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WS - PDC deepens 25% capex cuts to 50%, still targets FCF - April 28, 2020

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In order to preserve its balance sheet strength, liquidity and ability to generate meaningful free cash flow, PDC Energy lowered 2020 capex guidance on April 14 to a range of $500-600 million, down 50% compared to the initial target of $1.0-1.1 billion. PDC anticipates generating $100 million in free cash flow, assuming $25/bbl WTI and $2.00/MMbtu Henry Hub. The April 14 reductions follow a March 11 announcement that the company was cutting capex 20-25%......
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