Chevron to Acquire PDC Energy in $7.6 Billion Transaction

Paul, Weiss is advising Chevron Corporation in its acquisition of PDC Energy, Inc. in an all-stock transaction valued at $6.3 billion, or $72 per share. The total enterprise value of the transaction, including debt, is $7.6 billion. The deal will provide Chevron with high-quality assets expected to deliver higher returns in lower-carbon-intensity basins in the United States.

The transaction is expected to close by the end of 2023, subject to customary closing conditions and regulatory approvals.

The Paul, Weiss team is led by corporate partners Kyle Seifried and Scott Barshay and includes, among others, corporate partners John Kennedy and Manuel Frey and counsel Patricia Vaz de Almeida, Lyudmila Bondarenko and Christopher Dickson; litigation partner Geoffrey Chepiga; counsel Steven Herzog; tax partner Brian Krause and counsel Anne McGinnis and Alyssa Wolpin; real estate partner Peter Fisch; executive compensation partners Lawrence Witdorchic and Jarrett Hoffman and counsel Jordan Salzman; intellectual property partner Claudine Meredith-Goujon; and environmental counsel William O’Brien.