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Chevron Will Acquire Houston-Based Noble Energy in $5B Stock Deal
Chevron Corporation, headquartered in San Ramon, CA, has agreed to acquire Houston-based Noble Energy, Inc. in an all-stock transaction valued at $5 billion. It’s the year’s first major deal for the energy sector, which has been challenged by declining demand.
A CBRE spokeswoman said the company couldn’t discuss the acquisition’s real estate implications at present. Noble leases space at Noble Energy Center One, originally developed as part of Compaq Computer Corporation and later acquired by a Trammell Crow Company-led joint venture, and the adjacent Noble Energy Center Two. CBRE manages both properties.
For Chevron, the acquisition will add Noble Energy’s low-capital, cash-generating offshore assets in Israel, while also enhancing its U.S. unconventional position with de-risked acreage in the DJ Basin and 92,000 largely contiguous and adjacent acres in the Permian Basin.
“This is a cost-effective opportunity for Chevron to acquire additional proved reserves and resources,” said Chevron CEO Michael Wirth.
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