M&A Deal Summary

PDC Energy Acquires SRC Energy

On August 26, 2019, PDC Energy acquired oil/gas exploration company SRC Energy for 1.7B USD

Acquisition Highlights
  • This is PDC Energy’s 2nd transaction in the Oil/Gas Exploration sector.
  • This is PDC Energy’s largest (disclosed) transaction.
  • This is PDC Energy’s 2nd transaction in the United States.
  • This is PDC Energy’s 1st transaction in Colorado.

M&A Deal Summary
Date 2019-08-26
Target SRC Energy
Sector Oil/Gas Exploration
Buyer(s) PDC Energy
Deal Type Add-on Acquisition
Deal Value 1.7B USD
Advisor(s) Citigroup Investment Banking
Goldman Sachs (Financial)
Akin Gump Strauss Hauer & Feld LLP (Legal)

Target

SRC Energy

Denver, Colorado, United States
website
SRC Energy, Inc. is a domestic oil and natural gas exploration and production company. SRC's core area of operations is in the Denver-Julesburg Basin, which encompasses Colorado, Wyoming, Kansas, and Nebraska.

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Buyer(S) 1

Buyer

PDC Energy

Denver, Colorado, United States

website

Category Company
Founded 1969
Sector Oil/Gas Exploration
Employees520
Revenue 4.3B USD (2022)
DESCRIPTION

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.

DEAL STATS #
Overall 2 of 3
Sector (Oil/Gas Exploration) 2 of 3
Type (Add-on Acquisition) 1 of 2
State (Colorado) 1 of 2
Country (United States) 2 of 3
Year (2019) 1 of 1
Size (of disclosed) 1 of 2
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2014-10-15 PDC Mountaineer

Bridgeport, West Virginia, United States

PDC Mountaineer is a natural gas exploration and production company.

Sell $500M
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2022-05-06 Great Western Petroleum

Denver, Colorado, United States

Great Western Petroleum is an independent oil & gas company focused on the liquids-rich area of the DJ Basin. Great Western Petroleum was founded in 2005 and is based in Denver, Colorado.

Buy $543M
Mergr

Product

Company

Legal