Chevron Corp (CVX)

[DewDiligence]

CVX-PDCE addendum—For CVX shareholders, the combined effect of CVX's recent share buyback and its all-stock acquisition of PDCE is as though CVS acquired PDCE for cash. However, for PDCE shareholders, the all-stock deal is non-taxable, which makes the deal considerably more attractive than a cash buyout for longtime PDCE shareholders with a low cost basis. This, in turn, allowed CVX to do a deal at a lower price.