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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.
NOTE REGARDING FORWARD-LOOKING STATEMENTS
This press release 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 report are "forward-looking statements." Words such as expect, anticipate, intend, plan, believe, seek, estimate 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 our planned 2019 capital investments, estimated free cash flows in 2019, and our balance sheet and liquidity position.
Although forward-looking statements contained in this press release 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. Because such statements relate to events or conditions further in the future, they are subject to increased levels of uncertainty. Important factors that could cause actual results to differ materially from the forward-looking statements include, but are not limited to:
Further, we urge you to carefully review and consider the cautionary statements and disclosures, specifically those under the heading "Risk Factors," made in our Quarterly Report on Form 10-Q for the quarterly period ended September 30, 2018 filed with the U.S. Securities and Exchange Commission ("SEC") on November 6, 2018, our Annual Report on Form 10-K for the year ended December 31, 2017 filed with the SEC on February 27, 2018 and as amended on May 1, 2018 (the "2017 Form 10-K"), and our other filings with the SEC for further information on risks and uncertainties that could affect our business, financial condition, results of operations and prospects, which are incorporated by this reference as though fully set forth herein. We caution you not to place undue reliance on the forward-looking statements, which speak only as of the date of this report. We undertake no obligation to update any forward-looking statements in order to reflect any event or circumstance occurring after the date of this report or currently unknown facts or conditions or the occurrence of unanticipated events. All forward-looking statements are qualified in their entirety by this cautionary statement.
|Senior Director Investor Relations|
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