Attached files
| file | filename |
|---|---|
| 8-K - 8-K - PDC ENERGY, INC. | pdc8k_20100304-2.htm |
NASDAQ:PETD
PETROLEUM
DEVELOPMENT
CORPORATION
CORPORATION
2009
Fourth Quarter
and Year-End Teleconference
and Year-End Teleconference
March
4, 2010
•Richard W.
McCullough, Chairman & CEO
•Barton R. Brookman,
SVP Exploration & Production
•Gysle R. Shellum,
Chief Financial Officer
See
Slide 2 regarding Forward Looking Statements
The
following information contains forward-looking statements within the meaning of
the Private Securities Litigation Reform Act
of 1995. These forward-looking statements are based on Management’s current expectations and beliefs, as well as a number
of assumptions concerning future events.
of 1995. These forward-looking statements are based on Management’s current expectations and beliefs, as well as a number
of assumptions concerning future events.
These
statements are based on certain assumptions and analyses made by Management in
light of its experience and its
perception of historical trends, current conditions and expected future developments as well as other factors it believes are
appropriate in the circumstances. However, whether actual results and developments will conform with Management’s
expectations and predictions is subject to a number of risks and uncertainties, general economic, market or business
conditions; the opportunities (or lack thereof) that may be presented to and pursued by Petroleum Development Corporation;
actions by competitors; changes in laws or regulations; and other factors, many of which are beyond the control of Petroleum
Development Corporation.
perception of historical trends, current conditions and expected future developments as well as other factors it believes are
appropriate in the circumstances. However, whether actual results and developments will conform with Management’s
expectations and predictions is subject to a number of risks and uncertainties, general economic, market or business
conditions; the opportunities (or lack thereof) that may be presented to and pursued by Petroleum Development Corporation;
actions by competitors; changes in laws or regulations; and other factors, many of which are beyond the control of Petroleum
Development Corporation.
You are
cautioned not to put undue reliance on such forward-looking statements because
actual results may vary materially
from those expressed or implied, as more fully discussed in our safe harbor statements found in our SEC filings, including,
without limitation, the discussion under the heading “Risk Factors” in the Company’s 2009 annual report on Form 10-K and in
subsequent Form 10-Qs. All forward-looking statements are based on information available to Management on this date
and Petroleum Development Corporation assumes no obligation to, and expressly disclaims any obligation to, update
or revise any forward looking statements, whether as a result of new information, future events or otherwise.
from those expressed or implied, as more fully discussed in our safe harbor statements found in our SEC filings, including,
without limitation, the discussion under the heading “Risk Factors” in the Company’s 2009 annual report on Form 10-K and in
subsequent Form 10-Qs. All forward-looking statements are based on information available to Management on this date
and Petroleum Development Corporation assumes no obligation to, and expressly disclaims any obligation to, update
or revise any forward looking statements, whether as a result of new information, future events or otherwise.
The SEC
permits oil and gas companies to disclose in their filings with the SEC only
proved reserves, which are reserve
estimates that geological and engineering data demonstrate with reasonable certainty to be recoverable in future years from
known reservoirs under existing economic and operating conditions. The Company uses in this presentation the terms
“probable” and “possible” reserves. Probable reserves are unproved reserves that are more likely than not to be recoverable.
Possible reserves are unproved reserves that are less likely to be recoverable than probable reserves. Estimates of probable
and possible reserves which may potentially be recoverable through additional drilling or recovery techniques are by nature
more uncertain than estimates of proved reserves and accordingly are subject to substantially greater risk of not actually being
realized by the Company. In addition, the Company’s reserves and production forecasts and expectations for future periods are
dependent upon many assumptions, including estimates of production decline rates from existing wells and the undertaking and
outcome of future drilling activity, which may be affected by significant commodity price declines or drilling cost increases.
estimates that geological and engineering data demonstrate with reasonable certainty to be recoverable in future years from
known reservoirs under existing economic and operating conditions. The Company uses in this presentation the terms
“probable” and “possible” reserves. Probable reserves are unproved reserves that are more likely than not to be recoverable.
Possible reserves are unproved reserves that are less likely to be recoverable than probable reserves. Estimates of probable
and possible reserves which may potentially be recoverable through additional drilling or recovery techniques are by nature
more uncertain than estimates of proved reserves and accordingly are subject to substantially greater risk of not actually being
realized by the Company. In addition, the Company’s reserves and production forecasts and expectations for future periods are
dependent upon many assumptions, including estimates of production decline rates from existing wells and the undertaking and
outcome of future drilling activity, which may be affected by significant commodity price declines or drilling cost increases.
