Chevron Acquires Noble Energy In First Major COVID Oil Deal

In the first major U.S. oil deal since the pandemic hit the industry, supermajor Chevron announced on Monday that lit had entered into a definitive agreement to buy Houston-based Noble Energy in an all-stock transaction valued at US$5 billion. Under the terms of the deal, Noble Energy shareholders will receive 0.1191 shares of Chevron for each Noble Energy share. The total enterprise value of the transaction is US$13 billion, including debt, Chevron said. The rationale for the deal is a low-cost acquisition of quality Noble Energy proved reserves…