Energy, Utilities & Water  March 5, 2021

Chevron to acquire all of Noble Energy’s midstream unit, including Weld County pipelines

SAN RAMON, California and HOUSTON — Chevron Corp. (NYSE: CVX) has reached a deal to acquire all outstanding stock of Noble Midstream Partners LP (Nasdaq: NBLX), giving the oil giant more assets within Weld County’s second-largest producer of energy.

In a statement, Chevron said it will offer each Noble Midstream shareholder 0.1393 share of Chevron stock in exchange for each share of Noble. At that price, the deal amounts to approximately $14.90 per share based on Chevron’s closing stock price on Thursday.

Chevron already owns approximately 62% of Noble Midstream outstanding stock. The offer was first publicized in early February, valuing the company at $1.12 billion.

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The Houston-based Noble Energy Inc. was acquired by Chevron last fall for $5 billion, marking the first major acquisition in the oil and gas industry after the pandemic-induced price collapse in early 2020.

Noble Midstream was originally set up as a partner to Noble Energy to transfer and store oil and gas produced in Northern Colorado to refineries in Oklahoma, along with servicing some of Noble’s Permian Basin operations in Texas.

It currently serves about 300,000 acres of oilfields in Northern Colorado, including the Greeley Crescent, Wells Ranch, Bronco and Mustang fields along the Front Range.

Chevron and Noble Midstream expect the deal to close in the second quarter of 2021.

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SAN RAMON, California and HOUSTON — Chevron Corp. (NYSE: CVX) has reached a deal to acquire all outstanding stock of Noble Midstream Partners LP (Nasdaq: NBLX), giving the oil giant more assets within Weld County’s second-largest producer of energy.

In a statement, Chevron said it will offer each Noble Midstream shareholder 0.1393 share of Chevron stock in exchange for each share of Noble. At that price, the deal amounts to approximately $14.90 per share based on Chevron’s closing stock price on Thursday.

Chevron already owns approximately 62% of Noble Midstream outstanding stock. The offer was first publicized in early February, valuing…

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