Chevron to acquire Noble Energy for $5B

SAN RAMON, California and HOUSTON — Oil giant Chevron Corp. (NYSE: CVX) has agreed to acquire Houston-based Noble Energy Inc. (Nasdaq: NBL) in an all-stock deal.

In a statement Monday morning, Chevron said the deal amounts to $10.38 per share and just under $5 per barrel of Noble’s proven reserves among mineral rights it controls, which includes its assets in Weld County. Noble shareholders are expected to hold approximately 3% of Chevron’s stock after the deal is consummated.

The acquisition will increase Chevron’s proven oil and gas reserves by about 18% upon close and give it what it calls an “unconventional position” in…