PDC Energy Declares Quarterly Cash Dividend and Additional Special Dividend on Common Shares

Rhea-AI Summary

PDC Energy has declared a special dividend of $0.65 per share alongside a quarterly cash dividend of $0.35, payable on December 28, 2022, to shareholders of record on December 19, 2022. For 2022, PDC plans to return approximately $1 billion to shareholders via dividends and share repurchases, having returned about $925 million so far this year. The company continues to execute its share repurchase program, with $1.25 billion authorized for buybacks. CFO Scott Meyers highlighted the commitment to return over 60% of free cash flow to shareholders.

Positive

• Declared a special dividend of $0.65 per share and a quarterly cash dividend of $0.35 per share.
• Plans to return approximately $1 billion to shareholders in 2022 through dividends and share repurchases.
• Executed share repurchases totaling approximately $745 million, retiring about 11 million shares.
• Continues an active share repurchase program with a board-authorized $1.25 billion for ongoing buybacks.

Negative

• None.

DENVER, Dec. 07, 2022 (GLOBE NEWSWIRE) -- PDC Energy, Inc. (“PDC” or the “Company”) (Nasdaq:PDCE) announced today that its Board of Directors declared a special dividend of $0.65 per share in addition to a quarterly cash dividend of $0.35 per share on PDC’s outstanding common stock. The dividends are payable on December 28, 2022, to stockholders of record at the close of business on December 19, 2022.

For the full year of 2022, PDC anticipates returning approximately $1 billion to shareholders through share repurchases, base dividend payments and the special dividend. Inclusive of the combined $1.00 base and special dividend payments in December and the $745 million invested in share repurchases to retire approximately 11 million shares through November 30, 2022, PDC has returned approximately $925 million in 2022 so far. The Company maintains an active share repurchase program and expects to continue to repurchase shares through year-end and into 2023 under its existing board-authorized $1.25 billion share repurchase program.

Scott Meyers, Chief Financial Officer commented, “Our returns framework that we laid out earlier this year is underpinned by a robust inventory of economic, long-lived operations. It has allowed us the flexibility to execute on the Great Western acquisition, increase our base divided, meaningfully reduce debt and ultimately return more than 60 percent of our free cash flow, post base dividend, to shareholders. I am excited about our results this year and our ability to maintain a meaningful capital returns program for years to come.”

About PDC Energy, Inc.

PDC Energy, Inc. is a domestic independent exploration and production company that acquires, explores and develops properties for the production of crude oil, natural gas and NGLs, with operations in the Wattenberg Field in Colorado and Delaware Basin in west Texas. Its operations in the Wattenberg Field are focused in the horizontal Niobrara and Codell plays and its Delaware Basin operations are primarily focused in the horizontal Wolfcamp zones.

SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS

This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 (“Securities Act”), Section 21E of the Securities Exchange Act of 1934 (“Exchange Act”), and the United States (“U.S.”) Private Securities Litigation Reform Act of 1995 regarding the Company’s expectations of future permit applications approvals, planned operating activity and inventory expectations. All statements other than statements of historical fact included in and incorporated by reference into this press release are “forward-looking statements.”

PDC cautions you not to place undue reliance on the forward-looking statements, which speak only as of the date of this press release. The Company undertakes no obligation to update any forward-looking statements in order to reflect any event or circumstance occurring after the date of this press release or currently unknown facts or conditions or the occurrence of unanticipated events. All forward-looking statements are qualified in their entirety by this cautionary statement.

Contacts:		Aaron Vandeford Director Investor Relations 303-381-9493 Aaron.Vandeford@pdce.com

FAQ

What is the dividend amount declared by PDC Energy in December 2022?

PDC Energy declared a special dividend of $0.65 per share and a quarterly cash dividend of $0.35 per share.

When will the dividends be paid to shareholders?

The dividends are payable on December 28, 2022, to shareholders of record on December 19, 2022.

What percentage of free cash flow is PDC Energy returning to shareholders?

PDC Energy is returning more than 60% of its free cash flow to shareholders after the base dividend.

How much has PDC Energy returned to shareholders in 2022 so far?

PDC Energy has returned approximately $925 million to shareholders in 2022 as of November 30.

What is the total amount PDC Energy plans to return to shareholders for 2022?

PDC Energy anticipates returning approximately $1 billion to shareholders for the full year of 2022.