Investing
Chevron to buy PDC Energy for $7.6 billion
© Reuters. The logo and trading information for Chevron is displayed on a screen on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., June 27, 2022. REUTERS/Brendan McDermid
(Reuters) -Chevron Corp said on Monday it would acquire PDC Energy (NASDAQ:) Inc in an all-stock transaction for $7.6 billion, including debt.
The oil major said the PDC deal would bring strong free cash flow, low breakeven production and development opportunities adjacent to Chevron (NYSE:)’s position in the Denver-Julesburg Basin, as well as additional acreage to the company’s position in the Permian Basin.
The deal is expected to increases Chevron’s proved reserves by 10% at an acquisition cost of under $7 per barrel of oil equivalent.
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