PDC Energy rises on $6.3 bln buyout deal from Chevron

PDC Energy

22/05/2023 14:28

(Updates)
    ** Oil producer PDC Energy Inc's  PDCE.O  shares up 8.6% at
$70.72 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
    ** Brokerage Siebert Williams Shank says the deal provides
CVX a core position in the DJ Basin at a "highly attractive"
valuation 
    ** Chevron shares down 0.8% at 154.00
    ** 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))