PDC Energy Completes Merger with SRC Energy
Denver-based PDC Energy Inc. has completed its all-stock combination with the pure-play DJ Basin operator SRC Energy Inc. The transaction, which was originally announced in August 2019, is valued at approximately US$1.7 billion, including the assumption of US$685 million of net debt. Pro forma, the combined entity has average daily production of approximately 197,000 barrels of oil equivalent per day from its core acreage, including ~182,000 net acres in the Wattenberg Field in Colorado and ~36,000 net acres in the Delaware Basin in West Texas. JP Morgan acted as sole financial advisor to PDC Energy, while Citi and Goldman Sachs acted as financial advisors to SRC Energy for the transaction.