Bengaluru — 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 increase Chevron’s proved reserves by 10% at an acquisition cost of under $7 per barrel of oil equivalent.
*Arunima Kumar; Editing: Krishna Chandra Eluri – Reuters
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