This
material also contains certain non-GAAP financial measures as defined under the
Securities and Exchange Commission
rules.
rules.
Disclaimer
2
See
Slide 2 regarding Forward Looking Statements
Rick
McCullough
Chairman & Chief
Executive Officer
3
See
Slide 2 regarding Forward Looking Statements
(1)
Appalachian Basin (Marcellus and Shallow Devonian) JV
(2)
EBITDAX and Cash Flow estimates as per analyst consensus
• Petroleum
Development Corporation is an
independent oil and natural gas company
with operations primarily in the Rocky
Mountain region, Appalachian Basin and
Michigan Basin
independent oil and natural gas company
with operations primarily in the Rocky
Mountain region, Appalachian Basin and
Michigan Basin
• PDC was founded in
1969 in Bridgeport, WV
and is now headquartered in Denver, CO
and is now headquartered in Denver, CO
Corporate
Summary
Enterprise
Value
Capitalization
Corporate
Profile
|
Share
Price (3/1/10)
|
$ 24.25
|
|
Diluted
Share Outstanding (MM)
|
19.2
|
|
Market
Capitalization ($MM)
|
$ 466
|
|
Total
Debt @ 12/31/09
|
281
|
|
Minority
Interest (1)
@ 12/31/09
|
48
|
|
Less:
Cash @ 12/31/09
|
(32)
|
|
Enterprise
Value @ 12/31/09
|
$ 763
|
|
52-Week
High ($/share)
|
$ 24.25
|
|
52-Week
Low ($/share)
|
$ 9.39
|
|
|
Pro
Forma
|
|
|
12/31/2009
|
|
Capitalization:
($MM)
|
|
|
Cash
|
$ 32
|
|
Debt:
|
|
|
Credit
Facility: $305MM Borrowing Base
|
80
|
|
12%
Senior Notes due 2018
|
201
|
|
Total
Debt
|
281
|
|
Common
Equity
|
491
|
|
Minority
Interest (1)
|
48
|
|
Total
Capitalization
|
$ 820
|
|
Debt
Ratios:
|
|
|
Debt/EBITDAX
(LTM) (2)
|
1.54x
|
|
Senior
Debt/EBITDAX (LTM) (2)
|
0.72x
|
|
EBITDAX/
Interest Net (LTM) (2)
|
4.9x
|
|
Debt/Book
Cap
|
34%
|
4
See
Slide 2 regarding Forward Looking Statements
Fourth
Quarter 2009 Highlights
5
Strong cash
flow
• Realized prices
above plan - $53.8 million revenue on 10 Bcfe
production
production
• Realized hedge gains
added $24.6 million to total revenue
• Fourth quarter
adjusted cash flow contributed 33% of annual
adjusted cash flow
adjusted cash flow
Strong gross
operating margins
• Year-over-year lease
operating costs (including production
taxes) decreased 28% per Mcfe
taxes) decreased 28% per Mcfe
Quarterly adjusted
net loss essentially break even at $700,000
• Quarterly loss
includes impact of $7.9 million in JV formation
expense
expense
See
Slide 2 regarding Forward Looking Statements
2010
Presents Optimal Opportunities
• 2009 - solid growth
year
– Double digit
production growth
– Hedges provided
substantial relative price realizations
which protected cash flow
which protected cash flow
– Reduction of
operating costs by 18%
– Improved liquidity,
and improved balance sheet coverage
and leverage metrics
and leverage metrics
• 2010 will present
optimal opportunities
– Strong hedge
positions exist for 2010 and beyond
– CAPEX increase
30-40%, to $150 million
– Poised for increased
organic drilling (Marcellus,
Wattenberg, Piceance), partnership repurchases, and/or
acquisitions
Wattenberg, Piceance), partnership repurchases, and/or
acquisitions
6
See
Slide 2 regarding Forward Looking Statements
Bart
Brookman
SVP -
Exploration and Production
7
See
Slide 2 regarding Forward Looking Statements
Core
Operating Regions
See
Slide 2 regarding Forward Looking Statements
2009
Proved Reserves:
641
Bcfe
641
Bcfe
Rocky
Mountains
2009
Proved Reserves:
15 Bcfe
15 Bcfe
2009
Production:
1.4 Bcfe
1.4 Bcfe
Michigan
Basin
2009
Proved Reserves*:
