Chevron To Acquire PDC Energy In All-stock Deal Valued At $6.3 Bln Or $72/Share

RTTNews | 732 dias atrás
Chevron To Acquire PDC Energy In All-stock Deal Valued At $6.3 Bln Or $72/Share

(RTTNews) - Chevron Corp. (CVX) announced Monday that it has entered into a definitive agreement with PDC Energy, Inc. (PDCE) to acquire all of the outstanding shares of PDC in an all-stock transaction valued at $6.3 billion, or $72 per share.

Based on Chevron's closing price on May 19, 2023 and under the terms of the agreement, PDC shareholders will receive 0.4638 shares of Chevron for each PDC share. The total enterprise value, including debt, of the transaction is $7.6 billion.

The acquisition of PDC provides Chevron with high-quality assets expected to deliver higher returns in lower carbon intensity basins in the United States.

PDC brings strong free cash flow, low breakeven production and development opportunities adjacent to Chevron's position in the Denver-Julesburg (DJ) Basin, as well as additional acreage to Chevron's leading position in the Permian Basin.

In aggregate, upon closing of the transaction, Chevron will issue approximately 41 million shares of common stock. Total enterprise value of $7.6 billion includes net debt.

The transaction has been unanimously approved by the Boards of Directors of both companies and is expected to close by year-end 2023. The acquisition is subject to PDC shareholder approval. It is also subject to regulatory approvals and other customary closing conditions.

read more
Chevron's LNG Plant In Australia Resumes Full Production

Chevron's LNG Plant In Australia Resumes Full Production

Chevron Corp. has resumed full production at its liquefied natural gas or LNG export facility in Australia amid ongoing strikes by union members, reports said. Hundreds of workers at Chevron's LNG plants in Western Australia had launched a work stoppage earlier over pay and working conditions, impacting the global gas market. Workers at Chevron's Wheatstone and Gorgon plants are currently strikin
RTTNews | 613 dias atrás
Chevron Q4 Profit Up 25%, But Misses Estimates

Chevron Q4 Profit Up 25%, But Misses Estimates

Integrated energy company Chevron reported Friday that profit for the fourth quarter increased 25 percent from last year, reflecting 17 percent revenue growth amid higher realizations and higher margins on refined product sales. Adjusted earnings per share missed analysts' estimates, while quarterly revenues topped it.
RTTNews | 847 dias atrás
Cheniere, Chevron Ink Long-Term LNG Sale And Purchase Agreements

Cheniere, Chevron Ink Long-Term LNG Sale And Purchase Agreements

Cheniere Energy, Inc. (LNG) announced Wednesday that two of its subsidiaries, Sabine Pass Liquefaction, LLC and Cheniere Marketing, LLC, have each entered into long-term liquefied natural gas or LNG, sale and purchase agreements or SPA, with Chevron U.S.A. Inc., a wholly-owned subsidiary of Chevron Corp. (CVX).
RTTNews | 1066 dias atrás
U.S. New Home Sales Spike From Downwardly Revised Level In April

U.S. New Home Sales Spike From Downwardly Revised Level In April

The Commerce Department released a report on Friday showing new home sales in the U.S. in the month of April spiked compared to a significantly downwardly revised level in March. The report said new home sales soared by 10.9 percent to an annual rate of 743,000 in April after jumping by 2.6 percent to a downwardly revised rate of 670,000 in March.
RTTNews | 30 minutos atrás
Germany Logs Stronger Growth On Tariff Threats

Germany Logs Stronger Growth On Tariff Threats

The German economy grew at a stronger-than-estimated pace in the first quarter as higher tariff threats by the U.S. administration led to the frontloading of orders for the country's goods, lifting exports and industrial production. Gross domestic product grew 0.4 percent, which was double the initial estimate of 0.2 percent, a detailed report from Destatis revealed on Friday.
RTTNews | 1 h 37 min atrás
Bay Street Likely To Open On Negative Note On Tariff Concerns

Bay Street Likely To Open On Negative Note On Tariff Concerns

Canadian shares look headed for a weak start Friday morning as tariff concerns resurfaced after U.S. President Donald Trump threatened 50% tariffs on EU goods from June 1. Weak oil prices could hurt energy stocks and add to market's downside.
RTTNews | 2 h 43 min atrás
FTSE Pares Early Gains, Up Marginally In Cautious Trade

FTSE Pares Early Gains, Up Marginally In Cautious Trade

U.K. stocks moved higher Friday morning, reacting to data showing a notable rise in retail sales, and survey showing strong consumer confidence. However, stocks pared gains subsequently in cautious trade and the market was up just marginally a little past noon.
RTTNews | 3 h 45 min atrás
Pound Rises On Robust U.K. Retail Sales Data

Pound Rises On Robust U.K. Retail Sales Data

The British pound strengthened against other major currencies in the European session on Friday, after U.K. retail sales rebounded more than expected in April as good weather boosted food store sales.
RTTNews | 4 h 0 min atrás