Paul Korus - Aug 7, 2023 Form 4 Insider Report for PDC ENERGY, INC. (PDCE)

Role
Director
Signature
/s/ Nicole L. Martinet, by power of attorney
Stock symbol
PDCE
Transactions as of
Aug 7, 2023
Transactions value $
$0
Form type
4
Date filed
8/7/2023, 12:57 PM
Previous filing
Jun 2, 2023
Next filing
Dec 15, 2023

Transactions Table

Type Sym Class Transaction Value $ Shares Change % * Price $ Shares After Date Ownership Footnotes
transaction PDCE Common Stock Disposed to Issuer -28.5K -100% 0 Aug 7, 2023 Direct F1
transaction PDCE Restricted Stock Units Disposed to Issuer -2.68K -100% 0 Aug 7, 2023 Direct F2
* An asterisk sign (*) next to the price indicates that the price is likely invalid.

Paul Korus is no longer subject to Section 16 filing requirements. Form 4 or Form 5 obligations may continue.

Explanation of Responses:

Id Content
F1 On August 7, 2023, pursuant to the Agreement and Plan of Merger dated as of May 21, 2023 (the "Merger Agreement"), by and among Chevron Corporation ("Chevron"), Bronco Merger Sub Inc. ("Merger Sub") and PDC Energy, Inc. ("PDC"), Merger Sub merged with and into PDC (the "Merger"), with PDC surviving the Merger as a direct, wholly-owned subsidiary of Chevron. Pursuant to the Merger Agreement, each share of PDC common stock issued and outstanding immediately prior to the effective time of the Merger was converted into the right to receive 0.4638 of a share of Chevron common stock. On August 4, 2023 (the day prior to the Merger), the closing price of one share of Chevron common stock was $159.31.
F2 Pursuant to the Merger Agreement, each award of restricted stock units of PDC granted to a non-employee member of the Board of Directors of PDC, whether or not vested (each a "PDC RSU Award"), was cancelled and converted into the right to receive the number (rounded to the nearest whole number) of shares of Chevron common stock determined by multiplying (i) the number of shares of PDC common stock subject to such PDC RSU Award immediately prior to the effective time of the Merger by (ii) 0.4638.