25 May 2023director interest notice● Neutral
PDC ENERGY, INC. director Lynn A Peterson received 2,683 shares as part of the equity award.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
25 May 2023director interest notice● Neutral
PDC ENERGY, INC. director Paul Korus received 2,683 shares as part of the equity award.
22 May 2023business combination▲ GoodMajor
PDC and Chevron issued a joint press release on May 22, 2023 announcing the merger agreement signed May 21. Chevron described it as an all-stock deal valued at $6.3 billion, or $72 per PDC share (based on Chevron's May 19 close), with $7.6 billion total enterprise value including debt. The release says the 0.4638 ratio matches the merger agreement, and Chevron's own claims (e.g. adding about 10% to its proved reserves, about $1 billion annual free cash flow) are Chevron's expectations, not PDC results.
22 May 2023business combination▲ GoodMajor
PDC signed a merger agreement with Chevron on May 21, 2023: each PDC share would convert into 0.4638 of a Chevron share (plus cash for fractions), with PDC becoming a wholly-owned Chevron subsidiary. Closing needs PDC stockholder approval, US antitrust (HSR) clearance, an effective Chevron S-4 and NYSE listing; PDC would owe Chevron a $225,000,000 termination fee if it backs out for a superior proposal or the board changes its recommendation, and the end date is May 22, 2024 (extendable to Nov 26, 2024 if only regulatory approvals are outstanding). This is a new thread that, if completed, would end holders' PDC stock in exchange for Chevron stock.
19 May 2023material agreement● Neutral
On May 17, 2023, PDC amended its Fifth Amended and Restated Credit Agreement (dated November 2, 2021) with JPMorgan Chase as agent. The maximum credit amount rose from $2.5B to $3.5B, the borrowing base was reaffirmed at $3.5B, and PDC raised its elected commitment from $1.5B to $1.8B. The amendment also allows PDC to take on term loans, either outside the credit agreement within a year or from its lenders, capped at one-third of its elected commitments plus term loans.
18 May 2023director interest notice● Neutral
PDC ENERGY, INC. CAO Troy M. Welling sold 1,200 shares at $63.37.
16 May 2023director interest notice● Neutral
PDC ENERGY, INC. EVP, CFO R Scott Meyers sold 2,500 shares at $63.05.
3 May 2023quarterly activities report● Neutral
PDC ENERGY, INC. reported quarterly revenue of $957.7 million and net income of $414.1 million for the period ended 2023-03-31.
3 May 2023quarterly activities report● Neutral
PDC ENERGY, INC. reported quarterly revenue of $957.7 million and net income of $414.1 million for the period ended 2023-03-31.
2 May 2023director interest notice● Neutral
PDC ENERGY, INC. President and CEO Barton R Brookman Jr. sold 2,000 shares at $63.84.
19 Apr 2023director interest notice● Neutral
PDC ENERGY, INC. EVP, CFO R Scott Meyers sold 2,500 shares at $69.70.
19 Apr 2023director interest notice● Neutral
PDC ENERGY, INC. director Lynn A Peterson sold 7,000 shares.
4 Apr 2023director interest notice● Neutral
PDC ENERGY, INC. CAO Troy M. Welling acquired 4,389 shares and disposed of 903 in a set of related equity transactions.
4 Apr 2023director interest notice● Neutral
PDC ENERGY, INC. SVP, Corporate Administration Sandra E. Jacoby had 1,325 shares withheld for taxes on vesting stock.
4 Apr 2023director interest notice● Neutral
PDC ENERGY, INC. President and CEO Barton R Brookman Jr. sold 2,000 shares.
4 Apr 2023director interest notice● Neutral
PDC ENERGY, INC. SVP, OPERATIONS David Lillo had 3,469 shares withheld for taxes on vesting stock.
22 Mar 2023director interest notice● Neutral
PDC ENERGY, INC. director Lynn A Peterson sold 7,000 shares at $62.00.
16 Mar 2023director interest notice● Neutral
PDC ENERGY, INC. EVP, CFO R Scott Meyers sold 2,500 shares at $60.00.
2 Mar 2023director interest notice● Neutral
PDC ENERGY, INC. President and CEO Barton R Brookman Jr. sold 2,000 shares at $66.23.
28 Feb 2023director interest notice● Neutral
PDC ENERGY, INC. SVP, General Counsel & Sec. Nicole L Martinet had 8,086 shares withheld for taxes on vesting stock.
28 Feb 2023director interest notice● Neutral
PDC ENERGY, INC. SVP, OPERATIONS David Lillo had 4,260 shares withheld for taxes on vesting stock.
28 Feb 2023director interest notice● Neutral
PDC ENERGY, INC. EVP, CFO R Scott Meyers had 12,294 shares withheld for taxes on vesting stock.
28 Feb 2023director interest notice● Neutral
PDC ENERGY, INC. EVP, Corp. Dev. & Strategy Lance Lauck had 12,318 shares withheld for taxes on vesting stock.
28 Feb 2023director interest notice● Neutral
PDC ENERGY, INC. President and CEO Barton R Brookman Jr. had 25,219 shares withheld for taxes on vesting stock.
17 Feb 2023director interest notice● Neutral
PDC ENERGY, INC. President and CEO Barton R Brookman Jr. received 29,061 shares and a 43,591-share option grant as part of the equity award.
17 Feb 2023director interest notice● Neutral
PDC ENERGY, INC. SVP, Corporate Administration Sandra E. Jacoby received 3,974 shares and a 2,460-share option grant as part of the equity award.
17 Feb 2023director interest notice● Neutral
PDC ENERGY, INC. EVP, CFO R Scott Meyers acquired 31,028 shares and disposed of 2,500 in a set of related equity transactions.
17 Feb 2023director interest notice● Neutral
Sandra E. Jacoby became a PDC ENERGY, INC. SVP, Corporate Administration and company insider (initial ownership filing).
17 Feb 2023director interest notice● Neutral
PDC ENERGY, INC. SVP, General Counsel & Sec. Nicole L Martinet received 10,217 shares and a 10,217-share option grant as part of the equity award.
17 Feb 2023director interest notice● Neutral
PDC ENERGY, INC. SVP, OPERATIONS David Lillo received 10,368 shares and a 10,368-share option grant as part of the equity award.