61
Bcfe
61
Bcfe
2009
Production:
4.1
Bcfe
4.1
Bcfe
2010E
Production:
3.2
Bcfe
3.2
Bcfe
Appalachian
Basin
2009
Proved Reserves
717
Bcfe
Appalachian
Basin (9%)*
2009
Production
43.3
Bcfe
Michigan
Basin (3%)
Basin (3%)
Appalachian
Basin (9%)
Rocky
Mountains (87%)
Mountains (87%)
*Appalachian
Basin includes 100% of PDC Mountaineer, LLC Reserves at Year-End
2009
8
See
Slide 2 regarding Forward Looking Statements
Operating
Highlights
2009
Drilling Activity
Gross
Wells Drilled 100
Net
Wells Drilled 79
Net
Development 71
Net
Exploratory 8
2010
Forecasted Drilling Activity
Gross
Wells 252
Net
Wells 204
9
• 2009
Production increased
12% to 43.3 Bcfe
12% to 43.3 Bcfe
• 2009
Proved Reserves
decreased 5% to 717 Bcfe
decreased 5% to 717 Bcfe
Annual
Drilling Activity
2010E
See
Slide 2 regarding Forward Looking Statements
Net
Production
•Partnership
Buybacks
Buybacks
•Aceite
Acquisition
Acquisition
•Castle
Acquisition
Acquisition
•End
of
Partnership
Drilling
Partnership
Drilling
•65%
CAPEX
Reduction
CAPEX
Reduction
•Marcellus/
Appalachia
Joint
Venture
Appalachia
Joint
Venture
•Significant
Increase in
Drilling
Activity
Increase in
Drilling
Activity
•Piceance
Divestiture
Divestiture
•EXCO
Acquisition
Acquisition
•Unioil
Acquisition
Acquisition
**2004-09
CAGR of 27%**
10
See
Slide 2 regarding Forward Looking Statements
11
Quarterly
Net Production
2010
Production Guidance
E
See
Slide 2 regarding Forward Looking Statements
Production
By Area - Bcfe
12
|
Area
|
2008
|
2009
|
%
Increase/
(Decrease)
|
2010E
|
%
Increase/
(Decrease)
|
|
Wattenberg
|
15.4
|
16.3
|
6%
|
14.1
|
-13%
|
|
Piceance
|
12.5
|
15.8
|
26%
|
11.9
|
-25%
|
|
NECO
|
5.0
|
5.3
|
6%
|
4.7
|
-11%
|
|
Appalachia
|
3.9
|
4.1
|
5%
|
3.2
|
-17%
|
|
Other
(ND, TX, WY, MI)
|
1.9
|
1.8
|
5%
|
1.6
|
-11%
|
|
TOTAL
|
38.7
|
43.3
|
12%
|
35.7
|
-18%
|
Bcfe =
One billion cubic feet of natural gas equivalent.
See
Slide 2 regarding Forward Looking Statements
13
YE2009
Proved Reserves
• Proved reserves
declined 5% from 2008 levels
• PDP declined 6% from
2008, however, 58% of production was replaced despite a
significant reduction in CAPEX for 2009
significant reduction in CAPEX for 2009
• New SEC valuation
methodology for commodity pricing and 5-year PUD booking
rules impacted 2009 year-end reserves
rules impacted 2009 year-end reserves
• New SEC methodology
for resource bookings, cost improvements, and operational
results provided growth in certain areas
results provided growth in certain areas
• Conservative booking
of Marcellus reserves
(1)
Independent reserve engineer’s estimates.
Summary Reserve Data
Proved
Reserves (Bcfe)(1)
Area
2008
YE
2009
YE
%
Growth
%
Developed
%
Natural Gas
Rockies
620
641
3%
35%
83%
Appalachia
113
61
(46%)
90%
100%
Michigan
20
15
(25%)
100%
98%
Total
753
717
(5%)
41%
85%
See
Slide 2 regarding Forward Looking Statements
YE2009
Proved Reserves
By Area - Bcfe
By Area - Bcfe
14
|
|
PDP
|
PDNP
|
PUD
|
Total
Proved
|
||||
|
Area
|
2008
|
2009
|
2008
|
2009
|
2008
|
2009
|
2008
|
2009
|
|
Wattenberg
|
79
|
89
|
1
|
1
|
119
|
140
|
199
|
230
|
|
Piceance
|
107
|
103
|
6
|
0
|
260
|
275
|
373
|
378
|
|
NECO
|
40
|
31
|
3
|
0
|
5
|
0
|
48
|
31
|
|
Appalachia
|
53
|
42
|
21
|
13
|
39
|
6
|
113
|
61
|
|
Other
|
20
|
16
|
0
|
1
|
0
|
0
|
20
|
17
|
|
TOTAL
|
299
|
281
|
31
|
15
|
423
|
421
|
753
|
717*
|
|
%
Total Proved
|
40%
|
39%
|
4%
|
2%
|
56%
|
59%
|
100%
|
100%
|
Bcfe =
One billion cubic feet of natural gas equivalent.
