Shearman & Sterling advised Chevron Corp. (NYSE: CVX) on antitrust matters related to its agreement to acquire all of the outstanding shares of PDC Energy, Inc. (Nasdaq: PDCE) in a transaction valued at $6.3 billion or $72 per share. The total enterprise value of the deal, including debt, is $7.6 billion.

The transaction was announced on May 22, 2023 in a press release.

PDC Energy is a domestic independent exploration and production company that acquires, explores and develops properties for the production of crude oil, natural gas and NGLs with operations in the Wattenberg Field in Colorado and Delaware Basin in west Texas. Chevron is one of the world’s leading integrated energy companies.

The Team