PDC Energy Declares First Quarterly Cash Dividend on Common Shares

DENVER, May 27, 2021 (GLOBE NEWSWIRE) — PDC Energy, Inc. (“PDC” or the “Company”) (Nasdaq:PDCE) announced today that its Board of Directors declared a quarterly cash dividend of $0.12 per share on PDC’s outstanding common stock. The dividend will be paid on June 24, 2021 to stockholders of record at the close of business on June 10, 2021.

“We are excited to begin a new era for PDC and its shareholders,” said Bart Brookman, President and CEO. “We welcome the opportunity to return cash to shareholders and believe our continued focus on debt reduction and share repurchases should position us to sustainably grow our dividend over time.”

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 our Delaware Basin operations are primarily focused in the horizontal Wolfcamp zones.

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 PDC’s business, financial condition, and prospects, including future debt reduction, share repurchases and dividends. All statements other than statements of historical fact included in and incorporated by reference into this 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 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 report or currently unknown facts or conditions or the occurrence of unanticipated events. The forward-looking statements are subject to numerous risks and uncertainties; factors that could cause actual results to differ materially from those stated or implied in the forward-looking statements include those discussed in the “Risk Factors” section of PDC’s Annual Report on Form 10-K for the year ended December 31, 2020, which discussion is incorporated herein by reference. All forward-looking statements are qualified in their entirety by this cautionary statement.