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Chevron to Acquire Noble Energy in $13 Billion Deal

Paul, Weiss is advising 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 will acquire 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 transaction is expected to close in the fourth quarter of 2020, subject to Noble Energy shareholder approval, regulatory approvals and other customary closing conditions.

The acquisition of Noble Energy 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 Barshay, Kyle Seifried, Steven Williams, Caith Kushner, Manuel 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; intellectual property partners Charles Googe and Claudine Meredith-Goujon; litigation partners Jay Cohen, Lewis Clayton and Geoffrey Chepiga and counsel Peter Jaffe and Rachel Fiorill; real estate partner Peter Fisch; environmental counsel William O'Brien; and restructuring counsel Sam Lovett.

July 20, 2020

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