Chevron Completes Purchase of DJ, Permian Acreage

Chevron Corp. has concluded the full acquisition of PDC Energy Inc., adding Denver-Julesburg (DJ) and Permian basin assets to its oil and gas inventory.

“PDC’s high-quality assets open up even greater opportunities in important U.S. basins where Chevron already has a strong presence”, Chevron said in a press release Monday.

The purchase gives the global energy giant 275,000 net acres in the Denver-Julesburg Basin, next to assets already operated by Chevron, and 25,000 net acres in the Permian Basin, where Chevron already has a “leading position”, according to the announcement of the merger deal March 22.

Chevron estimates the DJ acreage holds over one billion barrels of oil equivalent in proved reserves “in highly economic locations”, the March announcement said, adding the assets would “enable capital and operational synergies”.

Chevron was to pay $6.3 billion in the all-stock transaction, or $72 per share, according to the March media release.