PDC Energy Declares Special Dividend in Addition to Quarterly Cash Dividend on Common Stock

DENVER, Dec. 07, 2021 (GLOBE NEWSWIRE) — PDC Energy, Inc. (“PDC” or the “Company”) (Nasdaq:PDCE) announced today that its Board of Directors declared a special dividend of $0.50 per share in addition to a quarterly cash dividend of $0.12 per share on PDC’s outstanding common stock. The dividends are payable on December 29, 2021 to stockholders of record at the close of business on December 17, 2021.

PDC’s total 2021 shareholder returns, consisting of share repurchases and base dividend payments through November 30 and the anticipated dividend payments in December, equate to approximately $210 million. The Company maintains an active share repurchase program and expects to consistently repurchase shares through year-end.

President and CEO Bart Brookman commented, “PDC has had a tremendous year as evidenced by anticipated 2021 free cash flow of more than $900 million. Through intense focus on further strengthening our balance sheet, we expect our year-end 2021 debt balance to reflect a reduction of more than 40 percent compared to year-end 2020. I’m pleased the Board of Directors has approved our quarterly base dividend of $0.12 per share and a special dividend of $0.50 per share to ensure we meet our 2021 shareholder return commitment of more than $210 million. PDC is now positioned for significant – and sustainable – shareholder returns in the coming years in which we expect a growing base dividend to serve as the foundation.”

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 anticipated free cash flow, 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.