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 has been shopping for assets since last year and with crude prices down more than 30% this year, it jumped Monday with its all-stock offering for the independent Houston oil and gas driller.
Energy companies had been taking on enormous debt even before the pandemic with energy prices bouncing all over the place, and Noble is no exception.
The total enterprise value of the deal is $13 billion, with Chevron assuming Noble’s debt.
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