Chevron Corp. on Monday announced the closing of its acquisition of Noble Energy, Kallanish Energy reports.
The closure came after Noble Energy shareholders had approved the $13 billion deal in a Friday vote.
“We are pleased to welcome Noble Energy 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 results,” said Chevron chairman and CEO Michael Wirth in a statement.
“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,” he said.
Last July, Chevron announced it was acquiring Noble Energy in a $5 billion all-stock deal that totals $13 billion with debt.
The deal boosts Chevron in the eastern Mediterranean region with offshore natural gas assets in Israel and adds to its U.S. shale holdings in the DJ Basin in Colorado and Wyoming and the Permian basin West Texas and New Mexico. Additionally, the deal also boosts Chevron with low-cost proved reserves and attractive undeveloped resources.
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