American Oil and Gas Reporter - June 2023 - 21

IndustryDigest
" With decades of experience in the
region and a track record of bringing
value forward for assets of all sizes, we
are excited to connect with the
opportunities available in the Permian
Basin-whether those are horizontal or
vertical drilling locations or
recompletions, " adds Caleb Weatherl. ❒
Chevron Corp. Buys
PDC Energy Inc.
SAN RAMON, CA.-Chevron
Corp. has reached a definitive
agreement with PDC Energy Inc. to
acquire all outstanding shares of PDC in
an all-stock transaction valued at $6.3
billion. The transaction's total enterprise
value, including debt, is $7.6 billion.
Chevron says the acquisition provides
it with high-quality assets that it expects
to deliver strong returns in lower carbonintensity
U.S. basins. The company
highlights PDC's free cash flow, lowbreakeven
production, and development
opportunities that harmonize with
existing Chevron positions.
" PDC's attractive and complementary
assets strengthen Chevron's position in
key U.S. production basins, " assesses
Chevron Chairman and Chief Executive
Officer Mike Wirth. " This transaction is
accretive to all important financial
measures and enhances Chevron's
objective to safely deliver higher returns
and lower carbon. We look forward to
welcoming PDC's team and shareholders
to Chevron and continuing both
companies' focus on safe and reliable
operations. "
" The combination with Chevron is a
great opportunity for PDC to maximize
value for our shareholders. It provides a
global portfolio of best-in-class assets, "
says PDC President and CEO Bart
Brookman. " I look forward to blending
our highly complementary organizations,
and I am excited that PDC's assets will
help propel Chevron toward our shared
goal for a lower carbon energy future. "
Chevron notes that the deal includes
275,000 net Denver-Julesberg Basin
acres adjacent to Chevron's existing
operations that add over 1 billion barrels
of oil equivalent of proved reserves, as
well as 25,000 net Permian Basin acres
that are held by production.
Chevron predicts the deal will close
by the end of this year. ❒
Chord Energy Obtains
XTO's Williston Assets
HOUSTON-A Chord Energy Corp.
subsidiary has agreed to acquire assets
in the Williston Basin from ExxonMobil
Corp. subsidiary XTO Energy Inc. and
affiliates for a total cash consideration
of $375 million.
Chord says the purchase includes:
· 62,000 net acres (77%
undeveloped, 82% average 8/8ths net
revenue interest) within and adjacent to
its near-term development program;
· 123 estimated net 10,000 foot
equivalent locations (77 operated),
including interest in Chord operated
wells and new, largely undeveloped
drilling spacing units; and
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American Oil and Gas Reporter - June 2023

Table of Contents for the Digital Edition of American Oil and Gas Reporter - June 2023

Contents
American Oil and Gas Reporter - June 2023 - Intro
American Oil and Gas Reporter - June 2023 - Cover1
American Oil and Gas Reporter - June 2023 - Cover2
American Oil and Gas Reporter - June 2023 - Contents
American Oil and Gas Reporter - June 2023 - 4
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American Oil and Gas Reporter - June 2023 - Cover3
American Oil and Gas Reporter - June 2023 - Cover4
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