DENVER, Feb. 22, 2019 (GLOBE NEWSWIRE) — PDC Energy, Inc. (“PDC” or the “Company”) (NASDAQ: PDCE) today issued the following statement in response to the public filing of a Schedule 13D by Kimmeridge Energy Management Company (“Kimmeridge”):
PDC is open to the views and opinions of all shareholders. We take constructive suggestions seriously, and regularly review the Company’s portfolio, strategy and structure to drive value creation. While we typically do not comment on interactions with individual shareholders, it is important to note that members of our Board and management team have held numerous discussions and meetings with Kimmeridge to better understand their views.
PDC is well positioned with a strong portfolio in the core Wattenberg Field in Colorado and the Delaware Basin in Texas. The Company is capitalizing on its unique assets through capital efficiency, financial discipline and technological innovation, while prioritizing employee safety and responsible and sustainable development.
The Company recently announced its operating plan and guidance for 2019, which highlights the strength of PDC’s portfolio and focus on capital discipline. We expect to increase production by 20% year-over-year and generate positive free cash flow, even while reducing capital investment by $150 million. We also plan to maintain a strong balance sheet with ample liquidity. We will provide more detail on our 2018 results, 2019 guidance and expectations for 2020 on our year-end 2018 earnings call on Thursday, February 28, 2019.
As we continue to execute on our operational and financial goals, the Board and management team of PDC will remain committed to acting in the best interest of the Company and all PDC shareholders.
J.P. Morgan is serving as financial advisor to PDC and Davis Graham & Stubbs LLP and Wachtell, Lipton, Rosen & Katz are serving as legal advisors.
About PDC Energy, Inc.
PDC Energy, Inc. is a domestic independent exploration and production company that acquires, explores and develops properties for the production of crude oil, natural gas and NGLs, with operations in the Wattenberg Field in Colorado and the Delaware Basin in Reeves and Culberson Counties, Texas. PDC’s operations are focused in the horizontal Niobrara and Codell plays in the Wattenberg Field and in the Wolfcamp zones in the Delaware Basin.