Inspenet, August 19, 2023.
Chevron Corporation has completed the acquisition of Denver-based PDC Energy, resulting in the creation of Colorado’s leading oil and gas company.
The resulting new entity will span 600,000 acres across the state, approximately half of which is in the Denver-Julesburg basin, in close proximity to the company’s pre-existing operations. An average daily production of 400,000 barrels of oil is expected, positioning it as one of Chevron’s top five production units globally.
“We have inventory that is allowable and we see possibilities here,” Kim McHugh, Chevron’s regional vice president, told CBS News Colorado. “Both companies are committed to reducing their carbon footprint .”
McHugh also said, “These two companies have similar cultures of both safety and trust that benefit the communities where they operate.”
“Chevron is headquartered in California and has plans to expand its presence in the renewable energy sector in Colorado, encompassing areas such as hydrogen, geothermal and carbon capture. McHugh says no action has yet been determined regarding potential staff reductions at PDC Energy.