Chevron to buy Noble Energy for $13 bln

Multinational

SAN RAMON, July 20, 2020 – Chevron will acquire fellow US oil and gas producer Noble Energy in a deal worth USD 13 billion, Chevron said on Monday.

The all-stock deal was worth USD 5 billion, while valuing Houston-based Noble at USD 13 billion including debt.

The move will see Chevron expand its presence in several markets, from the East Mediterranean to Texas’ Permian Basin and the Saudi-Kuwait Partitioned Zone.

“This is a cost-effective opportunity for Chevron to acquire additional proved reserves and resources,” Chevron CEO Michael Wirth said. “Noble Energy’s multi-asset, high-quality portfolio will enhance geographic diversity, increase capital flexibility, and improve our ability to generate strong cash flow.”

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