Post Tagged with: "pdc"

Source: PDC Energy

PDC Energy to Acquire SRC Energy

By Tyler Losier, Energy Reporter, Oil & Gas 360 PDC Energy to acquire SRC Energy in all-stock transaction valued at approximately $1.7 billion PDC Energy Inc. (stock ticker: PDCE), an independent E&P based out of Denver, has entered into a definitive agreement to acquire SRC Energy Inc. (stock ticker: SRCI), also located in Denver, in an all-stock transaction valued at approximately $1.7 billion, including SRC’s net debt of approximately $685 million as of June 30, 2019. This consideration represents a premium of 6.8% to the 30-day average exchange ratio of 0.148x. Under the terms of the two companies’ agreement, SRC shareholders will receive 0.158 shares of PDC for each share of SRC common stock owned, representing an… Login or click here to subscribe Username or E-mail Password Remember Me     Forgot Password

Source: PDC Energy

All Three PDC Energy Incumbents Win Board Seats

By Tyler Losier, Energy Reporter, Oil & Gas 360   Kimmeridge’s candidates defeated, ending months-long battle PDC Energy, Inc., following its 2019 annual meeting of stockholders, announced today that CEO Barton Brookman, and directors Mark Ellis and Larry Mazza, all incumbent board members, have been re-elected based on a preliminary count of the vote. All three challengers, members of the New York-based private equity firm Kimmeridge Energy Management, were defeated. Source: PDC Energy Q1 2019 Earnings Call According to Bloomberg, Kimmeridge is a 5.1% owner of PDC, and over the past few months, it has argued that PDC’s acquisition and operational strategies were flawed, driving low returns for investors. Consequently… Login or click here to subscribe

Brookman: A Truly Transformational Quarter for PDC

Brookman: A Truly Transformational Quarter for PDC

PDC: Ready to Integrate and Develop Permian Assets in 2017 PDC (ticker: PDCE) CEO Bart Brookman summarized Q3 as a “terrific” quarter for PDC on its 3Q earnings call today. Brookman called for increased production and activity going forward in both the company’s core Wattenberg and Delaware acreage. Third quarter production increased 39% year-over-year to 65,000 BOEPD, despite a 10% year-over-year decline in CapEx, which was $118.0 million. Per Boe lease operating expenses declined 27% year-over-year to $2.33. Forty gross operated wells were turned online, including the company’s first two-mile lateral wells in the Core Wattenberg in Colorado. The company spudded 16 extended reach lateral wells in the Wattenberg, continuing trends seen throughout the basin. Brookman noted that “these projects are becoming increasingly prevalent in our Wattenberg operating plan and will be a key part of our 2017 capital budget when blended with the recent acreage swap.” PDC’s $1.5 Billion[Read More…]

PDC Energy Continues Growth with Strong Balance Sheet

PDC Energy Continues Growth with Strong Balance Sheet

PDC: increased production, reserves and cash from operations PDC Energy (ticker: PDCE, PDCE.com) released its year-end 2015 and fourth quarter operating and financial results, showing increased reserves, production and cash from operations for the year. According to the company’s press release, production from continuing operations increased 65% to 15.2 million barrels of oil equivalent, or 42,100 barrels of oil equivalent per day, from 2014. Very few companies have been able to increase their proved reserves in the current commodity market, with low crude oil prices dragging down the price deck the SEC uses to classify resources. Despite the drop in crude oil prices, PDC was able to book 273 MMBOE of reserves for the year, up 9% from 2014, and 94% of that remains economical at, or above, $30 per barrel oil, according to the company. The company increased its proved undeveloped acreage to 74% from 70% year-over-year with through[Read More…]

Experts Discuss OPEC v. Shale, Lifting Crude Oil Export Ban

Experts Discuss OPEC v. Shale, Lifting Crude Oil Export Ban

On the final day of EnerCom’s The Oil & Gas Conference®, a number of energy experts shared their insight into energy market opportunities. James Constas, EnerCom Managing Director EnerCom Managing Director James Constas gave a presentation called “Saudi America: the Unexpected Swing Producer.” Constas made the case that three primary factors have determined a cartel’s pricing power: a physical commodity, inelastic demand and both the ability and willingness to control its price. Constas said that when OPEC changed its policy from preserving oil price stability to protecting market share last November, the move implicitly shifted control of supply over to North America’s shale producers—making the shale oil industry the unexpected swing producer. As Constas put it, “once a cartel loses control of supply, it loses the ability to set price.” He posed that may be one reason OPEC has avoided production cuts up to this point, “What if OPEC cut[Read More…]