Noble shareholders vote in favor of Chevron takeover

SAN RAMON, California and HOUSTON — Shareholders of Weld County’s second-largest oil and gas operator Noble Energy Inc. (Nasdaq: NBL) have approved a $5 billion acquisition offer from energy giant Chevron Corp. (NYSE: CVX).

Stockholders approved the all-stock acquisition offer in a special meeting Friday morning, along with a non-binding approval for bonus payouts to executives. The exact vote tally was not disclosed.

The deal, first announced in late July, 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 will hold approximately 3% of Chevron’s stock after the deal is consummated.
Houston-based Noble is the second-largest producer of oil in Weld County, having produced 30.91 million barrels of oil and 215.18 million metric cubic feet of natural gas last year, according to data from the Colorado Oil and Gas Conservation Commission. Almost all of its Colorado production is in Weld County.

Chevron and Noble expect to close the deal in the fourth quarter of this year upon regulatory approval, which has already been granted by U.S. antitrust officials.

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