Lance Lauck - Jan 11, 2023 Form 4 Insider Report for PDC ENERGY, INC. (PDCE)

Role: EVP, Corp. Dev. & Strategy
Signature: /s/ Nicole L. Martinet, by power of attorney
Stock symbol: PDCE
Transactions as of: Jan 11, 2023
Transactions value $: -$2,654,938
Form type: 4
Date filed: 1/13/2023, 07:56 AM
Previous filing: Nov 15, 2022
Next filing: Feb 17, 2023

Transactions Table

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Ownership	Footnotes
transaction	PDCE	Common Stock	Options Exercise		+101K	+73.07%		240K	Jan 11, 2023	Direct	F1
transaction	PDCE	Common Stock	Tax liability	-$2.65M	-41.9K	-17.47%	$63.40	198K	Jan 11, 2023	Direct	F2

Derivative Securities (e.g., puts, calls, warrants, options, convertible securities)

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Underlying Class	Amount	Exercise Price	Ownership	Footnotes
transaction	PDCE	Performance Share Rights	Options Exercise		-40.5K	-100%		0	Jan 11, 2023	Common Stock	40.5K		Direct	F1

* An asterisk sign (*) next to the price indicates that the price is likely invalid.

Explanation of Responses:

Id	Content
F1	Each performance share unit/right represented a contingent right to receive 0-250% of that number in shares of PDC Energy, Inc. common stock upon achievement of specified metrics compared to certain peers, as described in the related grant agreement. Pursuant to the terms of the related grant agreement and the achievement of the predetermined objectives for the specified performance period, the insider earned 250% of the target award.
F2	Represents shares of common stock surrendered to issuer to cover tax withholding obligation of the reporting person upon settlement of performance shares/rights.

Content

Each performance share unit/right represented a contingent right to receive 0-250% of that number in shares of PDC Energy, Inc. common stock upon achievement of specified metrics compared to certain peers, as described in the related grant agreement. Pursuant to the terms of the related grant agreement and the achievement of the predetermined objectives for the specified performance period, the insider earned 250% of the target award.

Represents shares of common stock surrendered to issuer to cover tax withholding obligation of the reporting person upon settlement of performance shares/rights.