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March 5, 2021, 6:10 a.m. EST

Chevron to acquire rest of Noble Midstream Partners in all-stock deal expected to close in Q2

Chevron Corp. (NYS:CVX) said Friday it has entered an agreement to acquire the 33.925 million shares of Noble Midstream Partners it does not already own in all stock deal. Under the terms of the deal, Chevron will pay 0.1393 of its stock for each common unit of Noble owned. No further financial terms were disclosed. The deal is expected to close in the second quarter. "We believe this buy-in transaction is the best solution for all stakeholders, enabling us to simplify the governance structure and capture value in support of our leading positions in the DJ and Permian basins," said Colin Parfitt, vice president of Chevron Midstream and chairman of the board of directors of the general partner of Noble Midstream Partners LP. Chevron shares rose 1.9% premarket, while Noble shares were slightly lower.

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