PDC Energy, Inc.’s Board of Directors declared a special dividend in addition to a cash dividend on the company’s common stock.
The board declared a special dividend of $0.65 per share in addition to a quarterly cash dividend of $0.35 per share, the company announced Dec. 7 in a press release.
Both dividends are payable on Dec. 28 to stockholders on record at the close of business on Dec. 19.
Year-to-date PDC has returned approximately $925 million to its shareholders and the goal for 2022 is to return approximately $1 billion through a combination of share buybacks, base dividend payments and special dividends, the company said in the release.
The company’s board has already authorized $1.25 billion in share buybacks for 2023.
Denver-based PDC is committed to returning over 60% of annual post-dividend free cash flow to its shareholders via share repurchases and a year-end special dividend, if necessary, the company announced in a corporate presentation this month on its website.
PDC boasts combined production of around 250,000 boe/day through the third quarter of 2022 from its assets in the Wattenberg Field in Colorado and the Delaware Basin in west Texas.
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