PDC Energy : Goldman Sachs 2022 Global Energy and Clean Technology Conference

GOLDMAN SACHS ENERGY AND CLEAN TECHNOLOGY CONFERENCE

January 2022

Forward-Looking Statements

This presentation contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 ("Securities Act"), Section 21E of the Securities Exchange Act of 1934 ("Exchange Act") and the United States ("U.S.") Private Securities Litigation Reform Act of 1995 regarding our business, financial condition, results of operations and prospects. All statements other than statements of historical fact included in and incorporated by reference into this release are "forward-looking statements." Words such as expect, anticipate, intend, plan, believe, seek, estimate, schedule and similar expressions or variations of such words are intended to identify forward-looking statements herein. Forward-looking statements include, among other things, statements regarding future: production, costs and cash flows; impacts of Colorado political matters, including recent rulemaking initiatives influencing our ability to continue to obtain permits; drilling locations, zones and growth opportunities; commodity prices and differentials; capital expenditures and projects, including the number of rigs employed; cash flows from operations relative to future capital investments; financial ratios and compliance with covenants in our revolving credit facility and other debt instruments; adequacy of midstream infrastructure; the potential amount of shareholder returns through buybacks of shares and/or payments of dividends; ongoing compliance with our consent decree; expected impact from emission reduction initiatives; risk of our counterparties non- performance on derivative instruments; and our ability to fund planned activities.

The above statements are not the exclusive means of identifying forward-looking statements herein. Although forward-looking statements contained in this presentation reflect our good faith judgment, such statements can only be based on facts and factors currently known to us. Forward-looking statements are always subject to risks and uncertainties, and become subject to greater levels of risk and uncertainty as they address matters further into the future. Throughout this presentation or accompanying materials, we may use the term "projection" or similar terms or expressions, or indicate that we have "modeled" certain future scenarios. We typically use these terms to indicate our current thoughts on possible outcomes relating to our business or our industry in periods beyond the current fiscal year. Because such statements relate to events or conditions further in the future, they are subject to increased levels of uncertainty.

Reconciliation of Non-U.S. GAAP Financial Measures

We use "adjusted cash flows from operations," "adjusted free cash flow (deficit)," "adjusted net income (loss)" and "adjusted EBITDAX," non-U.S. GAAP financial measures, for internal management reporting, when evaluating period-to-period changes and, in some cases, in providing public guidance on possible future results. In addition, we believe these are measures of our fundamental business and can be useful to us, investors, lenders and other parties in the evaluation of our performance relative to our peers and in assessing acquisition opportunities and capital expenditure projects. These supplemental measures are not measures of financial performance under U.S. GAAP and should be considered in addition to, not as a substitute for, net income (loss) or cash flows from operations, investing or financing activities and should not be viewed as liquidity measures or indicators of cash flows reported in accordance with U.S. GAAP. The non-U.S. GAAP financial measures that we use may not be comparable to similarly titled measures reported by other companies. In the future, we may disclose different non-U.S. GAAP financial measures in order to help us and our investors more meaningfully evaluate and compare our future results of operations to our previously reported results of operations. We strongly encourage investors to review our financial statements and publicly filed reports in their entirety and to not rely on any single financial measure.

Adjusted cash flows from operations and adjusted free cash flow (deficit). We believe adjusted cash flows from operations can provide additional transparency into the drivers of trends in our operating cash flows, such as production, realized sales prices and operating costs, as it disregards the timing of settlement of operating assets and liabilities. We believe adjusted free cash flow (deficit) provides additional information that may be useful in an investor analysis of our ability to generate cash from operating activities from our existing oil and gas asset base to fund exploration and development activities and to return capital to stockholders in the period in which the related transactions occurred. We exclude from this measure cash receipts and expenditures related to acquisitions and divestitures of oil and gas properties and capital expenditures for other properties and equipment, which are not reflective of the cash generated or used by ongoing activities on our existing producing properties and, in the case of acquisitions and divestitures, may be evaluated separately in terms of their impact on our performance and liquidity. Adjusted free cash flow is a supplemental measure of liquidity and should not be viewed as a substitute for cash flows from operations because it excludes certain required cash expenditures. For example, we may have mandatory debt service requirements or other non-discretionary expenditures which are not deducted from the adjusted free cash flow measure.

