PDC ENERGY, INC.

28 Feb 2022capital raising announcement▲ GoodMajor

On February 26, 2022, PDC agreed to buy Great Western Petroleum, a Denver-based DJ Basin operator, for $542.5M in cash plus 4,007,018 new PDC shares, so existing shareholders will be diluted by the share issuance. The deal needs antitrust (HSR) clearance and has an outside date of June 30, 2022 (extendable to July 29). The press release values it at about $1.3B including roughly $500M of net debt, expects a second-quarter close, and says funding will come from cash and credit facility borrowings. It also raises the quarterly dividend to $0.25 per share, with a $0.35 per-share increase expected on closing, and lifts the buyback authorization to $1.25B. This is a new acquisition in the same Wattenberg area as PDC's existing business.

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24 Aug 2016capital raising announcement● NeutralMajor

PDC agreed on August 23, 2016 to buy about 57,000 net acres in Reeves and Culberson Counties, Texas (the Delaware Basin) from Kimmeridge-managed sellers for about $1.5 billion in cash and PDC stock. The deal is two parts: Arris Petroleum ($525.3M cash plus 5,390,478 shares) and the 299 Resources assets ($389.4M cash plus 3,996,290 shares). Together that is about 9.39 million new shares, so existing holders would be diluted. Closing needs customary conditions and antitrust clearance, and either side can walk away if it isn't done by December 31, 2016. PDC also lined up a JPMorgan commitment for a bridge loan of up to $600M (not expected to be drawn) and a $250M increase in its revolving credit commitments to $700M. This moves PDC beyond its Colorado and Ohio operations into Texas.

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18 May 2016capital raising announcement● NeutralMajor

PDC's $115 million 3.25% convertible notes matured and were settled on May 16, 2016: $114.8 million of notes were converted, paid with $114.8 million in cash plus 792,406 new shares issued to the holders. This retires the 2010 convertible debt and adds a modest number of shares.

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