Chevron expands presence in DJ Basin with PDC purchase

DENVER — Denver-based PDC Energy Inc. (Nasdaq: PDCE), which has operations in the Denver Julesburg Basin in Northern Colorado, has been acquired by Chevron Corp. (NYSE: CVX) in a deal said to be worth $7.6 billion.

Mike Wirth, chairman and CEO of Chevron, led a session with stockholders Monday in which he said the deal is a good fit for his company. “This transaction is aligned with our objective to safely deliver higher returns and lower carbon through a disciplined use of capital. The combination is expected to strengthen our position in the DJ Basin and add high-return investment opportunities that…