PDCE - PDC Energy Q4 results - beat surprise acquisition 16% shareholder return guide

PDC Energy (NASDAQ:PDCE) released earnings ahead of the US open Monday, beating estimates, announcing a significant acquisition, and providing a new shareholder return framework:  Earnings - the Company posted adjusted net income of $2.86/s versus Street expectations for $2.52; adjusted free cash flow came in at $340m, or ~6.1% of the current market cap. Deal consideration - the Company is acquiring Great Western Petroleum for ~$1.3b, with consideration of $543m in cash, 4.0m shares ($228m, ~4% of Q4 diluted share count), and the assumption of ~$500m in net debt; the transaction is expected to close in Q2. Target metrics - the Wattenberg assets hold ~185mboe of proved reserves (~$7/boe), produce 55kboe/d (67% liquids), and sit on 54k net acres (~$24k/acre); Management indicates the transaction is free cash flow accretive. Production - standalone production was guided to 200kboe/d, versus Q4 results at 211kboe/d, a ~5% sequential decline; including the acquisition, management

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PDC Energy Q4 results - beat, surprise acquisition, 16% shareholder return guide