"On the equity, a deal was not all that surprising to us given concerns on the inventory side (and good to see the company not transact in expensive M&A) and will help remove some of the M&A overhang on the stock, but basin and county exposure (outside of Weld) is a bit surprising," the TPH analysts wrote in a research note on Feb. 28. PDC Energy Great Western Petroleum Acquisition Map (Source: PDC Energy Feb. 28, 2022 Investor Presentation) Consideration paid for the Great Western acquisition, valued at roughly $1.3 billion when it was announced, comprised of $543 million (less $50 million previously placed into escrow) and approximately 4 million shares of PDC common stock. PDC Energy planned to finance the acquisition with cash on hand and borrowings under the company's credit facility. In addition, PDC said May 6 it paid off the Great Western secured credit facility totaling $235 million and $312 million in principal amount of Great Western's 12% senior secured notes due 2025.