We are unable to present a reconciliation of forward-looking adjusted cash flow because components of the calculation, including fluctuations in working capital accounts, are inherently unpredictable. Moreover, estimating the most directly comparable GAAP measure with the required precision necessary to provide a meaningful reconciliation is extremely difficult and could not be accomplished without unreasonable effort. We believe that forward-looking estimates of adjusted cash flow are important to investors because they assist in the analysis of our ability to generate cash from our operations.

Adjusted net income (loss). We believe that adjusted net income (loss) provides additional transparency into operating trends, such as production, realized sales prices, operating costs and net settlements on commodity derivative contracts, because it disregards changes in our net income (loss) from mark-to-market adjustments resulting from net changes in the fair value of our unsettled commodity derivative contracts, and these changes are not directly reflective of our operating performance.

Adjusted EBITDAX. We believe that adjusted EBITDAX provides additional transparency into operating trends because it reflects the financial performance of our assets without regard to financing methods, capital structure, accounting methods or historical cost basis. In addition, because adjusted EBITDAX excludes certain non-cash expenses, we believe it is not a measure of income, but rather a measure of our liquidity and ability to generate sufficient cash for exploration, development, and acquisitions and to service our debt obligations.

January 2022	2

PDC Strategy Focused on Significant Value-Creation

Focus on Execution

Sustainable Adjusted FCF(1) Generation

Through-the-Cycle Balance Sheet Strength

Committed to Corporate Social Responsibility

Consistent Returns

of Capital to Shareholders

Modest Growth

Wattenberg Field

~175,000 Boe/d(2)

Delaware Basin

~29,500 Boe/d(2)

PDC Market Snapshot(3)

Nasdaq Symbol	PDCE
Market Cap	$5.0 billion
Net Debt(4)	$950 million
Enterprise Value	$6.0 billion
Shares Outstanding	~96.5 million
Total Liquidity	~$1.5 billion
Base Dividend Yield	1.0%

January 2022	(1) Adjusted FCF defined as net cash from operating activities, before changes in working capital, less oil & gas capital investments; Production = 3Q21; (3) As of	3
12/31/2021; dividend yield represents annualized $0.12 per share quarterly payment, does not include $0.50 per share special dividend; (4) As of 12/1/21

Successful Track Record of Execution

•	Generated more than $750
	million of FCF over past 4
	quarters
•	Consistent, meaningful levels
	of quarterly FCF

Free Cash Flow (millions)

$268

$228

$161

$176

$165

3Q20

4Q20

1Q21

2Q21

3Q21

•	Paid down ~$650 million of
	total debt in 2021
•	Achieved goal of net debt
	reaching $1 billion ahead of
	schedule

$1,735

Net Debt (millions)

$1,620

$1,375$1,343

$950

3Q20

4Q20

1Q21

2Q21

12/1/2021

January 2022	(1) As of 12/1/21	4

Significant Debt Reduction Throughout 2021

As of December 1, 2021

Balance Sheet

• Reduced net debt by more than 40% since YE20
• • Paid off $160 million revolver balance
  • Retired $200 million convertible notes
  • Partially redeemed $200 million 2024 Sr. Notes
  • Early redemption of $102 million 2025 Sr. Notes

Hedge Update

• 2022 program nearing completion
• • 45-50%oil hedged at ~$50/bbl
• Began layering in 2023 and 2024 hedges

$2,000

$1,500

$1,000

$500

$0

Total Debt: ~$950 million

$1,500MM Credit Facility

5.75% Senior

Notes

6.125%$750MM Senior

Notes

$200MM

2021

2022

2023

2024

2025

2026

2027

2028

January 2022	5