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Chevron Corporation NYSE:CVX NYSE Common Stock
  Price Change % Change Share Price High Price Low Price Open Price Shares Traded Last Trade
  2.87 2.69% 109.55 109.82 107.80 107.80 9,119,306 00:59:41

Chevron to Buy Rest of Noble Midstream in $494 Million Stock Deal

05/03/2021 11:56am

Dow Jones News


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By Colin Kellaher

 

Chevron Corp. on Friday said it agreed to buy the rest of midstream infrastructure company Noble Midstream Partners LP for about $494 million in stock.

The San Ramon, Calif., oil giant, which already owns more than 60% of Noble, said it will issue 0.1393 shares for the remaining 33.9 million Noble units.

The deal values Noble at about $14.56 a unit based on Chevron's Thursday closing price of $104.50, below Noble's closing price of $15.05 but above the $12.47 value contained in a nonbinding buyout proposal Chevron made in February.

Chevron previously said the transaction, which it expects to complete in the second quarter, would combine two highly integrated businesses while streamlining governance of Noble's assets, which primarily serve Chevron as its largest customer.

 

Write to Colin Kellaher at colin.kellaher@wsj.com

 

(END) Dow Jones Newswires

March 05, 2021 06:41 ET (11:41 GMT)

Copyright (c) 2021 Dow Jones & Company, Inc.

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