PDC Energy’s long-term strategy is to generate stockholder value through the acquisition, exploration and development of crude oil and natural gas assets capable of generating sustainable free cash flow. Maintaining a conservative and disciplined financial strategy, which includes a strong balance sheet and solid debt metrics, abundant liquidity and a robust hedging program is critical to our success. PDC is focused on significant shareholder returns in the form of its quarterly base dividend, share repurchase program and annual special dividend, if needed. Additionally, we constantly pursue various midstream, marketing and cost reduction initiatives designed to increase per unit operating margins.

Current Strategic Focus:

At PDC, we place a strong emphasis on organic development through horizontal drilling programs in the Wattenberg Field and the Delaware Basin. Our focus is on generating sustainable free cash flow, while maintaining a strong balance sheet and conservative debt metrics, throughout commodity price cycles.

  • PDC is committed to returning 60+% of its annual post-dividend free cash flow to shareholders via systematic share repurchases and a special dividend, if needed
  • PDC’s current quarterly base dividend is $0.25 per share
  • In February 2022, PDC’s board authorized a $1.25 billion share repurchase program, with the intent to fully utilize by year-end 2023
  • 814 MMBoe proved reserves as of year-end 2021, equates to a reserve life index of over 10 years based on 2021 production of 71 MMBoe
  • Significant operational control in both basins and leases in Wattenberg nearly 100% held-by-production
  • The Core Wattenberg is a top-tier economic rate-of-return U.S. onshore field.
  • PDC is the third largest leaseholder and producer in the Wattenberg Field, which provides very repeatable and consistently strong drilling results.
  • We are focused on driving additional capital efficiency through improved completion enhancements, extended reach laterals and consolidating acreage through trades.
  • Our projects have a well-developed, diversified and expanding third-party midstream and pipeline infrastructure to accommodate future volume growth.
  • Significant drilling to target the Wolfcamp A, B, and C zones
  • Pursuit of longer-lateral drilling, completion enhancements and expansion of our drilling inventory
  • Future tests planned in the Wolfcamp as well as additional tests in the deep Wolfcamp and Bone Spring horizons
  • Substantial horizontal drilling, completion and operating skill sets
  • Focus on utilizing new technology to create additional value
  • Continuous midstream and marketing focus on improving netbacks
  • Emphasis on safety, environment, and corporate responsibility


Long Term Strategy and Current Focus


Senior Management


Four Decades of Profitable Growth


Our Philosophy