{"id":14460,"date":"2023-05-27T01:21:38","date_gmt":"2023-05-27T05:21:38","guid":{"rendered":"https:\/\/ifintechworld.com\/markets\/chevron-tests-the-ma-narrative-with-a-modest-deal\/"},"modified":"2023-05-27T01:21:39","modified_gmt":"2023-05-27T05:21:39","slug":"chevron-tests-the-ma-narrative-with-a-modest-deal","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=14460","title":{"rendered":"Chevron Tests the M&A Narrative with a Modest Deal"},"content":{"rendered":"
\n

A $6.3 billion deal announced by
\n Chevron
\n to buy midsize oil-and-gas producer
\n PDC Energy
\n this past Monday doesn\u2019t signal a new wave of large-scale energy mergers. Instead, the deal may point to a path to consolidation that Wall Street hadn\u2019t expected.<\/p>\n

Mergers and acquisitions are on the industry\u2019s mind. Energy earnings and stocks are no longer growing. But recent M&A has been modest and, similar to PDC, not transformational, such as
\n Exxon Mobil\u2019s<\/span>
\n $41 billion XTO buy in 2010. <\/p>\n

\n

Most deals involve public companies buying private companies or acreage.
\n Diamondback Energy
\n picked up Texas assets from privately held Lario Oil & Gas in late 2022 for less than $2 billion. Chevron\u2019s deal could make smaller operators more attractive, says Mizuho Securities analyst Nitin Kumar.
\n Permian Resources,<\/span><\/p>\n

Matador Resources,<\/span>
\n and
\n Callon Petroleum
\n all rose on Monday.<\/p>\n

<\/p>\n
\n
\n\n\n\n\n\n\n\n\n
Buyer<\/th>\nSeller<\/th>\nDeal Type<\/th>\nValue<\/th>\n<\/thead>\n
1. Bartex Energy<\/b><\/td>\nRanger Oil<\/td>\nCorporate<\/td>\n$2.5 B<\/td>\n<\/tr>\n
2. Matador Resources<\/b><\/td>\nAdvance Energy<\/td>\nProperty<\/td>\n1.6 B<\/td>\n<\/tr>\n
3. WildFire Energy<\/b><\/b><\/td>\nChesapeake Energy<\/td>\nProperty<\/td>\n1.4 B<\/td>\n<\/tr>\n
4. INEOS Energy<\/b><\/td>\nChesapeake Energy<\/td>\nProperty<\/td>\n1.4 B<\/td>\n<\/tr>\n
5. Undisclosed<\/b><\/td>\nChesapeake Energy<\/td>\nProperty<\/td>\n439 M<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

Source: Enverus Energy Analytics<\/p>\n<\/div><\/div>\n<\/p><\/div>\n

Big deals aren\u2019t out of the question. The Wall Street Journal reported that Exxon has talked with
\n Pioneer Natural Resources
\n about an acquisition. Neither company would comment. But Pioneer CEO Scott Sheffield said in an interview with Barron\u2019s <\/em>in April that, with buyers resisting big premiums, he doesn\u2019t expect a near-term M&A wave. \u201cFor buyers and sellers, it\u2019s very hard to agree to terms,\u201d he said.<\/p>\n

PDC, which mostly drills in Colorado, opens new possibilities. \u201cThe market has been focused on Chevron potentially acquiring a Permian asset,\u201d wrote TD Cowen analyst Jason Gabelman. Texas and New Mexico\u2019s Permian Basin is the most productive U.S. oil and gas area, with far more players than Colorado. Shares of Colorado operator
\n Civitas Resources
\n rose 0.56% on the week. <\/p>\n

Monday 5\/29<\/h2>\n

Equity and fixed-income <\/strong>markets are closed in observance of Memorial Day.<\/p>\n

Tuesday 5\/30<\/h2>\n

\n Hewlett Packard Enterprise,<\/span><\/p>\n

HPInc.,<\/span>
\n and U-Haul Holding report quarterly results.<\/p>\n

S&P CoreLogic releases<\/strong> its Case-Shiller National Home Price Index for March. The consensus estimate is for a 1.5% year-over-year decline, after a 2% increase in February. Home prices slid for seven consecutive months before rising 0.2% in February. The index is 4.9% below its record high from last June.<\/p>\n

The Conference Board <\/strong>releases its Consumer Confidence Index for May. Expectations are for a 100 reading, about one point less than the April figure. The index is at its lowest level since last summer.<\/p>\n

Wednesday 5\/31<\/h2>\n

\n Advance Auto Parts,<\/span>
\n Chewy,
\n CrowdStrike Holdings,<\/span>
\n NetApp,
\n Okta,<\/span>
\n and
\n Salesforce
\n announce earnings.<\/p>\n

