Noble Energy Shareholders Approve Sale to Chevron for $ 4.1 Billion

The acquisition comes after Chevron last year pulled out of a deal with Anadarko Petroleum, which earned it a $ 1 billion termination fee, but it looked like an even better deal later, when oil prices plummeted.

Noble Energy shareholders approved an agreement on Friday to sell the oil and gas producer to Chevron Corp (NYSE: CVX), which makes Chevron the second largest shale oil producer in the United States and gives it international reserves of natural gas close to growing markets.

The deal, which involves only shares, values ​​Noble Energy at about $ 4.1 billion, excluding $ 8 billion in debt, and approval by the assembly concludes the first major deal in the energy sector since the coronavirus impacted the global demand for fuels.

The Noble merger will increase Chevron’s presence in the U.S. shale, where the company will become the second largest producer behind EOG Resources (NYSE: EOG), according to data from Rystad Energy.

The deal also adds nearly 1 billion cubic feet of natural gas reserves to the company’s portfolio, including Leviathan, Noble’s asset in Israeli waters and one of the world’s largest offshore gas discoveries in the past decade, which began pumping gas in the year. past.

The deal was approved by 89% of Noble’s shareholders.

The operation has become cheaper for Chevron since it was announced in July, at a value of US $ 5 billion, as the shares of both companies fell along with oil prices.

Noble shareholders will receive 0.1191 Chevron shares for each Noble share. The deal is expected to close early this quarter.
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