Summary by Moomoo AI
Chevron Corporation announced the acquisition of PDC Energy, Inc., an independent exploration and production company with operations in the Denver-Julesburg Basin in Colorado and the Delaware Basin in west Texas. The acquisition, valued at approximately $6,520 million, was completed with the issuance of approximately 41 million shares of Chevron common stock, representing about two percent of Chevron's common stock outstanding immediately after the transaction closed on August 7, 2023. The acquisition is expected to enhance Chevron's presence in the DJ and Permian basins in the U.S. This move is part of Chevron's ongoing strategy to expand its oil and gas operations and increase its production capabilities. The transaction was accounted for as a business combination, with the assets acquired and liabilities assumed measured at their acquisition date fair value. No goodwill or bargain purchase was recognized in the transaction.