Chevron Corp. announced July 20 that it's agreed to purchase Noble Energy Inc. for $13 billion, which includes an all-stock transaction valued at $5 billion, existing debt and $300 million in anticipated, annual, pre-tax synergies. The deal is expected to close in the fourth quarter of 2020.
They report that buying Noble gives Chevron low-cost, proven reserves acquired for under $5 per oil equivalent barrel and undeveloped resources that will enhance Chevron's upstream portfolio. It also brings low-capital, cash-generating offshore assets in Israel, strengthening Chevron’s position in the Eastern Mediterranean. Noble also enhances Chevron’s leading U.S. unconventional position with de-risked acreage in the DJ Basin and 92,000 largely contiguous and adjacent acres in the Permian Basin.
