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Chevron completes deal for PDC Energy

SAN RAMON, California — Chevron Corp. (NYSE: CVX) has completed its acquisition of PDC Energy Inc. (Nasdaq: PDCE), a large traditional energy player in the Denver-Julesburg basin that includes Weld County.

The companies announced the merger in May in what was then described as a $7.6 billion deal. PDC shareholders have now approved the transaction.

“We’re pleased to welcome PDC Energy into Chevron,” said Bruce Niemeyer, Chevron’s president for Americas Exploration & Production. “Our companies have similar cultures, with a focus on safe and reliable operations, teaming to deliver results, and benefiting the communities where we operate. PDC’s high-quality assets open up even greater opportunities in important U.S. basins where Chevron already has a strong presence.”

The assets acquired include 275,000 net acres in the DJ Basin adjacent to Chevron’s existing operations, which add more than 1 billion barrels of oil equivalent proved reserves, and 25,000 net acres in the Permian Basin of west Texas that are held by production.

Source: BizWest