Kimmeridge releases presentation criticizing PDC Energy decisions
Kimmeridge Energy Management released a presentation highlighting a history of excessive pay and misalignment with shareholders at PDC Energy. The presentation said that "Over the past two years, PDC's Board has rewarded management with bonuses greater than 100% of target despite the fact that in both years the Company missed four out of five internally-set performance metrics, and over the last 3 years has seen a total shareholder return of -44%. The strong compensation in light of such poor performance is symptomatic of a Board that is not interested in holding management accountable. Put simply, this Board has fallen asleep at the wheel. Despite the evident failings, in a recent letter to shareholders PDC claimed that, "In 2018, our entire team executed well on our strategic plan and achieved strong financial and operating results." This letter, in which the Company recommended that shareholders vote for the PDC slate of nominees, is mistaken in a number of key areas."