DUG East Conference 2010
November 3, 2010
Disclaimer
Thefollowinginformationcontainsforward-lookingstatementswithinthemeaningofthePrivateSecuritiesLitigationReformActof1995.Theseforward-lookingstatementsarebasedon
Management’s
currentexpectationsandbeliefs,aswellasanumberofassumptionsconcerningfutureevents.ThesestatementsarebasedoncertainassumptionsandanalysesmadebyManagementinlightofitsexperienceanditsperceptionofhistoricaltrends,currentconditionsandexpectedfuturedevelopmentsaswellasotherfactorsitbelievesareappropriateinthecircumstances.However,whetheractualresultsanddevelopmentswillconformwith
Management’s
expectationsandpredictionsissubjecttoanumberofrisksanduncertainties,generaleconomic,marketorbusinessconditions;theopportunities(orlackthereof)thatmaybepresentedtoandpursuedbyPetroleumDevelopmentCorporation;actionsbycompetitors;changesinlawsorregulations;andotherfactors,manyofwhicharebeyondthecontrolofPetroleumDevelopmentCorporation.Youarecautionednottoputunduerelianceonsuchforward-lookingstatementsbecauseactualresultsmayvarymateriallyfromthoseexpressedorimplied,asmorefullydiscussedinoursafeharborstatementsfoundinourSECfilings,including,withoutlimitation,thediscussionundertheheading
“RiskFactors”
inthe
Company’s
2009annualreportonForm10-KandinsubsequentForm10-Qs.Allforward-lookingstatementsarebasedoninformationavailabletoManagementonthisdateandPetroleumDevelopmentCorporationassumesnoobligationto,andexpresslydisclaimsanyobligationto,updateorreviseanyforwardlookingstatements,whetherasaresultofnewinformation,futureeventsorotherwise.TheSECpermitsoilandgascompaniestodiscloseintheirfilingswiththeSECprovedreserves,probablereservesandpossiblereserves.SECregulationsdefine
“provedreserves”
asthosequantitiesofoilorgaswhich,byanalysisofgeosciencesandengineeringdata,canbeestimatedwithreasonablecertaintytobeeconomicallyproducibleinfutureyearsfromknownreservoirsunderexistingeconomicconditions,operatingmethodsandgovernmentregulations;
“probablereserves”
asunprovedreserveswhich,togetherwithprovedreserves,areaslikelyasnottoberecovered;and
“possiblereserves”
asunprovedreserveswhicharelesscertaintoberecoveredthanprobablereserves.EstimatesofprobableandpossiblereserveswhichmaypotentiallyberecoverablethroughadditionaldrillingorrecoverytechniquesarebynaturemoreuncertainthanestimatesofprovedreservesandaccordinglyaresubjecttosubstantiallygreaterriskofnotactuallybeingrealizedbytheCompany.Inaddition,the
Company’s
reservesandproductionforecastsandexpectationsforfutureperiodsaredependentuponmanyassumptions,includingestimatesofproductiondeclineratesfromexistingwellsandtheundertakingandoutcomeoffuturedrillingactivity,whichmaybeaffectedbysignificantcommoditypricedeclinesordrillingcostincreases.Thismaterialalsocontainscertainnon-GAAPfinancialmeasuresasdefinedundertheSecuritiesandExchangeCommissionrules.211/3/2010
Corporate Profile
11/3/20103
Corporate Summary
•
PDC Energy is an independent oil and naturalgas company with operations primarily in theRocky Mountain region, Appalachian Basin andPermianBasin
•
PDC was founded in 1969 in Bridgeport, WVand is headquartered in Denver, CO
Enterprise Value
09/30/200909/30/2010
Share Price
$18.66 $27.60
Diluted Share Outstanding
(MM)
14.8 19.3
Market Capitalization ($MM)
$276$533
52-Week High ($/share)
$44.37 $30.36
52-Week Low ($/share)
$9.70 $16.44
Capitalization
06/30/200906/30/2010
Net Debt Total
$397$218
Common Equity
476 516
Minority Interest
(1)
1 -
Total Capitalization ($MM)
$873 $734
Debt Ratios:
Debt/EBITDAX (LTM) 1.88x 1.28xSenior Debt/EBITDAX (LTM) 0.90x 1.08xEBITDAX/ Interest Net (LTM) 6.5x 5.3xDebt/Book Cap47%32%
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