Deal Insight

Chevron acquires Noble for US$13 billion

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24 July 2020

Chevron acquires Noble for US$13 billion

Report summary

Chevron is to acquire Noble Energy in an all-stock transaction for US$13 billion. The deal has not come as a surprise. Chevron demonstrated its willingness to pursue large-scale M&A in its ultimately unsuccessful bid for Anadarko last year. While Noble won't add the same scale, the rationale is equally compelling. And the move echoes Chevron's US$50 billion bid for Anadarko. More Delaware tight oil, an entry into the Niobrara play and diversification into international gas. But the acquisition of Noble will go further than Anadarko would have towards reducing portfolio concentration in Chevron's anchor positions. Chevron is also buying into producing, cash generative assets in this much smaller, more manageable transaction – for a cheaper price tag.

Table of contents

  • Executive summary
  • Transaction details
    • USL48
    • East Mediterranean
    • Africa
  • Deal analysis
    • Upsides
    • Risks
  • Strategic rationale
  • Oil & gas pricing and assumptions

Tables and charts

This report includes 14 images and tables including:

  • Executive summary: Table 1
  • Noble production by region
  • NPV10 by region
  • Deal analysis: Table 1
  • Deal analysis: Table 2
  • Deal analysis: Table 3
  • Strategic fit of upstream regions (red denotes Noble Energy countries)
  • Oil & gas pricing and assumptions: Table 1
  • Oil & gas pricing and assumptions: Table 2
  • Noble US onshore cost curve
  • Noble and Chevron wells and well permits in the Delaware Basin
  • Benchmark: Niobrara well performance by operator
  • Noble DJ Niobrara lease and horizontal wells
  • Upstream assets: Table 1

What's included

This report contains:

  • Document

    Chevron acquires Noble for US$13 billion

    PDF 2.46 MB