M&A Deal Summary

Chevron Acquires ACES Delta

On September 12, 2023, Chevron acquired environmental company ACES Delta

Acquisition Highlights
  • This is Chevron’s 1st transaction in the Environmental sector.
  • This is Chevron’s 14th transaction in the United States.
  • This is Chevron’s 1st transaction in Utah.

M&A Deal Summary
Date 2023-09-12
Target ACES Delta
Sector Environmental
Buyer(s) Chevron
Deal Type Add-on Acquisition

Target

ACES Delta

Delta, Utah, United States
website
ACES Delta is a joint venture between Mitsubishi Power and Magnum Development. ACES Delta is developing the Advanced Clean Energy Storage project in Delta, Utah. The Advanced Clean Energy Storage project plans to use electrolysis to convert renewable energy into hydrogen and will utilize solution-mined salt caverns for seasonal, dispatchable storage of the energy.

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Buyer(S) 1

Buyer

Chevron

San Ramon, California, United States

website

Category Company
Founded 1879
Sector Oil/Gas Exploration
Employees43,846
Revenue 235.7B USD (2022)
DESCRIPTION
Chevron office in downtown Houston, Texas.
Chevron office in downtown Houston, Texas.

Chevron is a fully integrated energy company. Its business includes petroleum operations, chemicals, mining operations, power generation and energy services. Chevron's exploration and production operations consists of exploration, development and production of crude oil and natural gas. Chevron was incorporated in 1879 and is based in San Ramon, California.

DEAL STATS #
Overall 17 of 18
Sector (Environmental) 1 of 1
Type (Add-on Acquisition) 7 of 8
State (Utah) 1 of 1
Country (United States) 14 of 15
Year (2023) 2 of 3
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2023-05-22 PDC Energy

Denver, Colorado, United States

PDC Energy is a natural gas company. PDC maintains a balanced liquids to natural gas portfolio through horizontal drilling while maintaining a solid balance sheet and ample liquidity. PDC Energy was founded in 1969 and is based in Denver, Colorado.

Buy $7.6B
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2023-10-23 Hess

New York, New York, United States

Hess is a global integrated energy company engaged in the exploration, production, purchase, transportation and sale of crude oil and natural gas, as well as the production and sale of refined petroleum products. Hess was founded in 1920 and is based in New York, New York.

Buy $60.0B
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