Noble Energy acquisition provides significant value to Chevron
For Chevron, the deal will provide immeasurable value. Mainly, the acquisition of Noble’s lucrative oil reserves in the Eastern Mediterranean, particularly within Israel, a country that has been notoriously strict on letting energy firms access its vast oil reserves. In addition, Chevron will sweep up Noble’s shale assets in the Permian Basin.
“We are pleased to welcome Noble Energy’s employees and shareholders to Chevron. Noble’s high-quality assets complement Chevron’s advantaged upstream portfolio, and the combination is expected to deliver strong financial benefits,” said Chevron Chairman and CEO Michael Wirth in a statement.
He added, “With an industry-leading balance sheet and a track record of capital discipline, we believe we’re in a different place than others and can protect the dividend while driving long-term value.”
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