Chevron to Acquire PDC Energy for $6.3 Billion

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Chevron

said Monday it acquire

PDC Energy

in an all-stock transaction valued at $6.3 billion, or $72 a share.

“PDC’s attractive and complementary assets strengthen

Chevron
’s
position in key U.S. production basins,” said Chevron Chairman and CEO Mike Wirth in a statement. “This transaction is accretive to all important financial measures and enhances Chevron’s objective to safely deliver higher returns and lower carbon.”

Chevron (ticker: CVX) stock was down 0.3% in premarket trading. PDC (PDCE) shares closed Friday at $65.12.

Write to Emily Dattilo at emily.dattilo@dowjones.com