Chevron (CVX) has agreed to acquire Noble Energy (NBL), using $5 billion of stock and assuming $7 billion of debt. This transaction is a smaller, somewhat parallel transaction to Chevron's attempted purchase of Anadarko that Occidental Petroleum (OXY) outbid last year. Similar to Anadarko, Noble has a set of unconventional upstream US assets as well as high return international assets and midstream.
Chevron is being very direct in its messaging about the acquisition, emphasizing value and portfolio depth:
The acquisition of Noble Energy provides Chevron with low-cost, proved