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Chevron (CVX) is already one of the largest oil and gas firms in the world. But it wants to get even larger. That is what led the firm to announce its acquisition of rival Noble Energy (NBL) on July 20th. Paying only a modest premium, it appears at first glance that Chevron is getting Noble for a nice price. A further assessment of Noble reveals that things are not as clear-cut as a first glance indicates, but this doesn’t mean that the conclusion is any different. In all, it