M&A Deal Summary

Chevron Acquires PDC Energy

On May 22, 2023, Chevron acquired oil/gas exploration company PDC Energy for 7.6B USD

Acquisition Highlights
  • This is Chevron’s 12th transaction in the Oil/Gas Exploration sector.
  • This is Chevron’s 5th largest (disclosed) transaction.
  • This is Chevron’s 13th transaction in the United States.
  • This is Chevron’s 1st transaction in Colorado.

M&A Deal Summary
Date 2023-05-22
Target PDC Energy
Sector Oil/Gas Exploration
Buyer(s) Chevron
Deal Type Add-on Acquisition
Deal Value 7.6B USD
Advisor(s) J.P. Morgan Securities
PJT Partners, Inc. (Financial)
Wachtell, Lipton, Rosen & Katz (Legal)

Target

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.

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Buyer(S) 1

Buyer

Chevron

San Ramon, California, United States
Category Company
Founded 1879
Sector Oil/Gas Exploration
Employees45,600
Revenue 196.9B USD (2023)
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 16 of 19
Sector (Oil/Gas Exploration) 12 of 13
Type (Add-on Acquisition) 6 of 9
State (Colorado) 1 of 1
Country (United States) 13 of 16
Year (2023) 1 of 4
Size (of disclosed) 5 of 7
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2022-11-17 Beyond6

Saratoga Springs, New York, United States

Beyond6 is an operator of network of 55 compressed natural gas (CNG) stations. Beyond6 is based in Saratoga Springs, New York.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2023-09-12 ACES Delta

Delta, Utah, United States

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.

Buy -
Mergr

Product

Company

Legal