Chevron to acquire PDC Energy in all-stock deal valued at $6.3B

CHEVRON CORP

Total enterprise value of $7.6B including debt; PDC shareholders get 0.4638 CVX shares per PDCE share.
Acquisition adds 10% to proved reserves at less than $7 per BOE; expected to add ~$1B annual FCF at $70 Brent.
Deal unanimously approved by both boards; expected to close by year-end 2023, subject to PDC shareholder and regulatory approvals.
Chevron expects ~$100M pre-tax cost synergies and ~$400M capex efficiencies; capex guidance raised to $14-16B through 2027.

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