* Using
year-end spot pricing methodology, as was used at year-end 2008, total reported
reserves would have been 811 Bcfe.
See
Slide 2 regarding Forward Looking Statements
YE2009
3P Reserves(1)
By Area - Bcfe
By Area - Bcfe
15
|
|
Total
Proved
|
Proved
+ Probable
|
Proved
+ Probable
+
Possible
|
|||
|
Area
|
2008
|
2009
|
2008
|
2009
|
2008
|
2009
|
|
Wattenberg
|
199
|
230
|
236
|
305
|
241
|
332
|
|
Piceance
|
373
|
378
|
486
|
449
|
538
|
465
|
|
NECO
|
48
|
31
|
57
|
31
|
74
|
31
|
|
Appalachia
|
113
|
61
|
126
|
113
|
136
|
145
|
|
Other
|
20
|
17
|
20
|
17
|
20
|
17
|
|
TOTAL
|
753
|
717
|
925
|
915
|
1,009
|
990
|
Bcfe =
One billion cubic feet of natural gas equivalent.
(1) 3P
estimates are non-SEC.
See
Slide 2 regarding Forward Looking Statements
2010
Proposed Net Capital Budget
16
(1)
Subject to bi-annual approval by PDC Mountaineer Board of Directors. 2010
CAPEX funded by PDC Mountaineer
partner, PDC has no capital investment obligation.
partner, PDC has no capital investment obligation.
See
Slide 2 regarding Forward Looking Statements
17
Marcellus
•16
Verticals
•10
Horizontals
Shallow
Devonian
•50
Recompletes
•29
Workovers
NECO
•25
New Drills
•50
Workovers
Wattenberg
•180
New Drills
-138
Operated New Drills
-42
Non-Op New Drills
•12
Refracs/Recompletes
Piceance
•21
New Drills
-11
Mesa
-10
Valley
See
Slide 2 regarding Forward Looking Statements
PDC
has over 2,200 identified
projects in Inventory
projects in Inventory
See
Slide 2 regarding Forward Looking Statements
2010
Operations Guidance
• Production of 35.7
Bcfe
• CAPEX of
$150MM
• PDC Mountaineer
CAPEX of $64.5MM to be funded
by JV partner
by JV partner
• 252 developmental
wells
• First horizontal
Marcellus well to spud in early March
• Production expected
to increase in Q4 to YE2009
levels
levels
• Financial
flexibility to expand core developmental
drilling, re-purchase partnerships, or acquire
properties
drilling, re-purchase partnerships, or acquire
properties
18
See
Slide 2 regarding Forward Looking Statements
Gysle
Shellum
Chief
Financial Officer
19
See
Slide 2 regarding Forward Looking Statements
Summary
Financial Results
($ in millions except per share data)
($ in millions except per share data)
(1) O&G operating
margin is defined as O&G revenue less O&G production and well operations
costs.
(2) See appendix for
GAAP reconciliation of Adjusted Cash Flow and Adjusted EBITDA,
respectively.
(3) Includes
non-recurring items related to the Q4 joint venture, EVP separation agreement,
and corporate office relocation costs.
