PDC Energy Files Presentation to Set the Record Straight
Highlights Kimmeridge’s Faulty Assertions and Ongoing Efforts to Mislead PDC Shareholders
Urges Shareholders to Vote “For” All Three of Company’s Nominees on the WHITE Proxy Card
PDC President and Chief Executive Officer, Bart Brookman commented, “Kimmeridge previously advocated dangerous ideas – such as recklessly slashing necessary investments in operations, initiating an excessive dividend, and pursuing self-serving M&A opportunities. Now that those suggestions have been rejected by analysts and investors, Kimmeridge has resorted to presenting flawed analyses in an effort to mislead PDC shareholders. We continue to urge all PDC shareholders to protect the value of their investment by voting on the WHITE proxy card “FOR” all three of the Company’s nominees.”
Highlights of PDC’s presentation include:
- PDC is a best-in-class operator in the Wattenberg area of the
DJ Basin, which makes up more than 75% of the Company’s production and proved reserves;
- PDC’s wells in the
Delawareare among the most prolific in the basin, and PDC is achieving well cost reductions and operational efficiency in the Delawareby successfully applying similar operational improvements it has refined on its Wattenberg acreage;
- PDC has significantly improved upon Kimmeridge’s operations in the
Delaware Basinpost its acquisition, as evidenced in multiple areas, including superior well performance, longer lateral lengths and significantly improved regulatory compliance;
- PDC’s peer group is annually refreshed with input from independent third party consultants (including PDC’s compensation consultant
Meridian Compensation Partners) based on comparable size, basins, and other operating parameters. Kimmeridge’s peers are ever-changing and self-serving, at times even contradicting its own prior attacks;
- PDC compares favorably against its peer group with respect to generally-accepted methodologies for calculating recycle ratio; and
- PDC’s G&A falls well within its peer group range when compared to relative production and active wells drilled.
The Company’s presentation and additional materials regarding the Board’s recommendation for the 2019 Annual Meeting can be found at https://votewhiteforpdc.com.
EVERY SHAREHOLDER’S VOTE IS EXTREMELY IMPORTANT,
NO MATTER HOW MANY SHARES ARE OWNED.
Shareholders who have questions or require any assistance voting their shares should contact PDC Energy’s proxy solicitor:
Call Toll-Free: (800) 322-2885 or
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
Further, we urge you to carefully review and consider the cautionary statements and disclosures, specifically those under the heading "Risk Factors," made in our Annual Report on Form 10-K for the year ended
PDC has filed a definitive proxy statement and WHITE proxy card with the
CERTAIN INFORMATION REGARDING PARTICIPANTS
PDC, its directors and certain of its executive officers may be deemed to be participants in connection with the solicitation of proxies from PDC’s shareholders in connection with the matters to be considered at the 2019 Annual Meeting. Information regarding the identity of potential participants, and their direct or indirect interests, by security holdings or otherwise, is set forth in the proxy statement and other materials to be filed with the
Senior Director Investor Relations
Source: PDC Energy, Inc.