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Credit Suisse Energy Summit – PDC Energy, Inc.

PDC Energy, Inc. · Feb 6, 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 Energy Summit – PDC Energy, Inc. – slide 1
    Credit Suisse Energy Summit February 6, 2013 NASDAQ: PDCE
  2. Credit Suisse Energy Summit – PDC Energy, Inc. – slide 2
    Company Overview Strategic Core Areas Market cap 1.1 Billion(1) Colorado and Appalachian Basin Enterprise value 1.8 Billion(1) (4) Proved reserves 1.2 Tcfe (193 MMBoe)(2) Liquid-Rich Basins 48% liquids, 42% proved developed…
  3. Credit Suisse Energy Summit – PDC Energy, Inc. – slide 3
    PDC Signs Definitive Agreement to Sell Non-Core Colorado Assets Colorado Natural Gas Assets: Piceance, NECO, Krieger, SECO Offer Amount: 200 million cash Includes certain PDC Hedges for 2013-2015 Buyer assumption of all PDC Firm…
  4. Credit Suisse Energy Summit – PDC Energy, Inc. – slide 4
    PDC Positioned to Accelerate Liquid-Rich Horizontal Wattenberg & Utica Focuses PDC on three premier horizontal plays with decade-plus drilling inventory Liquid-rich: Core Wattenberg (Niobrara & Codell) and Utica Shale Prolific natural…
  5. Credit Suisse Energy Summit – PDC Energy, Inc. – slide 5
    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 increasing from two to three…
  6. Credit Suisse Energy Summit – PDC Energy, Inc. – slide 6
    YE2012 Reserve Summary PDCE Reserves Comparison YE2011 YE2012 Total Proved (Bcfe) 1,016 1,157 PDP (Bcfe) 338 339 % Liquids 34% 48% PV-10 Value (MM) 1,350 1,709 SEC Product Pricing Gas (/MMbtu) 4.12 2.76 SEC Product Pricing Oil…
  7. Credit Suisse Energy Summit – PDC Energy, Inc. – slide 7
    Production Summary Continuing Operations 2011 2012 Total Net Production (Bcfe) 45.0 49.6 December 2012 Commodity Mix Exit Rate (Mmcfe/d) 139 143 December 2012 Area Production by Commodity Oil Oil NGLs Gas 27% 100% Rocky 80%…
  8. Credit Suisse Energy Summit – PDC Energy, Inc. – slide 8
    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…
  9. Credit Suisse Energy Summit – PDC Energy, Inc. – slide 9
    PDC Core Wattenberg Horizontal Program PDC Average Peak 24 Hr and 30 Day IP in Boepd PDC Core Wells Avg Peak 24 Hr IP: 517 North Avg 30 Day IP: 403 2012 Spuds: 37 Producing Wells: 31 Avg Peak 24 Hr IP: 513 Avg 30 Day IP: 394 Center…
  10. Credit Suisse Energy Summit – PDC Energy, Inc. – slide 10
    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/…
  11. Credit Suisse Energy Summit – PDC Energy, Inc. – slide 11
    Wattenberg Project Inventory Proved HZ Inventory 2P HZ Inventory* 3P HZ Inventory* 4 Gross wells per 640 Ac. 10 Gross wells per 640 Ac. 16 Gross wells per 640 Ac. Gross HZ Inventory: 384 (8 Niobrara, 2 Codell) (12 Niobrara, 4…
  12. Credit Suisse Energy Summit – PDC Energy, Inc. – slide 12
    Horizontal Production: Niobrara and Codell (1) Flat Pricing: 90 NYMEX Oil, 3.50 NYMEX Gas. 3-stream production. 2/6/2013 13
  13. Credit Suisse Energy Summit – PDC Energy, Inc. – slide 13
    Wattenberg Production 2/6/2013 14
  14. Credit Suisse Energy Summit – PDC Energy, Inc. – slide 14
    Midstream Provider Throughput (Wattenberg) 2/6/2013 15
  15. Credit Suisse Energy Summit – PDC Energy, Inc. – slide 15
    Midstream Activity Summary Wattenberg Third Party Providers Current Capacity Expansion Projects 445 MMcf/d LaSalle Plant - Wells Ranch Booster Under - Additional Compressor Stations 2013 110 MMcf/d Construction LaSalle Expansion…
  16. Credit Suisse Energy Summit – PDC Energy, Inc. – slide 16
    Utica Leasehold and Asset Summary Southeast Ohio Activity update Oil Wet Gas Condensate Dry Gas PDC and other operators recent reported drilling results Boy Scout 1-33H Wagner 1-28H have exceeded expectations IP: 3,456 boepd IP:…
  17. Credit Suisse Energy Summit – PDC Energy, Inc. – slide 17
    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 EURs - horizontal Marcellus wells (Bcf) 5-7 *…
  18. Credit Suisse Energy Summit – PDC Energy, Inc. – slide 18
    Marcellus Focus Area Hz Inventory Undeveloped Locations Core Focus Area 357 Outside Focus Area 243 Total 600 Marcellus Activity Horizontal Wells Harrison County 8 Taylor County 7 Vertical Wells 15 Total 30 West…
  19. Credit Suisse Energy Summit – PDC Energy, Inc. – slide 19
    Marcellus Horizontal 2/6/2013 20
  20. Credit Suisse Energy Summit – PDC Energy, Inc. – slide 20
    2013 Capital Budget 2013 Capex Budget by Region: 372 Million Wattenberg(1) Utica PDCM 50% Other Operated Capital Budget Area Horizontal (MM) Rigs 68% Wattenberg 254 2.5 14% Utica 53 1 13% 5% Other 17 - 95% of Capex…
  21. Credit Suisse Energy Summit – PDC Energy, Inc. – slide 21
    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…
  22. Credit Suisse Energy Summit – PDC Energy, Inc. – slide 22
    Crude Oil and Natural Gas Hedges Hedges in Place as of December 31, 2012 Crude Oil (includes NGL) 2013 2014 2015 NYMEX Average(1) 92.75 92.36 90.26 Weighted-Average Hedge Price With Ceilings 99.74 101.21 106.15 Weighted-Average…
  23. Credit Suisse Energy Summit – PDC Energy, Inc. – slide 23
    Investment Highlights Significant horizontal projects in inventory Core Wattenberg Niobrara and Codell Utica Shale in SE Ohio West Virginia / Marcellus Capital currently allocated to projects that increase liquids-mix in…
  24. Credit Suisse Energy Summit – PDC Energy, Inc. – slide 24
    Appendix 2/6/2013 25
  25. Credit Suisse Energy Summit – PDC Energy, Inc. – slide 25
    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…
  26. Credit Suisse Energy Summit – PDC Energy, Inc. – slide 26
    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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