20
|
|
Three
Months Ended
|
Year
Ended
|
||
|
December
31,
|
December
31,
|
|||
|
|
2009
|
2008
|
2009
|
2008
|
|
O&G
Revenues
|
$53.8
|
$56.3
|
$179.1
|
$321.9
|
|
O&G
Production & Well Operations Costs
|
$19.1
|
$17.2
|
$64.7
|
$79.4
|
|
O&G
Operating Margin(1)
|
$34.7
|
$39.1
|
$114.4
|
$242.5
|
|
Adjusted
cash flow from operations(2)
|
$55.5
|
$41.2
|
$170.2
|
$199.9
|
|
Adjusted
EBITDA(2)
|
$38.8
|
$34.9
|
$159.7
|
$189.4
|
|
Adjusted
cash flow from operations (per
share) (2) |
$2.90
|
$2.79
|
$10.35
|
$13.46
|
|
DD&A
|
$30.2
|
$32.7
|
$131.0
|
$104.6
|
|
G&A(3)
|
$17.5
|
$10.6
|
$54.0
|
$37.7
|
See
Slide 2 regarding Forward Looking Statements
Summary
Financial Results
($ in millions except per share data)
($ in millions except per share data)
|
|
Three
Months Ended
December 31, |
Year
Ended
December 31, |
||
|
|
2009
|
2008
|
2009
|
2008
|
|
Income
(loss) from operations
|
($13.8)
|
$74.7
|
($90.0)
|
$195.7
|
|
Net
Income (loss) attributable to
shareholders |
($16.0)
|
$41.1
|
($79.3)
|
$113.3
|
|
Diluted
earnings (loss) per share
attributable to shareholders |
($0.84)
|
$2.78
|
($4.82)
|
$7.63
|
|
|
Three
Months Ended
December 31, |
Year
Ended
December 31, |
||
|
|
2009
|
2008
|
2009
|
2008
|
|
Adjusted
net income (loss) (1)
|
($0.7)
|
($4.3)
|
($2.9)
|
$39.7
|
|
Adjusted
earnings (loss) per share (1)
|
($0.04)
|
($0.29)
|
($0.18)
|
$2.67
|
21
(1)
Excludes unrealized derivative gains & losses.
See
Slide 2 regarding Forward Looking Statements
22
Adjusted
Cash Flow
From Operations
From Operations
2008
2007
2009
• Adjusted cash flow
from
operations represents cash flow
from operations before normal
working capital changes
operations represents cash flow
from operations before normal
working capital changes
• Incorporates impact
of hedging
gains
gains
• CAPEX reduced 66% in
2009
See
Slide 2 regarding Forward Looking Statements
23
• $305 million
revolver matures
in November 2012
in November 2012
• Maturity schedule
reflects:
– Mitigation of
liquidity risk
– Diversification of
funding
sources
sources
• As of December 31,
2009:
– $80 MM drawn
balance
– $18.7 MM undrawn
L.O.C
– $31.9 MM cash
balance
– $238.2 MM available
liquidity
• Borrowing base
redetermination
will occur in May 2010
will occur in May 2010
Debt
Maturity Schedule
(As of December 31, 2009)
(As of December 31, 2009)
2009
2010
2011
2012
2013
2014
2015
2016
2017
2018
$80
$203
$305
See
Slide 2 regarding Forward Looking Statements
See
Slide 2 regarding Forward Looking Statements
Energy
Market Exposure
Percentage
of Mcfe Sold by Market
(as of December 31, 2009)
(as of December 31, 2009)
See
Slide 2 regarding Forward Looking Statements
24
See
Slide 2 regarding Forward Looking Statements
Oil
and Gas Hedges
in Place as of March 1, 2010
in Place as of March 1, 2010
(1) Based
on 12/31/09 PDP
(2) Based
on forward curves as of 3/1/2010
(3) Blended
price for forecasted production at hedged and at forward prices
25
See
Slide 2 regarding Forward Looking Statements
|
|
|
2010
|
2011
|
2012
|
2013
|
|
Weighted
Average Hedge Price (Mcfe) (1)
|
|||||
|
With
Floors
|
$7.60
|
$6.87
|
$6.39
|
$6.39
|
|
|
With
Ceilings
|
$8.43
|
$7.76
|
$7.97
|
$8.21
|
|
|
%
of Forecasted Production(1)
|
89%
|
74%
|
66%
|
65%
|
|
|
Weighted Avg
Forward Price(2)
|
$6.22
|
$6.78
|
$7.04
|
$7.17
|
|
|
Weighted Avg
Price of Forecasted
Production(3) |
$7.45
|
$6.85
|
$6.61
|
$6.66
|
|
See
Slide 2 regarding Forward Looking Statements
26
Average
Annual Costs Related to
Oil and Gas Drilling (per Mcfe)
Oil and Gas Drilling (per Mcfe)
|
|
Three
Months Ended
December
31,
|
Year
Ended
December
31,
|
||
|
|
2009
|
2008
|
2009
|
2008
|
|
Average
lifting costs (1)
|
$0.98
|
$1.09
|
$0.83
|
$1.07
|
|
DD&A
(O&G
Properties Only)
|
$2.82
|
$2.73
|
$2.83
|
$2.51
|
(1) Lifting costs
represent natural gas and oil lease operating expenses, exclusive of production
taxes, on a per unit basis.
