PDC Energy's Radical Change In Plans [Seeking Alpha]
PDC Energy, Inc. (PDCE)
Last pdc energy, inc. earnings: 2/26 04:30 pm
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US:NASDAQ Investor Relations:
investor.pdce.com/presentations.cfm
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Source: Seeking Alpha
SummaryThe management team at PDC Energy has made some major changes to its operating plan for this year and next.The company is setting itself up to be cash flow positive for the year, despite a significant drop in energy prices.Quality management can be hard to come by and the firm warrants consideration from long-term investors.Everywhere you look in the oil and gas space, companies have been slammed by the downturn in crude prices that has resulted from the COVID-19 pandemic. Even larger players likePDCEplansMajor cutsSpecial times call for special measures. That’s what PDC Energy believes and it is right. Earlier this year, the companysaidInstead of its prior capital budget, the firm now expects to spend only between $500 million and $600 million on its assets. At the midpoint, this translates to a cut of 47.6%. Generally speaking, such a large cut could mean havoc for a firm. After all, the oil and gas industry is very much capital-intensive. Many firms spend most, if not all, o
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