niobrara C HZ Codell 4well pad 8well pad N 2 Two rigs, spud wells in May 6 Niobrara B wells; 4 Niobrara C wells; Side View 6 Codell wells…
  15. IPAA OGIS: SAN FRANCISCO – 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 early October 2013 Compressor Site…
  16. IPAA OGIS: SAN FRANCISCO – 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 (1,000 ft. spacing)…
  17. IPAA OGIS: SAN FRANCISCO – 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. IPAA OGIS: SAN FRANCISCO – 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. IPAA OGIS: SAN FRANCISCO – 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. IPAA OGIS: SAN FRANCISCO – 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. IPAA OGIS: SAN FRANCISCO – 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. IPAA OGIS: SAN FRANCISCO – 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. IPAA OGIS: SAN FRANCISCO – 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. IPAA OGIS: SAN FRANCISCO – PDC Energy, Inc. – slide 24
    APPENDIX 9/30/2013 25
  25. IPAA OGIS: SAN FRANCISCO – 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. IPAA OGIS: SAN FRANCISCO – 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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