HOUSTON, Jan. 9, 2019 /PRNewswire/ -- EP Energy
Corporation (NYSE:EPE) today announced that on January 3, 2019, EP Energy was notified by the
New York Stock Exchange of its noncompliance with continued listing
standards because the average closing price of its class A common
stock over a prior 30 consecutive trading day period had fallen
below $1.00 per share, which is the
minimum average closing price per share required to maintain
listing on the NYSE.
In accordance with applicable NYSE procedures, EP Energy
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. EP Energy has a period of six months following the
receipt of notice to regain compliance. EP Energy 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.
EP Energy'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 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.
About EP Energy
The EP Energy team is driven to deliver superior returns for our
investors by developing the oil and natural gas that feeds
America's growing energy needs. The company focuses on enhancing
the value of its high quality asset portfolio, increasing capital
efficiency, maintaining financial flexibility, and pursuing
accretive acquisitions and divestitures. EP Energy is working to
set the standard for efficient development of hydrocarbons in the
U.S. Learn more at epenergy.com.
Cautionary Statement Regarding Forward-Looking
Statements
This release includes certain forward-looking
statements and projections of EP Energy. We have made every
reasonable effort to ensure that the information and assumptions on
which these statements and projections are based are current,
reasonable, and complete. However, a variety of factors could cause
actual results to differ materially from the projections,
anticipated results or other expectations expressed, including,
without limitation, the volatility of and potential for sustained
low oil, natural gas and NGL prices; the supply and demand for oil,
natural gas and NGLs; the company's ability to meet
production volume targets; changes in commodity prices and basis
differentials for oil and natural gas; the uncertainty of
estimating proved reserves and unproved resources; the future level
of operating and capital costs; the availability and cost of
financing to fund future exploration and production operations; the
success of drilling programs with regard to proved undeveloped
reserves and unproved resources; the company's ability to comply
with the covenants in various financing documents; the company's
ability to obtain necessary governmental approvals for proposed
E&P projects and to successfully construct and operate such
projects; actions by the credit rating agencies; credit and
performance risk of our lenders, trading counterparties, customers,
vendors, suppliers and third party operators; general economic and
weather conditions in geographic regions or markets served by the
company, or where operations of the company are located, including
the risk of a global recession and negative impact on oil and
natural gas demand; the uncertainties associated with governmental
regulation, including any potential changes in federal and state
tax laws and regulations; competition; and other factors described
in the company's Securities and Exchange Commission filings. While
the company makes these statements and projections in good faith,
neither the company nor its management can guarantee that
anticipated future results will be achieved. Reference must be made
to those filings for additional important factors that may affect
actual results. EP Energy assumes no obligation to publicly update
or revise any forward-looking statements made herein or any other
forward-looking statements made by EP Energy, whether as a result
of new information, future events, or otherwise.
Contact
Investor and Media Relations
Jordan Strauss
713-997-6791
jordan.strauss@epenergy.com
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SOURCE EP Energy Corporation