Chevron buys oil and gas company PDC Energy for $7.6 billion – Kommersant

Today, May 22, the American energy company Chevron announced about the purchase of another American oil and gas company, PDC Energy. The deal is valued at $7.6 billion. Chevron will pay PDC Energy shareholders $72 per share, offering a 14% premium to the company’s average price over the past ten days. The entire amount will be paid in Chevron shares. In addition, the buyer will pay off PDC Energy’s debts.

PDC Energy produces oil and shale gas in Texas, Colorado and several other states. According to Chevron, the deal will allow it to increase oil and gas production by 260,000 barrels of oil equivalent per day by 2024.

This is Chevron’s second major U.S. purchase in several years. In 2020 she bought oil and gas company Noble Energy for $13 billion. According to experts, in the conditions record income US oil and gas companies can expect a boom in mergers and acquisitions in this industry. “We expect that there will be more such transactions in the future,” said Biraj Borkhataria, an analyst at RBC Capital Markets.

Chevron shares fell 1.5% on May 22, while PDC Energy rose 8%.

Yana Rozhdestvenskaya