In a stealth move Monday, Chevron Corp. snapped up Denver-based independent PDC Energy Inc., a transaction that builds the Permian Basin inventory and adds enough heft in Colorado to become a “Top Five” global asset.

Chevron CEO Mike Wirth led a conference call early Monday to discuss the all-stock deal, valued at $6.3 billion, or $72/share. The total enterprise value, including debt, is estimated at $7.6 billion. To aid the transaction, Chevron has boosted capital investments for this year by $1 billion.

After the transaction is completed, expected by year’s end, “Chevron’s proved reserves will increase by 10% and our Colorado business will be one of our Top Five assets in terms of production and free cash flow,” Wirth said.

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