The United States' second-biggest energy company, Chevron, announced Tuesday its acquisition of Houston-based hydrocarbon exploration firm Noble Energy.
The California-based firm’s statement came after it announced on July 20 that it would buy Noble Energy for $5 billion.
“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,” Chevron Chairman and CEO
“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,” he added.
Based on Noble Energy’s proved reserves at the end of 2019, Chevron had said in the previous statement that the deal would add approximately 18% to Chevron’s year-end 2019 proved oil and gas reserves at an average acquisition cost of less than $5 per barrel.
Noble Energy has assets in the DJ Basin in the US state of Colorado, in the oil and gas resource-rich Permian Basin in the states of Texas and New Mexico, as well as resources off the coast of Israel in the Eastern Mediterranean, and Equatorial Guinea in West Africa.
By Sibel Morrow