7 Nov 2019quarterly activities report● Neutral
PDC ENERGY, INC. reported quarterly revenue of $365.9 million and net income of $15.9 million for the period ended 2019-09-30.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
23 Oct 2019business combination● Neutral
PDC filed Amendment No. 1 to its S-4 for the SRC merger (registration no. 333-233933). The excerpt shows the same terms, 0.158 PDC share per SRC share, and meeting and record dates still blank; the visible text shows only a page reference change for the risk factors. No new deal terms appear in the portion provided, and the rest of the filing was truncated, so other changes cannot be confirmed.
25 Sept 2019business combination● NeutralMajor
PDC filed the S-4 registration statement and draft joint proxy for the SRC Energy merger announced Aug 25, 2019, registering up to 39,923,671 new PDC shares for SRC holders at 0.158 PDC share per SRC share. The filing says the deal needs approval from PDC stockholders and SRC shareholders; meeting dates and record dates are still blank. The merger value at the Aug 23, 2019 PDC closing price was about $3.99 per SRC share. This continues the pending merger and is the S-4 that earlier filings said was still to come.
4 Sept 2019business combination● Neutral
On August 30, 2019, PDC amended its May 2018 credit agreement with JPMorgan Chase to allow certain borrowings and letters of credit tied to the SRC merger and to change a covenant so the merger is permitted. This supports the pending SRC deal and does not change the deal terms.
26 Aug 2019business combination● NeutralMajor
On August 25, 2019, PDC agreed to merge with SRC Energy Inc., with SRC merging into PDC. Each SRC share converts into 0.158 of a PDC share, so PDC will issue new shares, and the deal needs approval from both companies' shareholders, antitrust clearance and an S-4. PDC officers stay in place and two SRC directors join PDC's board. Fees: PDC would owe SRC $55M and SRC would owe PDC $35M under specified termination circumstances; the outside date is Feb 25, 2020 (extendable to May 25, 2020).
8 Aug 2019quarterly activities report● Neutral
PDC ENERGY, INC. reported quarterly revenue of $390.7 million and net income of $68.5 million for the period ended 2019-06-30.
8 Aug 2019quarterly activities report● Neutral
PDC ENERGY, INC. reported quarterly revenue of $390.7 million and net income of $68.5 million for the period ended 2019-06-30.
19 June 2019substantial holder notice● Neutral
Kimmeridge Energy Management Company, LLC reported a PDC ENERGY, INC. shareholding of 3,282,900 shares (4.95% of votes) in a periodic institutional filing.
13 June 2019asset acquisition disposition▲ GoodMajor
PDC closed the sale of its Delaware Basin gas midstream assets to EagleClaw Midstream Ventures, LLC on June 11, 2019, the sale flagged in the previous filing. It gets $100M at closing and $82M due one year later, with up to about $60M more if volume targets are exceeded, and keeps long-term processing and transport access.
3 June 2019substantial holder notice● Neutral
Kimmeridge Energy Management Company, LLC reported a PDC ENERGY, INC. shareholding of 3,382,900 shares (5.10% of votes) in a periodic institutional filing.
31 May 2019asset acquisition disposition▲ GoodMajor
PDC sold its Delaware Basin water-related midstream assets to WaterBridge Resources, LLC on May 30, 2019 for $125M cash plus up to $75M conditional payments, and keeps access to WaterBridge's water disposal network. It also reported selling other midstream assets to Oryx on May 24, 2019 for $37.3M plus up to $15.2M conditional, and said a gas gathering sale (announced April 30, 2019; $182M initial plus up to $60M conditional) was expected to close in June 2019.
2 May 2019quarterly activities report▼ Bad
PDC ENERGY, INC. reported quarterly revenue of $134.5 million and a net loss of $120.2 million for the period ended 2019-03-31.
2 May 2019quarterly activities report▼ Bad
PDC ENERGY, INC. reported quarterly revenue of $134.5 million and a net loss of $120.2 million for the period ended 2019-03-31.
18 Mar 2019substantial holder notice● Neutral
Kimmeridge Energy Management Company, LLC, James F. Adelson, Alice E. Gould reported a PDC ENERGY, INC. shareholding of 3,382,900 shares (5.10% of votes) in a periodic institutional filing.
7 Mar 2019substantial holder notice● Neutral
Kimmeridge Energy Management Company, LLC reported a PDC ENERGY, INC. shareholding of 3,382,900 shares (5.10% of votes) in a periodic institutional filing.
28 Feb 2019quarterly activities report● Neutral
PDC ENERGY, INC. reported quarterly revenue of $794.8 million and net income of $178.9 million for the period ended 2018-12-31.
22 Feb 2019substantial holder notice● Neutral
Kimmeridge Energy Management Company, LLC disclosed a new substantial PDC ENERGY, INC. shareholding (5.10% of votes).
14 Feb 2019substantial holder notice● Neutral
CAUSEWAY CAPITAL MANAGEMENT LLC, TIN # reported no remaining PDC ENERGY, INC. shareholding in its periodic institutional filing.
12 Feb 2019substantial holder notice● Neutral
The Vanguard Group reported a PDC ENERGY, INC. shareholding of 6,738,920 shares (10.19% of votes) in a periodic institutional filing.
12 Feb 2019quarterly activities report● Neutral
PDC ENERGY, INC. reported quarterly revenue of $794.8 million and net income of $178.9 million for the period ended 2018-12-31.
31 Jan 2019substantial holder notice● Neutral
BlackRock, Inc reported a PDC ENERGY, INC. shareholding of 9,944,219 shares (15.00% of votes) in a periodic institutional filing.
13 Nov 2018substantial holder notice● Neutral
The Vanguard Group reported a PDC ENERGY, INC. shareholding of 6,615,716 shares (10.01% of votes) in a periodic institutional filing.
6 Nov 2018quarterly activities report▼ Bad
PDC ENERGY, INC. reported quarterly revenue of $280.7 million and a net loss of $3.4 million for the period ended 2018-09-30.
6 Nov 2018quarterly activities report▼ Bad
PDC ENERGY, INC. reported quarterly revenue of $280.7 million and a net loss of $3.4 million for the period ended 2018-09-30.
9 Aug 2018quarterly activities report▼ Bad
PDC ENERGY, INC. reported quarterly revenue of $212.5 million and a net loss of $160.3 million for the period ended 2018-06-30.
9 Aug 2018quarterly activities report▼ Bad
PDC ENERGY, INC. reported quarterly revenue of $212.5 million and a net loss of $160.3 million for the period ended 2018-06-30.
26 June 2018securities registration● Neutral
PDC ENERGY, INC. filed the final prospectus for a registered offering.
13 June 2018business combination● Neutral
PDC filed a new registration statement (S-4) on June 13, 2018 to swap the $600M of 5.750% senior notes due 2026 for registered notes with substantially identical terms, as it agreed to do when the notes were sold in November 2017. The expiration date is blank, and the filing makes no change to PDC's debt amount or terms.
31 May 2018securities registration● Neutral
PDC ENERGY, INC. filed an automatic shelf registration, effective immediately as a well-known seasoned issuer.
25 May 2018debt financing▲ GoodMajor
On May 23, 2018, PDC replaced its 2013 credit agreement with a Fourth Amended and Restated Credit Agreement (JPMorgan Chase as agent). It has a $700M initial commitment, a $1.3B initial borrowing base, a $2.5B maximum credit amount and a $25M swingline, and the maturity moves from May 21, 2020 to May 23, 2023. The filing also states lower interest rates and looser covenants.