Chevron to Acquire , PDC Energy.
Chevron made the announcement on May 22.
It will acquire the shale producer in a deal worth $7.6 billion.
Chevron is currently the second-largest oil company in America.
The acquisition will help the company to bolster "production, capital expenditures and cash flow," Reuters reports.
As geopolitical tensions remain prominent amid Russia's war on Ukraine.
Chevron Chief Executive Michael Wirth said, "It's a strong investment in our business in the U.S.".
Last year, Chevron and other oil companies were criticized by President Biden for not ramping up output as fuel prices skyrocketed.
Chevron also recently announced that it is seeking to "reduce its cash stockpile" to benefit shareholders, Reuters reports.
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We're repurchasing shares at a rate of $17.5 billion per year.
So we'd buy those shares back very quickly, Michael Wirth, Chevron Chief Executive, via statement
