PDC Energy Inc. said May 29 the company's shareholders had re-elected its three nominees to the board, signaling an end to its proxy fight with activist investor Kimmeridge Energy Management Co.
Shareholders re-elected President and CEO Barton Brookman as well as Mark Ellis and Larry Mazza as directors, the company said, citing a preliminary count.
The Denver-based firm is among several U.S. oil producers to face the wrath of investors during the past year, as shareholders focus on austerity measures to generate better returns.
The private equity firm, which owns about 5.1% of the company's stake, had nominated its founder Ben Dell, Alice Gould and James Adelson for board membership.
Kimmeridge Energy did not immediately respond to a request for comment.
PDC Energy shares were down 6.9% at $30.13.
Shell also said Amberjack Pipeline Co. has signed a dedication and connection agreement with Chevron's Gulf of Mexico anchor project, which is expected to produce oil in 2024.
Companies added one oil rig in the week to Feb. 21, bringing the total count to 679, their highest since the week of Dec. 20, Baker Hughes Co. said in its weekly report on Feb. 21.
The success of Vaca Muerta is key for this South American nation that has failed for decades to break free of cyclical crises and is grappling with inflation above 50% and a $100-billion pile of sovereign debt.