PDC Energy,Inc. (NASDAQ:PDCE) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers

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PDC Energy,Inc. (NASDAQ:PDCE) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers
Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.

On January3, 2018, R. Scott Meyers, previously the Chief Accounting Officer of PDC Energy,Inc. (the “Company”), was appointed as the Company’s Chief Financial Officer. Mr.Meyers will continue to function as the Company’s principal accounting officer.

Mr.Meyers, 43, has been the Company’s Chief Accounting Officer since April2009. Prior to joining the Company, he served as a Senior Manager with Schneider Downs Co.,Inc., an accounting firm based in Pittsburgh, Pennsylvania, and PricewaterhouseCoopers LLP. Mr.Meyers holds a B.S. in Accounting from Grove City College, Pennsylvania. In connection with his appointment as CFO, the following changes were made to his compensation: (i)his annual base salary was increased from $280,000 to $370,000, (ii)his target bonus was increased from 50% to 80% of his base salary, (iii)the target value of his annual equity award increased from $308,000 to $1,000,000, (iv)he became a participant in the Company’s Executive Severance Compensation Plan and (v)he will receive other benefits consistent with those provided to other members of the Company’s senior management team.

Contemporaneously with Mr.Meyers’ appointment as CFO, David Honeyfield resigned from that position. Mr.Honeyfield’s resignation did not result from a disagreement with the Company with respect to any matter relating to the Company’s operations, policies or practices, including its accounting policies and procedures. Severance and any other amounts payable to Mr.Honeyfield in connection with his separation have not been determined at this time.


About PDC Energy,Inc. (NASDAQ:PDCE)

PDC Energy, Inc. is an independent exploration and production company. The Company produces, develops, acquires and explores for crude oil, natural gas and natural gas liquids (NGLs) with operations in the Wattenberg Field in Colorado and the Utica Shale in southeastern Ohio. The Company operates through two segments: Oil and Gas Exploration and Production, and Gas Marketing. The Company’s Oil and Gas Exploration and Production segment includes all of its crude oil and natural gas properties. The Company’s Gas Marketing segment purchases, aggregates and resells natural gas produced by it and others. The Company’s operations in the Wattenberg Field are focused in the horizontal Niobrara and Codell plays and its Ohio operations are focused in the Utica Shale play. The Company owns an interest in approximately 3,000 gross producing wells, of which approximately 650 are horizontal. The Company has approximately 270 million barrels of oil equivalent (MMBoe) of proved reserves.