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Chevron Acquires Noble Energy in $13 Billion Deal

Paul, Weiss advised Chevron Corporation in its all-stock acquisition of Noble Energy Inc., a Houston-based, leading independent energy company, at a total enterprise value of $13 billion. Chevron acquired all of Noble Energy’s outstanding shares for $10.38 per share, a nearly 12% premium on the 10-day average based on July 17 closing stock prices.

The acquisition provides Chevron with low-cost, proved reserves and attractive undeveloped resources that will add approximately 18 percent to Chevron’s year-end 2019 proved oil and gas reserves. Noble Energy also brings low-capital, cash-generating offshore assets in Israel, strengthening Chevron’s position in the Eastern Mediterranean, and enhances Chevron’s leading U.S. unconventional position with de-risked acreage in the DJ Basin and 92,000 largely contiguous and adjacent acres in the Permian Basin.

The Paul, Weiss team included corporate partners Scott BarshayKyle SeifriedSteven WilliamsCaith KushnerManuel Frey and John Kennedy and counsel Patricia Vaz de Almeida and Frances Mi; employee benefits partner Lawrence Witdorchic and counsel Jarrett Hoffman; tax partner Jeffrey Samuels, counsel Alyssa Wolpin; litigation partners Jay Cohen and Geoffrey Chepiga; real estate partner Peter Fisch; and environmental counsel William O'Brien.

October 5, 2020

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