Chevron CEO Mike Wirth

Chevron closes Noble Energy acquisition

Oil major Chevron has completed its previously announced acquisition of Noble Energy following approval by Noble Energy shareholders.

Chevron CEO Mike Wirth; Source: Chevron

Chevron and Noble Energy entered into a definitive merger agreement providing for Chevron’s acquisition of Noble Energy in an all-stock transaction on 20 July 2020.

The transaction was subject to, among other things, approval by Noble Energy shareholders.

As reported earlier on Monday, Noble Energy shareholders approved the pending merger with Chevron and all other proposals related to the merger at Noble Energy’s special meeting of shareholders held last Friday.

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Chevron revealed that the merger was completed on Monday, 5 October 2020.

“We are pleased to welcome Noble Energy’s employees and shareholders to Chevron. Noble’s high-quality assets complement Chevron’s advantaged upstream portfolio, and the combination is expected to deliver strong financial benefits”, said Chevron Chairman and CEO Michael Wirth.

“With an industry-leading balance sheet and a track record of capital discipline, we believe we’re in a different place than others and can protect the dividend while driving long-term value”.

It is important to note that the merger was completed despite opposition by Paul Singer’s investment management firm Elliott Management, which in September pushed for Noble Energy to abandon Chevron merger plans, believing that the deal undervalues the oil and gas producer.