Published: August 7, 2023 |

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Chevron Corporation said its acquisition of PDC Energy, Inc. 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,” added Niemeyer.

In May 2023, Chevron entered into a definitive agreement to acquire PDC Energy in a $7.6 billion deal.

The assets acquired include 275,000 net acres in the Denver-Julesburg (DJ) Basin adjacent to Chevron’s existing operations, which add more than one billion barrels of oil equivalent proved reserves, and 25,000 net acres in the Permian Basin that are held by production.

Chevron is one of the world’s leading integrated energy companies. They believe affordable, reliable, and ever-cleaner energy is essential to enabling human progress. Chevron produces crude oil and natural gas; manufactures transportation fuels, lubricants, petrochemicals and additives; and develops technologies that enhance its business and the industry. They aim to grow their traditional oil and gas business, lower the carbon intensity of its operations, and grow new lower carbon businesses in renewable fuels, hydrogen, carbon capture, offsets, and other emerging technologies.

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