London, 07 August, 2023, (Oilandgaspress) – Chevron Corporation (NYSE: CVX) announced today that its acquisition of PDC Energy, Inc. (NASDAQ: PDCE) has been completed following approval by PDC Energy shareholders.
“We’re pleased to welcome PDC Energy into Chevron,” said Bruce Niemeyer, Chevron’s president for Americas Exploration & Production. “Our companies have similar cultures, with a focus on safe and reliable operations, teaming to deliver results, and benefiting the communities where we operate. PDC’s high-quality assets open up even greater opportunities in important U.S. basins where Chevron already has a strong presence.”
The assets acquired include 275,000 net acres in the Denver-Julesburg (DJ) Basin adjacent to Chevron’s existing operations, which add more than 1 billion barrels of oil equivalent proved reserves, and 25,000 net acres in the Permian Basin that are held by production.
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