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CREDIT SUISSE 2014 ENERGY SUMMIT – PDC Energy, Inc.

PDC Energy, Inc. · Feb 11, 2014 · 23 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 2014 ENERGY SUMMIT – PDC Energy, Inc. – slide 1
    CREDIT SUISSE 2014 ENERGY SUMMIT February 11, 2014 NASDAQ:PDCE
  2. CREDIT SUISSE 2014 ENERGY SUMMIT – PDC Energy, Inc. – slide 2
    Company Overview NASDAQ:PDCE Strategic Core Areas Market cap 1.8 Billion(1) Colorado and Appalachian Basin Enterprise value 2.2 Billion WATTENBERG UTICA Proved reserves (YE2013) 266 MMBoe 98,000 Net Acres Liquid 48,000 Net Acres…
  3. CREDIT SUISSE 2014 ENERGY SUMMIT – PDC Energy, Inc. – slide 3
    YE2013 Reserves Summary Significant Proved and 3P Reserves Growth (MMBoe) Proved Reserves 54% liquids; 72% PUDs; BTAX PV-10 of 2.7 billion Development of Wattenberg adding significant proved and 3P reserves to PDCs portfolio…
  4. CREDIT SUISSE 2014 ENERGY SUMMIT – PDC Energy, Inc. – slide 4
    2014 Capital Budget Wattenberg Utica PDCM 50% Other Operated Operated Capital Budget Area Horizontal Horizontal 72% (MM) Rigs New Drills 25% Wattenberg 467 4.5 115 Utica 162 1.25 18 2% Other 2 1% SubTotal 631 5.8…
  5. CREDIT SUISSE 2014 ENERGY SUMMIT – PDC Energy, Inc. – slide 5
    Core Horizontal Wattenberg 98,000 net acres, 95% HBP Third largest leaseholder and producer 2,800 gross horizontal locations Wt. Avg. Inventory EUR of 370 MBoe per well 60% 80% liquids Excellent returns Strong repeatable…
  6. CREDIT SUISSE 2014 ENERGY SUMMIT – PDC Energy, Inc. – slide 6
    DJ Basin Stratigraphic Column Multiple Target Zones Current PDC Operations In 2013, spud 119 gross Hz wells in Wattenberg Field 70 operated, 49 nonoperated 2,300 net producing vertical wells(1) 113 operated producing horizontal…
  7. CREDIT SUISSE 2014 ENERGY SUMMIT – PDC Energy, Inc. – slide 7
    Wattenberg Project Inventory YE2013 (1) Proved HZ Inventory 8 Gross wells per 640 Ac. (6 Niobrara, 2 Codell(2)) Gross HZ Inventory: 623 2P HZ Inventory(1) 14 Gross wells per 640 Ac. (10 Niobrara, 4 Codell) Gross HZ…
  8. CREDIT SUISSE 2014 ENERGY SUMMIT – PDC Energy, Inc. – slide 8
    Horizontal Niobrara Performance Type Curves & Economics Reflect Higher EURs in Middle & Outer Cores and Differential Change Compared to 2013 Inner Core Middle Core Outer Core Average EUR1 Average EUR1 Average EUR1 Range of Industry…
  9. CREDIT SUISSE 2014 ENERGY SUMMIT – PDC Energy, Inc. – slide 9
    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…
  10. CREDIT SUISSE 2014 ENERGY SUMMIT – PDC Energy, Inc. – slide 10
    PDCE Horizontal Codell Performance Type Curve & Economics Reflects Higher EUR and Differential Change Compared to 2013 Total PDC Horizontal Codell Production 1,000 YE2013 Type Curve Avg. 3-Phase EUR: 370 MBoe Avg. 3-phase EUR:…
  11. CREDIT SUISSE 2014 ENERGY SUMMIT – PDC Energy, Inc. – slide 11
    Waste Management 16-Well Section Online Fall 2013 2N-64W-2 All 16 wells as of 1714 Hz Codell Economics Average 3-Phase EUR: 370 MBoe Middle Core Economics % Liquids: 72% Average 3-Phase EUR: 400 MBoe IRR1: 73% % Liquids: 66%…
  12. CREDIT SUISSE 2014 ENERGY SUMMIT – PDC Energy, Inc. – slide 12
    3rd Party Midstream Expansion - Wattenberg One Bcfe per Day of Capacity Planned Plants and compression strategically placed around PDC acreage OConnor* plant (160 MMcf/d) 110 MMcf/d startedup October 2013 50 MMcf/d expected by…
  13. CREDIT SUISSE 2014 ENERGY SUMMIT – PDC Energy, Inc. – slide 13
    Utica Shale SE Ohio 48,000 net acres, 57% HBP, 95% WI, 16% royalty 200 gross horizontal locations 1,000 ft. spacing between wells Multi-well pads Testing different reservoir landing zones PA Targeting 5,000 to 6,000 ft.…
  14. CREDIT SUISSE 2014 ENERGY SUMMIT – PDC Energy, Inc. – slide 14
    Utica Leasehold and Activity drilled and/or completed planned 2014 spud 11 Wells to sales by YE 2013 Oil Wet Gas Condensate Dry 25% acreage in Guernsey & N. Noble Counties Gas Onega-Comm 14-25H 3,950 lateral, 13 stages 1 75%…
  15. CREDIT SUISSE 2014 ENERGY SUMMIT – PDC Energy, Inc. – slide 15
    Garvin 1-H 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 conductivity Managing…
  16. CREDIT SUISSE 2014 ENERGY SUMMIT – PDC Energy, Inc. – slide 16
    Appalachian Basin - Marcellus PDCM Marcellus Acreage producing 125,250(1) Marcellus net acres to PDCM 58 Marcellus producing wells (44 Horizontal) 357 of 600 undeveloped horizontal completing Marcellus locations in 3county…
  17. CREDIT SUISSE 2014 ENERGY SUMMIT – PDC Energy, Inc. – slide 17
    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…
  18. CREDIT SUISSE 2014 ENERGY SUMMIT – PDC Energy, Inc. – slide 18
    Crude Oil and Natural Gas Hedges Hedges in Place as of December 31, 2013 Crude Oil (includes NGL) FY2014 FY2015 FY2016 NYMEX Average (1) 96.36 88.75 83.83 Weighted-Average Hedge Price With Ceilings 94.15 89.35 - Weighted-Average…
  19. CREDIT SUISSE 2014 ENERGY SUMMIT – PDC Energy, Inc. – slide 19
    Investment Highlights 2013 Utica Objectives Positioned to execute multi-year organic growth of production, cash flow and proved reserves Significant horizontal projects in inventory Core Wattenberg Niobrara and Codell / Colorado…
  20. CREDIT SUISSE 2014 ENERGY SUMMIT – PDC Energy, Inc. – slide 20
    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…
  21. CREDIT SUISSE 2014 ENERGY SUMMIT – PDC Energy, Inc. – slide 21
    APPENDIX 2/11/2014 22
  22. CREDIT SUISSE 2014 ENERGY SUMMIT – PDC Energy, Inc. – slide 22
    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…
  23. CREDIT SUISSE 2014 ENERGY SUMMIT – PDC Energy, Inc. – slide 23
    Utica: Local Stratigraphic Column Southern Ohio 1. Queenston Shale Classic Mudstone Null TOC & low resistance 2. Upper Utica Shale Mudstone with null limestone content. Some TOC & low resistivity High clay content Lower Youngs…

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