\n Chevron,<\/span><\/p>\n

Exxon Mobil,<\/span>
\n Meta Platforms, and
\n Walmart
\n hold their annual shareholder meetings.<\/p>\n

The Bureau of Labor<\/strong> Statistics releases the Job Openings and Labor Turnover Survey. Economists think there were 9.44 million unfilled positions on the last business day of April, 150,000 fewer than in March. Job openings fell below 10 million in February for the first time since May 2021, a sign that a historically tight labor market is loosening.<\/p>\n

The Institute for Supply<\/strong> Management releases the Chicago Business Barometer for May. The consensus call is for a 47 reading, almost two points lower than April\u2019s. The index has been below the expansionary level of 50 for eight consecutive months.<\/p>\n

Thursday 6\/1<\/h2>\n

\n Broadcom
\n announces second-quarter fiscal-2023 results. Shares of the chip maker are up 45% this year and hit a record high this past week, spurred by the announcement of a multiyear, multibillion-dollar deal to supply 5G radio-frequency components to
\n Apple.<\/span>\n <\/p>\n

\n Cooper
\n Cos.,
\n Dell Technologies,<\/span><\/p>\n

Dollar General,<\/span><\/p>\n

Hormel Foods,<\/span><\/p>\n

Lululemon Athletica,<\/span><\/p>\n

MongoDB,<\/span>
\n and
\n Zscaler
\n hold conference calls to discuss quarterly results.<\/p>\n

ADP releases <\/strong>its National Employment Report for May. The economy is expected to add 170,000 private sector jobs, following a 296,000 increase in April. The services sector continues to account for the bulk of job gains.<\/p>\n

ISM releases<\/strong> its Manufacturing Purchasing Managers\u2019 Index for May. The consensus estimate is for a 47.1 reading, matching April\u2019s. <\/p>\n

Friday 6\/2<\/h2>\n

The BLS releases<\/strong> the jobs report for May. Economists forecast a 200,000 gain for nonfarm payrolls, after a 253,000 increase in April. The unemployment rate is seen edging up to 3.5% from 3.4%, which was the lowest since 1969. Average hourly earnings are expected to be up 4.3%, year over year, a tenth of a percentage point less than in the previous tally.<\/p>\n

