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Summary Overview

PDC Energy is an exploration and production company headquartered in Denver, Colorado focused on value-added organic growth through active horizontal drilling programs and bolt-on acquisitions in its core areas. PDC's operations include production, development, exploration and marketing of crude oil, natural gas and natural gas liquids (“NGLs”). PDC’s portfolio is comprised of the Wattenberg Field in Colorado, the Delaware Basin in West Texas and the Utica Shale in Ohio. The Company’s total 2016 net production increased approximately 44% year-over-year to 22.2 million barrels of oil equivalent ("MMBoe"), which was derived primarily from the Wattenberg Field, and consisted of 61% crude oil and NGLs, and 39% natural gas.

As of year-end 2016, the Company had proved reserves of 341, million barrels of oil equivalent ("MMBoe"), and owned an interest in approximately 2,900 gross productive wells. PDC has a very large inventory of predictable, high-value horizontal locations in the Wattenberg Field (approximately 1,800) that offer significant organic development and long-term growth opportunities. Additionally, the Company has identified 785 horizontal locations in the Delaware Basin through its recent acquisitions.

Well-positioned to Deliver Value

  • 2017 Capital budget is focused on its best rate-of-return drilling in the Middle Core area of the Wattenberg Field as well as development of its Delaware Basin assets with a focus on holding leasehold through drilling
  • Projected to deliver ~40% production growth to 32.0-33.0 MMBoe in 2017
  • Projected 2017 year-end Leverage Ratio, as defined by its credit agreement, of approximately 1.8
  • Strong Liquidity of approximately $900 million as of June 30, 2017
  • Well hedged with approximately 70% of expected crude oil and 65% of natural gas volumes hedged in the second half of 2017
  • Operational control and flexibility; nearly 100% of leasehold held-by-production in Wattenberg