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Chevron snaps up Noble in first big deal since oil price slumped

Jul 21, 2020 - The Daily Telegraph (London)
Mergers and Acquisitions

CHEVRON has agreed to buy Noble Energy for $13bn (£10.3bn) in the oil industry's first big deal since the coronavirus crisis sent the price of crude plummeting.

The tie-up values Houston-based oil and gas producer Noble at about $5bn, excluding an $8bn debt mountain.

The deal is expected to broaden Chevron's reach into a valuable drilling region spanning West Texas and New Mexico, known as the Permian Basin.

Chevron said it would seek to slash costs by $300m a year following t...