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Chevron to Buy Noble for $5 Billion in Rare Oil-Bust Deal (2)

July 20, 2020, 4:04 PM

Chevron Corp. agreed to buy Noble Energy Inc. for about $5 billion in shares as the oil giant looks to beef up in the Permian Basin amid the wreckage of the worst-ever crude crash.

The takeover is the industry’s first major deal since the coronavirus triggered a severe slump and the largest since Occidental Petroleum Corp. outbid Chevron to acquire Anadarko Petroleum Corp. for $37 billion last year.

Chevron CEO Michael Wirth says Noble Energy is a “strategic fit.”
Source: Bloomberg)

The deal will grow Chevron’s presence in both the Permian, once the main driver of the shale boom, and the Denver-Julesburg Basin in Colorado. Its proved reserves will rise by about...

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