PDC Energy rises on $6.3 bln buyout deal from Chevron

PDC Energy

22/05/2023 13:53

** Oil producer PDC Energy Inc's  PDCE.O  shares up 7.8% at
$70.20 premarket
    ** Oil major Chevron Corp  CVX.N  to acquire PDC Energy in
an all-stock deal for $6.3 bln, or $72/shr
    ** Offer price represents a 10.6% premium to PDCE's last
close
    ** Deal expected to increase Chevron's proved reserves by
10% - CVX
    ** Chevron shares down ~1% at 153.60
    ** Deal expected to close by year-end 2023
    ** As of last close, PDCE stock up ~2.6%, while CVX shares
down 13.5%

 (Reporting by Ankit Kumar)
 ((Ankit.Kumar2@thomsonreuters.com))