Chevron to Buy Noble for $5 Billion in Stock, Biggest Oil Deal Since Price Crash

Chevron Corp (CVX.N) said on Monday it would buy oil and gas producer Noble Energy Inc (NBL.O) for about $5 billion in stock, the first big energy deal since the coronavirus crisis crushed global fuel demand and sent crude prices to historic lows.

The oil price crash has decimated shares of many energy companies, making them attractive targets for those that have weathered the downturn and have the resources to buy. Chevron ended the first quarter with a cash pile of $8.5 billion after withdrawing a $33 billion bid for Anadarko last year and then being among the first big oil companies to slash spending during the downturn.

The purchase boosts Chevron’s investments in U.S. shale, and gives it Noble’s flagship Leviathan field off the shore of Israel, the largest natural gas field in the eastern Mediterranean…


View entirety: Reuters