Chevron: agrees to acquire PDC Energy
(CercleFinance.com) - Chevron Corporation today announced that it has entered into a definitive agreement with PDC Energy to acquire all of its outstanding shares in an all-stock transaction worth $6.
3bn, or $72 per share.
Under the terms of the agreement, PDC shareholders will receive 0.4638 Chevron shares for each PDC share. The transaction's total value, including debt, reaches $7.6bn.
PDC brings significant free cash flow, low breakeven production and development opportunities adjacent to Chevron's position in the Denver-Julesburg Basin and additional acreage in the Permian Basin.
This transaction increases Chevron's proven reserves by 10% at an acquisition cost of less than $7 per barrel of oil equivalent (boe).
Copyright (c) 2023 CercleFinance.com. All rights reserved.
3bn, or $72 per share.
Under the terms of the agreement, PDC shareholders will receive 0.4638 Chevron shares for each PDC share. The transaction's total value, including debt, reaches $7.6bn.
PDC brings significant free cash flow, low breakeven production and development opportunities adjacent to Chevron's position in the Denver-Julesburg Basin and additional acreage in the Permian Basin.
This transaction increases Chevron's proven reserves by 10% at an acquisition cost of less than $7 per barrel of oil equivalent (boe).
Copyright (c) 2023 CercleFinance.com. All rights reserved.