PRODUCER

ve years.

In 2019, Occidental bought Anadarko Petroleum and its KerrMcGee assets for $55 billion, including debt. A year later Chevron took over Noble Energy in a $13 billion deal.

In 2021, three midsized operators — Extraction Oil and Gas, Bonanza Creek Energy and Crestone — merged to form Civitas Resources. at came after Bonanza Creek had purchased bankrupt Highpoint Resources.

PDC Energy has been in the acquisition hunt itself, buying SCR Energy in 2019 for $1.7 billion and Great Western Petroleum for $543 million in 2022.

Still, PDC Energy’s share price languished, trading below peer companies. In late May, shares were trading at $65.12. After the announcement, shares jumped to $69.91.

“Some analysts thought that the company was undervalued with valuation dragged down at least in part by the regulatory environment in Colorado,” Handler said.

In 2019, legislation changed the mission of the COGCC from promoting the e cient development of oil and gas resources to protecting