PDC Energy, Inc. announced 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.”