Currents - Energy Industry Insights: Issue 28, July 2020

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Chevron’s Patience Pays Off with Bargain Deal for Noble Energy -

"Like Anadarko, Noble is also a major player in the oil-rich DJ Basin of Colorado, as well as the oil-rich southwestern piece of the Eagle Ford Shale region."

Why this is important: At the time that Occidental Petroleum and Chevron were battling over Anadarko in 2019, Noble’s stock was selling just under 3 times its current level, so offering a similar premium to Noble’s shareholders last spring would have likely cost Chevron +/- $10 billion more than last week's strike price....

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DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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