Chevron Corporation has announced today that its acquisition of Noble Energy has been completed following approval by Noble Energy shareholders
The US$4.1Bn all-stock transaction closed following the approval of a majority of Noble’s shareholders in early October. The deal itself is valued at US$13Bn, as Chevron will assume Noble’s US$8Bn debt.
Houston-based Noble Energy specialises in natural gas and owns interests in oil fields in West Texas’ Permian Basin, offshore Equatorial Guinea, Cameroon and Ghana.
The company also operates large natural gas platforms in the eastern Mediterranean Sea and in Israel’s offshore gas fields – Tamar and Leviathan – where Noble owns a 25% and 40% stake respectively.
The acquisition gives Chevron access to these assets at a time when the oil majors are looking to consolidate. Chevron had previously tried to acquire Anadarko Petroleum in 2019 before being outbid by Occidental Petroleum.
Chevron chief executive Michael Wirth said “We are pleased to welcome Noble Energy’s employees and shareholders to Chevron. Noble’s high-quality assets complement Chevron’s advantaged upstream portfolio, and the combination is expected to deliver strong financial benefits. With an industry-leading balance sheet and a track record of capital discipline, we believe we are in a different place than others and can protect the dividend while driving long-term value.”
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