Chevron is to acquire US independent Noble Energy in an all-shares deal valued at USD 13 billion, including debt. The move marks the US oil major’s first big acquisition foray since its failed attempt to buy Anadarko Petroleum in early 2019, and is the first sign of consolidation among top- tier upstream players since the pandemic-induced oil crash that has decimated asset values and capital budgets. On an analyst call, Chevron CEO Mike Wirth talked up the cost-saving synergies of the combination, cash flow from Noble’s operating assets and diversification of the CVX portfolio – with a strong focus on the eastern Mediterranean.
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