Brief: PDC Energy Says Plans To Reduce Its Expected 2020 Capital Investments To Range Of $500 To $600 Mln

PDC Energy

14/04/2020 16:07

April 14 (Reuters) - PDC Energy Inc  PDCE.O :
    * PDC ENERGY ANNOUNCES SUPPLEMENTARY UPDATE TO 2020 PLAN
INCLUDING
REDUCED OPERATING ACTIVITY AND INCREMENTAL COST SAVING
INITIATIVES
    * PLANS TO REDUCE ITS EXPECTED 2020 CAPITAL INVESTMENTS TO A
RANGE
OF $500 TO $600 MILLION
    * EXPECTS TO GENERATE MORE THAN $100 MILLION OF FREE CASH
FLOW IN
2020
    * IMPLEMENTING INCLUDING A 15 PERCENT VOLUNTARY PAY CUT TO
ITS
SENIOR MANAGEMENT TEAM AND BOARD OF DIRECTORS
    * IMPLEMENTING REDUCTION-IN-FORCE TO BETTER ALIGN COMPANY
WITH ITS
UPDATED OPERATING PLAN
    * CURRENTLY EXPECTS TO CURTAIL ABOUT 20 TO 30% OF ITS
ANTICIPATED
MAY & JUNE PRODUCTION VOLUMES, ON A BARREL OF OIL EQUIVALENT
BASIS
    * PRODUCTION FOR 2020 VERSUS PRO FORMA 2019 VOLUMES IS
EXPECTED TO
DECREASE ABOUT TEN PERCENT ON A BOE BASIS AND 20 PERCENT ON AN
OIL BASIS
    * FOR REMAINDER OF 2020, CO HAS SWAPS, 2-WAY COLLARS
PROTECTING
ABOUT 70% OF ITS UPDATED ESTIMATED OIL PRODUCTION
    * APPROXIMATELY 30 PERCENT OF ITS ESTIMATED NATURAL GAS
PRODUCTION
IS PROTECTED AT APPROXIMATELY $2 PER MMBTU
    * 2021 OUTLOOK ASSUMES SIMILAR LEVELS OF CAPITAL INVESTMENT
COMPARED TO UPDATED 2020 PLAN WITH PROJECTED 5-10% INCREASE IN
OIL VOLUMES
    * PROJECTS TO GENERATE IN EXCESS OF $100 MILLION OF FREE
CASH FLOW
IN 2021

Source text for Eikon:  urn:newsml:reuters.com:*:nGNX27p0gC
Further company coverage:  PDCE.O 

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