Rystad Energy US oil production of at least 300,000 oil barrels per day (bpd) will be shut during May and June, according to a Rystad Energy analysis of early communication from US oil producers. It is unclear how much of this is due to the Covid-19 pandemic and the related drop in demand, but one thing is certain: more production
CNBC U.S. energy companies are taking an axe to their rig numbers, deepening production cuts for the industry that in the last few years made America the world’s number one oil producer. Six major U.S. shale producers are expected to shut some 300,000 barrels per day (bpd) of crude for the months of May and June, according to an
PDC Energy DENVER, April 14, 2020 (GLOBE NEWSWIRE) — PDC Energy, Inc. (“PDC” or the “Company”) (Nasdaq: PDCE) announced today a supplemental update to its 2020 operating plan along with changes to its 2020 guidance and 2021 outlook. In order to preserve its balance sheet strength, liquidity and ability to generate meaningful free cash flow(1), PDC plans to reduce its expected 2020 capital investments
Source: Reuters (Reuters) – Investors are bracing for weaker results from U.S. shale players in coming days as lower oil and natural gas prices and cost-cutting measures have weighed on third-quarter operations. Major shale producers ConocoPhillips (COP.N) and Concho Resources (CXO.N) this week kick off quarterly earnings reports for a group whipsawed this year by volatile pricing and investor demands
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
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
PDC Energy Files Presentation to Set the Record Straight
From The Wall Street Journal A shareholder activist will challenge PDC Energy Inc. in an effort to change the way the oil producer pays its executives, part of a broader push by investors to force U.S. energy producers to focus more on profitability than growth. Kimmeridge Energy Management Co., which last month disclosed a 5.1% stake in PDC, said it is putting forth
New comp plan is based on cash flow per debt-adjusted share, free cash flow as a percent of total capital investment, capital efficiency, LOE and G&A per BOE and production By Richard Rostad, analyst, Oil & Gas 360 PDC Energy (ticker: PDCE) announced fourth quarter results today, showing $178.8 million in net income, or $2.71 per share. PDC produced 128
PDC Energy Issues Statement
CapEx down 15%, production up 20% By Richard Rostad, analyst, Oil & Gas 360 PDC Energy (ticker: PDCE) announced 2019 guidance today, outlining the company’s transition from aggressive growth to a more moderate posture. PDC plans to spend about $840 million in 2019, down from the $985 million the company spent in 2018. The vast majority of this sum, $800
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