PDC Energy in its $7.6 billion all-stock acquisition by Chevron

On May 22, 2023, PDC Energy, Inc. (NASDAQ: PDCE) and Chevron Corporation (NYSE: CVX) announced that they have entered into a definitive agreement for Chevron to acquire PDC in an all-stock transaction valued at $7.6 billion, including assumption of debt and based on Chevron’s closing price on May 19, 2023.  Under the terms of the agreement, PDC shareholders will receive 0.4638 shares of Chevron common stock for each share of PDC common stock.

Wachtell, Lipton, Rosen & Katz is serving as legal counsel to PDC.