Chevron Acquires Hess in $53B All-Stock Transaction

Chevron Acquires PDC Energy in $6.3 Billion All-Stock Transaction

August 7, 2023

Oil & Gas

Chevron Corporation agreed to acquire all outstanding shares of PDC Energy, Inc. in an all-stock transaction valued at $6.3 billion. The deal adds PDC’s oil and gas assets—275,000 net acres in the Denver-Julesburg (DJ) Basin and 25,000 net acres in the Permian Basin—to strengthen Chevron’s position in key U.S. production basins. Chevron later announced the acquisition was completed after PDC shareholder approval.

Transocean to Acquire Valaris in $5.8 Billion All-Stock Deal

February 9, 2026

Energy

Transocean and Valaris have signed a definitive agreement to combine in an all-stock transaction valued at approximately $5.8 billion, with Transocean acquiring Valaris. The deal is structured as a court-approved scheme of arrangement under Bermuda law and is expected to close in the second half of 2026, subject to regulatory and shareholder approvals.

Baker Hughes Acquires Chart Industries for $13.6 Billion

July 31, 2025

Industrial Services

Baker Hughes announced a definitive, all-cash agreement to acquire Chart Industries in a $13.6 billion transaction valued at $210 per share. The deal is expected to accelerate Baker Hughes’ Industrial & Energy Technology strategy, expand capabilities in LNG, hydrogen, and carbon capture/cryogenic processing, and deliver annualized cost savings of about $325 million by the end of the third year post-close.

ConocoPhillips Acquires Marathon Oil Corporation in All-Stock $22.5 Billion Deal

May 29, 2024

Energy

ConocoPhillips will acquire Marathon Oil Corporation in an all-stock transaction valued at $22.5 billion, including $5.4 billion of net debt. Marathon Oil shareholders will receive 0.2550 shares of ConocoPhillips common stock for each Marathon share.

Chevron Acquires Magnum Development and Majority Stake in ACES Delta Hydrogen Project

September 12, 2023

Renewable Energy

Chevron U.S.A. Inc., through its Chevron New Energies division, has closed the acquisition of 100% of Magnum Development, LLC from Haddington Ventures, gaining a majority interest in ACES Delta, LLC — the developer of the Advanced Clean Energy Storage hydrogen production and salt-cavern storage project in Delta, Utah. The project will produce and store renewable hydrogen (first phase ~100 metric tons/day) to serve utility, transportation and industrial customers in the western United States and is expected to enter commercial-scale operations in mid-2025.

ConocoPhillips to Acquire Concho Resources

October 19, 2020

Oil & Gas

ConocoPhillips agreed to acquire Concho Resources in an all-stock transaction valued at $9.7 billion, exchanging each Concho share for 1.46 shares of ConocoPhillips. The combination creates a larger independent oil and gas company with expanded Permian Basin scale, expected cost and capital synergies of $500 million annually and an enhanced low-cost resource base.