Chevron to Buy Noble for $5 Billion in Rare Oil-Bust Deal
- Noble Energy will give Chevron shale, Mediterranean assets
- Biggest energy transaction since Occidental bought Anadarko
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Chevron Corp. agreed to buy Noble Energy Inc. for about $5 billion in shares as the oil giant looks to beef up in the Permian Basin amid the wreckage of the worst-ever crude crash.
The takeover is the industry’s first major deal since the coronavirus triggered a severe slump and the largest since Occidental Petroleum Corp. outbid Chevron to acquire Anadarko Petroleum Corp. for $37 billion last year.