From the Houston Chronicle

The California energy major on Monday said it will purchase the Houston independent oil and gas producer in an all-stock deal valued at $5 billion, or $10.38 per share. The total value of the transaction, expected to close later this year, is $13 billion including debt.

“Our strong balance sheet and financial discipline gives us the flexibility to be a buyer of quality assets during these challenging times,” Chevron CEO Michael Wirth said in a statement. “This is a cost-effective opportunity for Chevron to acquire additional proved reserves and resources. Noble Energy’s multi-asset, high-quality portfolio will enhance geographic diversity, increase capital flexibility, and improve our ability to generate strong cash flow.”

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Expect more news of M&A as remaining less-capitalized O&G players evaluate options between takeovers, fire-sales and Chapter 11.

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Noble was a great company to work for in the 1990s.  It had a great president and executive staff and was family friendly while headquartered in Ardmore, OK. Things changed when it move to Houston in 2000 but by then I was working for the JV that operated the company's assets in Equatorial Guinea.

Maybe a good acquisition for Chevron but not one of the Zombies that needed to disappear through acquisitions.  I expect the acquisition train is just pulling out of the station.  More to come.

Noble might have been great, but Stover and his syncophants were not

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