Write to <\/strong>Avi Salzman at avi.salzman@barrons.com<\/p>\n

Next Week<\/h4>\n<\/p><\/div>\n<\/div>\n

Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

A $6.3 billion deal announced by Chevron to buy midsize oil-and-gas producer PDC Energy this past Monday doesn\u2019t signal a new wave of large-scale energy mergers. Instead, the deal may point to a path to consolidation that Wall Street hadn\u2019t expected. Mergers and acquisitions are on the industry\u2019s mind. Energy earnings and stocks are no […]<\/p>\n","protected":false},"author":1,"featured_media":14461,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"gallery","meta":{"footnotes":""},"categories":[241],"tags":[83],"class_list":["post-14460","post","type-post","status-publish","format-gallery","has-post-thumbnail","hentry","category-markets","tag-featured","post_format-post-format-gallery"],"yoast_head":"\nChevron Tests the M&A Narrative with a Modest Deal | iFintechWorld<\/title>\n<meta name=\"description\" content=\"A $6.3 billion deal announced by Chevron to buy midsize oil-and-gas producer PDC Energy this past Monday doesn\u2019t signal a new wave of large-scale energy\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/ifintechworld.com\/?p=14460\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Chevron Tests the M&A Narrative with a Modest Deal | iFintechWorld\" \/>\n<meta property=\"og:description\" content=\"A $6.3 billion deal announced by Chevron to buy midsize oil-and-gas producer PDC Energy this past Monday doesn\u2019t signal a new wave of large-scale energy\" \/>\n<meta property=\"og:url\" content=\"https:\/\/ifintechworld.com\/?p=14460\" \/>\n<meta property=\"og:site_name\" content=\"iFintechWorld\" \/>\n<meta property=\"article:published_time\" content=\"2023-05-27T05:21:38+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2023-05-27T05:21:39+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/ifintechworld.com\/wp-content\/uploads\/2023\/05\/1685164898_social.jpeg\" \/>\n\t<meta property=\"og:image:width\" content=\"1280\" \/>\n\t<meta property=\"og:image:height\" content=\"640\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"News Room\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"News Room\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"4 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/ifintechworld.com\/?p=14460#article\",\"isPartOf\":{\"@id\":\"https:\/\/ifintechworld.com\/?p=14460\"},\"author\":{\"name\":\"News Room\",\"@id\":\"https:\/\/ifintechworld.com\/#\/schema\/person\/6224724fd4116361255b179dc5c70b61\"},\"headline\":\"Chevron Tests the M&A Narrative with a Modest Deal\",\"datePublished\":\"2023-05-27T05:21:38+00:00\",\"dateModified\":\"2023-05-27T05:21:39+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/ifintechworld.com\/?p=14460\"},\"wordCount\":724,\"commentCount\":0,\"publisher\":{\"@id\":\"https:\/\/ifintechworld.com\/#organization\"},\"keywords\":[\"Featured\"],\"articleSection\":[\"Markets\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/ifintechworld.com\/?p=14460#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/ifintechworld.com\/?p=14460\",\"url\":\"https:\/\/ifintechworld.com\/?p=14460\",\"name\":\"Chevron Tests the M&A Narrative with a Modest Deal | iFintechWorld\",\"isPartOf\":{\"@id\":\"https:\/\/ifintechworld.com\/#website\"},\"datePublished\":\"2023-05-27T05:21:38+00:00\",\"dateModified\":\"2023-05-27T05:21:39+00:00\",\"description\":\"A $6.3 billion deal announced by Chevron to buy midsize oil-and-gas producer PDC Energy this past Monday doesn\u2019t signal a new wave of large-scale energy\",\"breadcrumb\":{\"@id\":\"https:\/\/ifintechworld.com\/?p=14460#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/ifintechworld.com\/?p=14460\"]}]},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/ifintechworld.com\/?p=14460#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/ifintechworld.com\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Chevron Tests the M&A Narrative with a Modest Deal\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/ifintechworld.com\/#website\",\"url\":\"https:\/\/ifintechworld.com\/\",\"name\":\"Repay Down\",\"description\":\"Latest Personal Finance News, Tips and Updates\",\"publisher\":{\"@id\":\"https:\/\/ifintechworld.com\/#organization\"},\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/ifintechworld.com\/?s={search_term_string}\"},\"query-input\":\"required name=search_term_string\"}],\"inLanguage\":\"en-US\"},{\"@type\":\"Organization\",\"@id\":\"https:\/\/ifintechworld.com\/#organization\",\"name\":\"Repay Down\",\"url\":\"https:\/\/ifintechworld.com\/\",\"logo\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/ifintechworld.com\/#\/schema\/logo\/image\/\",\"url\":\"https:\/\/ifintechworld.com\/wp-content\/uploads\/2023\/04\/rep-logo-dark.png\",\"contentUrl\":\"https:\/\/ifintechworld.com\/wp-content\/uploads\/2023\/04\/rep-logo-dark.png\",\"width\":558,\"height\":90,\"caption\":\"Repay Down\"},\"image\":{\"@id\":\"https:\/\/ifintechworld.com\/#\/schema\/logo\/image\/\"}},{\"@type\":\"Person\",\"@id\":\"https:\/\/ifintechworld.com\/#\/schema\/person\/6224724fd4116361255b179dc5c70b61\",\"name\":\"News Room\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/ifintechworld.com\/#\/schema\/person\/image\/\",\"url\":\"https:\/\/ifintechworld.com\/wp-content\/uploads\/2023\/04\/avatar_user_1_1682606986-96x96.png\",\"contentUrl\":\"https:\/\/ifintechworld.com\/wp-content\/uploads\/2023\/04\/avatar_user_1_1682606986-96x96.png\",\"caption\":\"News