See
Slide 2 regarding Forward Looking Statements
A
P P E N D I X
27
See
Slide 2 regarding Forward Looking Statements
28
2009
Summary
Natural
Gas Equivalent(1)
Natural
Gas Equivalent(1)
Oil
& Gas Production and Well
Operations Costs(2)
Operations Costs(2)
(Bcfe)
($/Mcfe)
($MM)
Capital
Spending
• Increased
production by 12% and reduced L.O.E $/Mcfe by just under 30%.
• Improved L.O.E
$/Mcfe should be sustainable beyond 2009 and should improve incremental capital
investment
returns.
returns.
1)
Average Sales Price excluding gain/loss on derivatives
2)
Includes direct and indirect well expenses, production taxes, and overhead and
other production expenses.
See
Slide 2 regarding Forward Looking Statements
Adjusted
Net Income Reconciliation
($ in millions)
($ in millions)
29
(1) Includes natural gas
marketing activities.
|
|
Three
Months Ended
|
Year
Ended
|
||
|
December
31,
|
December
31,
|
|||
|
|
2009
|
2008
|
2009
|
2008
|
|
Net
Income (loss) attributable to
shareholders |
($16.0)
|
$41.1
|
($79.3)
|
$113.3
|
|
Unrealized
loss (gain) on derivatives, net (1)
|
20.9
|
(72.2)
|
116.6
|
(117.5)
|
|
Provision
for underpayment of gas sales
|
0.1
|
-
|
2.7
|
4.0
|
|
Tax
effect of above adjustment
|
(5.7)
|
26.8
|
(43.0)
|
39.9
|
|
Adjusted
Net Income (loss) attributable to
shareholders |
($0.7)
|
($4.3)
|
($2.9)
|
$39.7
|
|
Weighted
average diluted shares
outstanding |
19,172
|
14,791
|
16,448
|
14,848
|
|
Adjusted
diluted earnings (loss) per share
|
($0.04)
|
($0.29)
|
($0.18)
|
$2.67
|
See
Slide 2 regarding Forward Looking Statements
Adjusted
Cash Flow Reconciliation
($ in millions)
($ in millions)
30
|
|
Three
Months Ended
|
Year
Ended
|
||
|
December
31,
|
December
31,
|
|||
|
|
2009
|
2008
|
2009
|
2008
|
|
Net
Cash provided by operating activities
|
$43.9
|
$35.3
|
$143.9
|
$139.1
|
|
Changes
in assets and liabilities related to
operations |
11.6
|
5.9
|
26.3
|
60.8
|
|
Adjusted
cash flow from operations
|
$55.5
|
$41.2
|
$170.2
|
$199.9
|
|
Weighted
average diluted shares
outstanding |
19,172
|
14,791
|
16,448
|
14,848
|
|
Adjusted
cash flow per share
|
$2.90
|
$2.79
|
$10.35
|
$13.46
|
See
Slide 2 regarding Forward Looking Statements
Adjusted
EBITDA Reconciliation
($ in millions)
($ in millions)
(1) Includes natural gas
marketing activities.
31
|
|
Three
Months Ended
|
Year
Ended
|
||
|
December
31,
|
December
31,
|
|||
|
|
2009
|
2008
|
2009
|
2008
|
|
Net
Income (loss) attributable to
shareholders |
($16.0)
|
$41.1
|
($79.3)
|
$113.3
|
|
Unrealized
loss (gain) on derivatives, net (1)
|
20.9
|
(72.2)
|
116.6
|
(117.5)
|
|
Interest,
net
|
10.2
|
8.9
|
37.0
|
27.5
|
|
Income
taxes expense (benefit)
|
(6.5)
|
24.4
|
(45.6)
|
61.5
|
|
Depreciation,
depletion & amortization
|
30.2
|
32.7
|
131.0
|
104.6
|
|
Adjusted
EBITDA
|
$38.8
|
$34.9
|
$159.7
|
$189.4
|
|
Weighted
average diluted shares
outstanding |
19,172
|
14,791
|
16,448
|
14,848
|
|
Adjusted
EBITDA per share
|
$2.02
|
$2.36
|
$9.71
|
$12.76
|
NASDAQ:PETD
PETROLEUM
DEVELOPMENT
CORPORATION
CORPORATION
2009
Fourth Quarter
and Year-End Teleconference
and Year-End Teleconference
March
4, 2010