Add-on Acquisition • Oil/Gas Exploration

Chevron Acquires Noble Energy

On July 20, 2020, Chevron acquired oil/gas exploration company Noble Energy for 13.0B USD

Acquisition Context
  • This is Chevron’s 10th transaction in the Oil/Gas Exploration sector.
  • This is Chevron’s 4th largest (disclosed) transaction.
  • This is Chevron’s 10th transaction in the United States.
  • This is Chevron’s 3rd transaction in Texas.

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M&A Deal Summary

Date July 20, 2020
Target Noble Energy
Sector Oil/Gas Exploration
Buyer(s) Chevron
Deal Type Add-on Acquisition
Deal Value 13.0B USD
Advisor(s) J.P. Morgan Securities (Financial)
Vinson & Elkins (Legal)

Target Company

Noble Energy

Houston, Texas, United States
Entrance to Noble Energy's corporate headquarters in Houston, Texas.
Entrance to Noble Energy's corporate headquarters in Houston, Texas.
Noble Energy is an independent oil and natural gas exploration and production company committed to meeting the world’s growing energy needs and delivering leading returns to shareholders. The Company operates a high-quality portfolio of assets onshore in the United States and offshore in the Eastern Mediterranean and off the west coast of Africa. Founded more than 85 years ago, Noble Energy is guided by its values, its commitment to safety, and respect for stakeholders, communities and the environment. Noble Energy was formed in 1932 and is based in Houston, Texas.
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Buyer Overview 1

Buyer

Chevron

San Ramon, California, United States

Category Company
Founded 1879
Sector Oil/Gas Exploration
Employees45,298
Revenue 193.4B USD (2024)
DESCRIPTION
Chevron office in downtown Houston, Texas.
Chevron office in downtown Houston, Texas.

Chevron is a fully integrated energy company. Its business includes petroleum operations, chemicals, mining operations, power generation and energy services. Chevron's exploration and production operations consists of exploration, development and production of crude oil and natural gas. Chevron was incorporated in 1879 and is based in San Ramon, California.


Deal Context for Buyer #
Overall 13 of 19
Sector: Oil/Gas Exploration 10 of 13
Type: Add-on Acquisition 4 of 9
State: Texas 3 of 3
Country: United States 10 of 16
Year: 2020 2 of 2
Size (of disclosed) 4 of 7
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2020-07-20 Noble Midstream Partners

Houston, Texas, United States

Noble Midstream Partners LP is an explorer and producer of crude oil and natural gas. NBLX currently provides crude oil, natural gas, and water-related midstream services and owns equity interests in oil pipelines in the DJ Basin in Colorado and the Delaware Basin in Texas. Noble Midstream Partners was founded in 2014 and is based in Houston, Texas.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2020-10-27 Chevron - Appalachia Assets

Coraopolis, Pennsylvania, United States

Chevron Corp. - Appalachia Assets comprise upstream and midstream assets serving the oil and gas industry from its Appalachian Basin location.

Sell $735M