NEW YORK (AP) — Chevron will take over Noble Energy for $5 billion in the first big deal announced since the coronavirus pandemic shook the energy sector.
Chevron, based in San Ramon, California, has been shopping for assets since last year and with crude prices down more than 30% this year, it jumped Monday with it’s all-stock offering.
Based on Chevron’s closing price on Friday, Noble Energy shareholders will receive 0.1191 shares of Chevron for each Noble Energy share. The total enterprise value of the deal, including debt, is $13 billion.
Noble is based in Houston, Texas.