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PDC Issues Statement as Tensions with Investor Kimmeridge Rise
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PDC Energy shareholder Kimmeridge Energy Management Co. recently filed a Schedule 13D with the SEC, which hints at investor unrest - at least on Kimmeridge's part.
The filing would enable the public to know the identity of PDC's top shareholders.
This is only the latest example of increasing activist activity within the E&P sector.
- In 2018, Kimmeridge pressured Resolute Energy to explore a sale of the company. Shortly thereafter, Resolute struck a deal to be acquired by Cimarex for $1.6B.
This filing could lead to numerous outcomes including a hostile takeover or an outright sale of the company.
PDC issued the following statement in response to the filing - noting that they have held 'numerous discussions' with Kimmeridge prior to this move: "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."
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.
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