Chevron picks Noble in the biggest U.S. energy deal since the oil crash.
Oil prices plunged to historic lows in April as the coronavirus crisis decimated demand. While prices have recovered from their lows, they remain depressed, making assets cheaper, as a new surge of Covid-19 cases threaten to stall recovery.
"Chevron taking advantage of its strong relative performance versus the US exploration and production companies and capitalizing on the downturn to buy into some high-quality assets," said Anish Kapadia, head of London-based independent oil and mining advisory Palissy Advisors. The deal will also give Chevron access to Noble's flagship Leviathan field, the largest natural gas field in the Eastern Mediterranean, which began producing natural gas late last year.The offer values Noble at $10.38 a share or 0.12 Chevron share, a 7.5% premium to Noble's Friday close. The deal would value Noble at roughly $13 billion, including debt.
Noble's assets will expand Chevron's presence in the DJ Basin of Colorado and the Permian Basin across West Texas and New Mexico. The deal would yield potential annual cost savings of $300 million.The deal will add to Chevron's free cash flow and earnings per share one year after closing, at $40 Brent, Chevron said.
Chevron had walked away with a $1 billion fee after Occidental clinched a deal last May to buy Anadarko for $38 billion.
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Chevron to buy Noble Energy in $5 billion dealOil major Chevron Corp said on Monday it agreed to buy Noble Energy Inc in an all-stock deal, valuing the Houston-based oil and gas producer at $5 billion.
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Chevron to buy Noble Energy in a $5 billion all-stock dealOil major Chevron said on Monday it agreed to buy Noble Energy in an all-stock deal, valuing the Houston-based oil and gas producer at $5 billion.
続きを読む »
Chevron Agrees to $5 Billion Takeover of Noble EnergyChevron has agreed to buy Noble Energy, in what would be the largest oil-patch tie-up since the coronavirus pandemic delivered a shock to the industry.
続きを読む »