EP ENERGY CORPORATION (NYSE:EPE) Files An 8-K Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard; Transfer of Listing
Item 7.01. Notice of Delisting or Failure to Satisfy a Continued Listing Ruleor Standard; Transfer of Listing.
On January3, 2019, EP Energy Corporation (the “Company”) was notified by the New York Stock Exchange (the “NYSE”) that the Company is not in compliance with the continued listing standard set forth in Section802.01C of the NYSE Listed Company Manual, which requires the average closing price of the Company’s class A common stock over a prior 30 consecutive trading day period to be at least $1.00 per share.
In accordance with applicable NYSE procedures, the Company intends to notify the NYSE within ten business days of receipt of the notification of its intent to cure the deficiency and restore its compliance with the NYSE continued listing standards. The Company has a period of six months following the receipt of notice to regain compliance. The Company can regain compliance at any time during the six-month cure period if its common stock has a closing share price of at least $1.00 on the last trading day of any calendar month during the period and also has an average closing share price of at least $1.00 over the 30 trading day period ending on the last trading day of that month.
The Company’s common stock will continue to be listed and traded on the NYSE during this six-month cure period, subject to the Company’s compliance with other continued listing requirements set forth in the NYSE Listed Company Manual. The Company’s common stock symbol “EPE” will be assigned a “.BC” indicator by the NYSE to signify that the Company is not currently in compliance with the NYSE’s continued listing requirements. If the Company fails to regain compliance with Section802.01C of the NYSE Listed Company Manual by the end of the cure period, the Company’s common stock will be subject to the NYSE’s suspension and delisting procedures.
If the Company’s common stock ultimately were to be delisted for any reason, it could negatively impact the Company as it would likely reduce the liquidity and market price of the common stock; reduce the number of investors willing to hold or acquire the common stock; and negatively impact the Company’s ability to access equity markets and obtain financing.
The NYSE notification does not affect EP Energy’s business operations or its Securities and Exchange Commission reporting requirements and does not result in a default under any of the Company’s material debt agreements.
Item 7.01 Regulation FD Disclosure
On January9, 2019, the Company issued a press release with respect to the receipt of the notice of noncompliance from the NYSE. A copy of the press release is furnished as Exhibit99.1 hereto and is incorporated by reference herein.
The information contained in this Item 7.01 and the exhibit hereto shall not be deemed to be “filed” for purposes of Section18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), and shall not be incorporated by reference into any filings made by the Company under the Securities Act of 1933, as amended, or the Exchange Act, except as may be expressly set forth by specific reference in such filing.
Item 7.01 Financial Statements and Exhibits
(d)Exhibits.
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Exhibit No. |
Description |
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99.1 |
Press release dated January9, 2019. |
EP Energy LLC Exhibit
EX-99.1 2 a19-2247_1ex99d1.htm EX-99.1 Exhibit 99.1 News For Immediate Release EP Energy Receives Continued Listing Standard Notice from NYSE HOUSTON,…
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About EP ENERGY CORPORATION (NYSE:EPE)
EP Energy Corporation (EP Energy) is an independent exploration and production company. The Company is engaged in the acquisition and development of unconventional onshore oil and natural gas properties in the United States. The Company operates through a diverse base of producing assets and are focused on creating value through the development of its drilling inventory located in four areas: the Eagle Ford Shale (South Texas), the Wolfcamp Shale (Permian Basin in West Texas), the Altamont Field in the Uinta Basin (Northeastern Utah) and the Haynesville Shale (North Louisiana). In its operating areas, it has identified approximately 5,710 drilling locations (including over 860 drilling locations to which it has attributed proved undeveloped reserves). The Company has proved reserves of approximately 546.0 million barrels of oil equivalent (MMBoe) and it has an average net daily production of over 109,680 barrel of oil equivalent per day (Boe/d).
