PDC Energy Inc.’s board of directors has declared a quarterly cash dividend amounting to $0.40 per share of the company’s common stock, according to a May 24 press release.

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The dividend will be payable on June 22 to all stockholders of record by close of business on June 8.

PDC Energy is an independent E&P company that works in the development of crude oil, natural gas, and NGLs. It has operations in the Colorado and Delaware Basins in west Texas.