Chevron Corporation (NYSE: CVX) acquired PDC Energy (NASDAQ: PDCE) in an all-stock transaction valued at $6.3 billion, or $72 per share.
The total enterprise value, including debt, of the transaction is $7.6 billion.
The acquisition provides Chevron with assets expected to deliver higher returns in lower carbon intensity basins in the U.S. PDC brings strong free cash flow, low breakeven production and development opportunities adjacent to Chevron's position in the Denver-Julesburg (DJ) Basin, as well as additional acreage to Chevron's leading position in the Permian Basin.