Chevron to buy PDC Energy for $7.6 billion (updated)

PDC Energy

22/05/2023 13:10

(Adds details on the deal in paragraphs 2 and 3)
       May 22 (Reuters) - Chevron Corp  CVX.N  said on Monday
it would acquire PDC Energy Inc  PDCE.O  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'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.    
    
    

 (Reporting by Arunima Kumar in Bengaluru; Editing by Krishna
Chandra Eluri)
 ((Arunima.Kumar@thomsonreuters.com; Twitter: https://twitter.com/Aru_Kumar94
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