Room\"},\"sameAs\":[\"https:\/\/ifintechworld.com\"],\"url\":\"https:\/\/ifintechworld.com\/?author=1\"}]}<\/script>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"Chevron Tests the M&A Narrative with a Modest Deal | iFintechWorld","description":"A $6.3 billion deal announced by Chevron to buy midsize oil-and-gas producer PDC Energy this past Monday doesn\u2019t signal a new wave of large-scale energy","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/ifintechworld.com\/?p=14460","og_locale":"en_US","og_type":"article","og_title":"Chevron Tests the M&A Narrative with a Modest Deal | iFintechWorld","og_description":"A $6.3 billion deal announced by Chevron to buy midsize oil-and-gas producer PDC Energy this past Monday doesn\u2019t signal a new wave of large-scale energy","og_url":"https:\/\/ifintechworld.com\/?p=14460","og_site_name":"iFintechWorld","article_published_time":"2023-05-27T05:21:38+00:00","article_modified_time":"2023-05-27T05:21:39+00:00","og_image":[{"width":1280,"height":640,"url":"https:\/\/ifintechworld.com\/wp-content\/uploads\/2023\/05\/1685164898_social.jpeg","type":"image\/jpeg"}],"author":"News Room","twitter_card":"summary_large_image","twitter_misc":{"Written by":"News Room","Est. reading time":"4 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/ifintechworld.com\/?p=14460#article","isPartOf":{"@id":"https:\/\/ifintechworld.com\/?p=14460"},"author":{"name":"News Room","@id":"https:\/\/ifintechworld.com\/#\/schema\/person\/6224724fd4116361255b179dc5c70b61"},"headline":"Chevron Tests the M&A Narrative with a Modest Deal","datePublished":"2023-05-27T05:21:38+00:00","dateModified":"2023-05-27T05:21:39+00:00","mainEntityOfPage":{"@id":"https:\/\/ifintechworld.com\/?p=14460"},"wordCount":724,"commentCount":0,"publisher":{"@id":"https:\/\/ifintechworld.com\/#organization"},"keywords":["Featured"],"articleSection":["Markets"],"inLanguage":"en-US","potentialAction":[{"@type":"CommentAction","name":"Comment","target":["https:\/\/ifintechworld.com\/?p=14460#respond"]}]},{"@type":"WebPage","@id":"https:\/\/ifintechworld.com\/?p=14460","url":"https:\/\/ifintechworld.com\/?p=14460","name":"Chevron Tests the M&A Narrative with a Modest Deal | iFintechWorld","isPartOf":{"@id":"https:\/\/ifintechworld.com\/#website"},"datePublished":"2023-05-27T05:21:38+00:00","dateModified":"2023-05-27T05:21:39+00:00","description":"A $6.3 billion deal announced by Chevron to buy midsize oil-and-gas producer PDC Energy this past Monday doesn\u2019t signal a new wave of large-scale energy","breadcrumb":{"@id":"https:\/\/ifintechworld.com\/?p=14460#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/ifintechworld.com\/?p=14460"]}]},{"@type":"BreadcrumbList","@id":"https:\/\/ifintechworld.com\/?p=14460#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/ifintechworld.com\/"},{"@type":"ListItem","position":2,"name":"Chevron Tests the M&A Narrative with a Modest Deal"}]},{"@type":"WebSite","@id":"https:\/\/ifintechworld.com\/#website","url":"https:\/\/ifintechworld.com\/","name":"Repay Down","description":"Latest Personal Finance News, Tips and Updates","publisher":{"@id":"https:\/\/ifintechworld.com\/#organization"},"potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/ifintechworld.com\/?s={search_term_string}"},"query-input":"required name=search_term_string"}],"inLanguage":"en-US"},{"@type":"Organization","@id":"https:\/\/ifintechworld.com\/#organization","name":"Repay Down","url":"https:\/\/ifintechworld.com\/","logo":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/ifintechworld.com\/#\/schema\/logo\/image\/","url":"https:\/\/ifintechworld.com\/wp-content\/uploads\/2023\/04\/rep-logo-dark.png","contentUrl":"https:\/\/ifintechworld.com\/wp-content\/uploads\/2023\/04\/rep-logo-dark.png","width":558,"height":90,"caption":"Repay Down"},"image":{"@id":"https:\/\/ifintechworld.com\/#\/schema\/logo\/image\/"}},{"@type":"Person","@id":"https:\/\/ifintechworld.com\/#\/schema\/person\/6224724fd4116361255b179dc5c70b61","name":"News Room","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/ifintechworld.com\/#\/schema\/person\/image\/","url":"https:\/\/ifintechworld.com\/wp-content\/uploads\/2023\/04\/avatar_user_1_1682606986-96x96.png","contentUrl":"https:\/\/ifintechworld.com\/wp-content\/uploads\/2023\/04\/avatar_user_1_1682606986-96x96.png","caption":"News Room"},"sameAs":["https:\/\/ifintechworld.com"],"url":"https:\/\/ifintechworld.com\/?author=1"}]}},"amp_enabled":true,"_links":{"self":[{"href":"https:\/\/ifintechworld.com\/index.php?rest_route=\/wp\/v2\/posts\/14460","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/ifintechworld.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/ifintechworld.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/ifintechworld.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/ifintechworld.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=14460"}],"version-history":[{"count":1,"href":"https:\/\/ifintechworld.com\/index.php?rest_route=\/wp\/v2\/posts\/14460\/revisions"}],"predecessor-version":[{"id":14462,"href":"https:\/\/ifintechworld.com\/index.php?rest_route=\/wp\/v2\/posts\/14460\/revisions\/14462"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/ifintechworld.com\/index.php?rest_route=\/wp\/v2\/media\/14461"}],"wp:attachment":[{"href":"https:\/\/ifintechworld.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=14460"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/ifintechworld.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=14460"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/ifintechworld.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=14460"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}