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New words:
abetted, acquiror, Aguirre, aided, al, alleged, Arapahoe, assert, attorney, breach, breached, cancelled, captioned, challenging, claim, competing, consented, consummated, consummating, consummation, Court, cured, decide, defending, Delaware, Department, discourage, disrupt, disruption, disseminated, District, divert, driven, encourage, enjoin, ensure, equitable, Exhibit, facilitate, false, fee, fiduciary, fixed, fractional, Garfield, George, hire, inadequate, increasingly, injunction, injunctive, intent, investor, Juan, knowingly, knowledge, Korol, larger, launched, lawsuit, letter, lieu, longer, maintenance, merger, merit, monetary, NaN, NASDAQ, offer, Outlook, Page, partner, Patrick, PDC, PDCE, pendency, person, personnel, plaintiff, Plumley, postponement, precise, prevent, principle, prohibiting, proxy, purported, relief, renegotiate, repaid, request, rescind, rescissory, Robert, sentence, sentiment, slower, smaller, solicit, standalone, stemming, stressed, surviving, treatment, unanimously, unfair, unspecified, violation, waived
Removed:
achieve, achieving, acre, actuated, adjust, advanced, Agency, ahead, air, altogether, applied, assist, augmented, building, central, choice, collaboratively, commit, community, complement, Concentrate, constructing, continually, Conversely, core, deploy, diesel, drill, dust, efficient, employ, employment, enhance, escalate, established, evolve, execution, exploit, exploitation, fewer, flaring, focusing, forecast, forego, gained, hydrocarbon, implement, improved, improvement, instrument, large, lead, lighting, long, maintaining, managing, maximize, minimize, model, move, neighboring, noise, optimal, optimization, optimizing, ozone, particulate, partnership, periodically, petrophysical, philosophy, pneumatic, priority, proactively, prudent, recovery, reducing, refinery, repeatable, safe, safest, scale, seismic, selected, servicing, short, similarity, sound, spacing, storage, targeting, technological, Tier, top, traffic, truck, twelve, utilizing, vapor, varying, weaken, wellbore, work, workplace
Financial report summary
?Risks
- Because the exchange ratio is fixed and because the market price of PDC common stock will fluctuate, SRC shareholders cannot be certain of the precise value of the Merger Consideration they will receive in the PDC Merger.
- The PDC Merger may not be completed and the PDC Merger Agreement may be terminated in accordance with its terms. Failure to complete the PDC Merger could negatively impact the price of shares of SRC common stock as well as SRC’s future business and financial results.
- Current SRC shareholders will have a reduced ownership and voting interest in PDC after the PDC Merger compared to their current ownership in SRC on a standalone basis and will exercise less influence over management.
- SRC will be subject to business uncertainties while the PDC Merger is pending, which could adversely affect our business.
- The PDC Merger Agreement contains provisions that limit our ability to pursue alternatives to the PDC Merger, could discourage a potential competing acquiror from making a favorable alternative transaction proposal and, in specified circumstances, could require us to pay a termination fee to PDC.
- Uncertainties associated with the PDC Merger may cause a loss of management personnel and other key employees, which could adversely affect the future business and operations of SRC or the combined company.
- Investigations regarding the PDC Merger have resulted in lawsuits against the SRC board, SRC, and PDC and other lawsuits may be filed against SRC, PDC and/or their respective boards challenging the PDC Merger. An adverse ruling in any such lawsuit may prevent the PDC Merger from being completed.
- Lawsuits have been filed against SRC, the directors of SRC and PDC regarding the PDC Merger, which could result in substantial costs and may delay or prevent the PDC Merger from being completed.
Management Discussion
- Material changes to certain items in our condensed consolidated statements of operations included in our condensed consolidated financial statements for the periods presented are discussed below.
- For the three months ended September 30, 2019, we reported net income of $29.8 million compared to net income of $62.6 million during the three months ended September 30, 2018. Net income per basic and diluted share was $0.12 for the three months ended September 30, 2019 compared to net income per basic and diluted share of $0.26 for the three months ended September 30, 2018.
- 1 "MBbl" refers to one thousand stock tank barrels, or 42,000 U.S. gallons liquid volume in reference to crude oil or other liquid hydrocarbons.