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Hazloc Heaters

Chevron Offers to Buy Full Control of Noble Midstream

(Bloomberg) Chevron Corp. offered to buy pipeline operator Noble Midstream Partners LP, a deal that would streamline what is already a tightly integrated relationship following last year’s acquisition of Noble Energy Inc.The California-based oil and gas giant is offering to pay for the transaction with its own shares at a value of $12.47 per common unit, according to a statement from the company on Friday. That gives Noble Midstream an equity value of $1.13 billion, according to Bloomberg calculations based on the target company’s outstanding shares.Chevron is already the indirect majority owner of Noble Midstream and is its largest customer. Noble Energy, which was acquired by Chevron in 2020, owns a 62% stake in Noble Midstream, according to a filing in October.

The company provides crude oil, natural gas, and water-related midstream services and owns equity interests in pipelines in the DJ Basin in Colorado and the Delaware Basin in Texas.

Any agreement will be subject to negotiations and approval by Noble Midstream’s board of directors.

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