0001104659-23-088230.txt : 20230807 0001104659-23-088230.hdr.sgml : 20230807 20230807125840 ACCESSION NUMBER: 0001104659-23-088230 CONFORMED SUBMISSION TYPE: 4 PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 20230807 FILED AS OF DATE: 20230807 DATE AS OF CHANGE: 20230807 REPORTING-OWNER: OWNER DATA: COMPANY CONFORMED NAME: Jacoby Sandra E. CENTRAL INDEX KEY: 0001965607 FILING VALUES: FORM TYPE: 4 SEC ACT: 1934 Act SEC FILE NUMBER: 001-37419 FILM NUMBER: 231146659 MAIL ADDRESS: STREET 1: 1775 SHERMAN STREET STREET 2: SUITE 3000 CITY: DENVER STATE: CO ZIP: 80203 ISSUER: COMPANY DATA: COMPANY CONFORMED NAME: PDC ENERGY, INC. CENTRAL INDEX KEY: 0000077877 STANDARD INDUSTRIAL CLASSIFICATION: CRUDE PETROLEUM & NATURAL GAS [1311] IRS NUMBER: 952636730 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 BUSINESS ADDRESS: STREET 1: 1099 18TH STREET STREET 2: SUITE 1500 CITY: DENVER STATE: CO ZIP: 80202 BUSINESS PHONE: 303-860-5800 MAIL ADDRESS: STREET 1: PDC ENERGY, INC. STREET 2: 1099 18TH STREET CITY: SUITE 1500 STATE: CO ZIP: 80202 FORMER COMPANY: FORMER CONFORMED NAME: PETROLEUM DEVELOPMENT CORP DATE OF NAME CHANGE: 19920703 FORMER COMPANY: FORMER CONFORMED NAME: YELLOW WING URANIUM CORP DATE OF NAME CHANGE: 19730606 4 1 tm2322964-11_4seq1.xml OWNERSHIP DOCUMENT X0508 4 2023-08-07 1 0000077877 PDC ENERGY, INC. PDCE 0001965607 Jacoby Sandra E. 1099 18TH STREET, SUITE 1500 DENVER CO 80202 0 1 0 0 SVP, Corporate Administration 0 Common Stock 2023-08-07 4 D 0 3639 D 0 D Restricted Stock Units 2023-08-07 4 D 0 8372 D 0 D Performance Shares (2023) 2023-08-07 4 D 0 2460 D PDC Common Stock 2460 0 D 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. Pursuant to the Merger Agreement, each award of restricted stock units of PDC other than awards held by non-employee members of the Board of Directors of PDC, whether or not vested (each a "PDC RSU Award"), was converted into a restricted stock unit award, on the same terms and conditions as were applicable under such PDC RSU Award immediately prior to the effective time of the Merger (including any provisions for acceleration) with respect to 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. Each PDC PSU Award represented a contingent right to receive a share of PDC common stock based upon certain performance goals or metrics. The amount reported represented the "target" number. Pursuant to the Merger Agreement, each PDC PSU Award granted in 2022 or 2023 was converted into an award, on the same terms and conditions as were applicable under such PDC PSU Award immediately prior to the effective time of the Merger (other than any performance-based vesting conditions), with respect to 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 PSU Award immediately prior to the effective time of the Merger (with the performance-based vesting conditions applicable to such PDC PSU Award determined in accordance with the terms of the Merger Agreement, which performance was determined to be 233% of target for PDC PSU Awards granted in 2022 and 240% of target for PDC PSU Awards granted in 2023) by (ii) 0.4638. /s/ Nicole L. Martinet, by power of attorney 2023-08-07