PDC Energy

Joele Frank is handling Chevron’s acquisition of Denver-based PDC Energy via an all-stock transaction valued at $6.3B.

The transaction adds 10 percent to Chevron’s proven reserves at a cost under $7 per barrel.

The transaction “enhances Chevron’s objective to safely deliver higher returns and lower carbon,” said CEO Mike Wirth.

PDC’s production sites are adjacent to Chevron’s fields in Colorado’s Denver Julesburg Basin and add to its holdings in the Permian Basin in Texas.

Joele Frank, Wilkinson Brimmer Katcher’s Andrew Siegel and Mahmoud Siddig represent PDC Energy.