Chevron is looking to further its oil and gas drilling capabilities within the United States as the company is acquiring its long-time rival PDC Energy for $7.6 billion including debt.

The all-stock deal would allow Chevron to gain a bigger foothold in both offshore and onshore oil drilling as the acquisition of PDC will give the company access to numerous sites throughout Colorado and Texas.

Chevron believes that this acquisition will be extremely profitable as the new drilling locations will add $1 billion in annual revenue as well as one billion barrels of oil to the company’s reserves.

Source: CNBC

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