Chevron to Acquire PDC Energy
Summary
Chevron Corporation (NYSE: CVX) , a San Ramon, CA-based integrated energy company, is to acquire all of the outstanding shares of PDC Energy, a Denver, CO-based domestic independent exploration and production company, in an all-stock transaction valued at $6.3 billion. The total enterprise value, including debt, of the transaction is $7.6 billion. The acquisition of PDC provides Chevron with high-quality assets expected to deliver higher returns in lower carbon intensity basins in the United States. Led by Bart Brookman, President and CEO, PDC Energy is a domestic independent exploration and production company that acquires, explores and develops properties for the production of crude oil, natural gas and NGLs, with operations in the Wattenberg Field in Colorado and Delaware Basin in west Texas. Led by Chairman and CEO Mike Wirth, Chevron produces crude oil and natural gas; manufactures transportation fuels, lubricants, petrochemicals and additives; and develops technologies that enhance the business and the industry.