New York-based private equity (PE) firm Kimmeridge Energy Management Co. has acquired a 5.1 percent stake in exploration and production company PDC Energy.
Kimmeridge bought 3.38 million shares of PDC’s common stock for $112 million.
With the deal, PDC expects to boost production by 20 percent from 2018 to 2019 and to generate free cash flow while reducing 2019 capital investment by $150 million.
Additionally, the company also plans to maintain a strong balance sheet with ample liquidity.