Chevron To Buy Shale Firm PDC Energy In $6.3-Billion Deal

Chevron Corporation has signed a deal to buy shale firm PDC Energy in an all-stock transaction valued at $6.3 billion, or $72 per share, the U.S. supermajor said on Monday in what could be an acceleration of deal-making in the shale patch. The total enterprise value of the deal, including debt, is $7.6 billion. The transaction price represents a premium of 14% on a 10-day average based on closing stock prices on May 19, 2023, Chevron said. PDC Energy shares surged by 7.89%, or by $5.14, to over $70 apiece, in pre-market trade on Monday after the…