March 7, 2019 / 2:24 PM / 3 months ago

PDC Energy investor to nominate three directors to board

(Reuters) - Kimmeridge Energy Management Co plans to nominate three candidates to PDC Energy Inc’s board, the private equity firm said on Thursday as it seeks to cut costs and boost shareholder returns at the Denver-based oil and gas producer.

Kimmeridge owns about 5.1 percent of PDC’s shares.

One nominee is Kimmeridge founder Ben Dell, who led the sale of the firm’s Permian Basin assets to PDC in 2016.

Alice Gould, who serves on the board of real estate investment trust CorePoint Lodging Inc, and James Adelson, who heads a privately-held oil and gas business, are the other two nominees.

PDC said in a separate statement would review Kimmeridge’s nominees.

A number of U.S. energy companies in recent months have come under pressure from activist investors, who have called for better cost management and higher shareholder returns.

“Those who are familiar with PDC, and the public U.S. E&P space, fully understand that the sector is becoming increasingly ‘uninvestable’,” said Dell.

PDC has reported a loss in three out of its last four quarters, with its shares falling some 44 percent in 2018.

Reporting by John Benny in Bengaluru; Editing by Shailesh Kuber

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