Chevron adds to fracking reserves with $6.3bn deal
The $6.3bn takeover of PDC Energy will increase Chevron’s proven oil and gas reserves by 10 per cent
Chevron, the US-based oil and gas giant, is doubling down on fracking in America with a $6.3 billion takeover of PDC Energy.
The all-share deal will increase Chevron’s proven oil and gas reserves by 10 per cent, giving it 275,000 acres adjacent to Chevron’s shale assets in the Denver-Julesburg (DJ) basin in Colorado and 25,000 acres in the Permian basin in Texas.
Mike Wirth, Chevron chief executive, said: “PDC’s attractive and complementary assets strengthen Chevron’s position in key US production basins.”
PDC Energy was founded in 1969 and is based in Denver. It produced the equivalent of 233,000 barrels of oil a day last year and reported net income of $1.8 billion.
Chevron, worth more than $290 billion, reported net income of $35.5 billion
