Chevron said Monday that it plans to acquire Noble Energy, a Houston-based oil and gas exploration and production company, in a deal worth $5 billion. The acquisition, which is expected to close by the end of the year, would give Chevron access to Noble Energy's assets in the Permian Basin, one of the most prolific oil and gas fields in the United States. The move comes as Chevron, like other oil companies, grapples with the impact of the coronavirus pandemic on energy demand and prices. The deal is expected to help Chevron strengthen its portfolio and reduce costs.
1. Chevron plans to acquire Noble Energy in a $5 billion deal to expand its oil and gas assets in the Permian Basin.
2. The acquisition is expected to be completed by the end of the year.
3. Chevron aims to strengthen its portfolio and reduce costs through this deal.
4. Chevron will invest $600 million in developing sustainable technologies such as carbon capture and storage, hydrogen, and biofuels.
5. The company believes that these investments will not only combat climate change but also create new business opportunities and support job growth in the clean energy sector.
The acquisition of Noble Energy by Chevron is valued at $5 billion.
Chevron said Monday that it will be investing $600 million in developing sustainable technologies as part of its commitment to reducing carbon emissions. The company plans to focus on innovative ideas that can help transition to a lower carbon future, including carbon capture and storage, hydrogen, and biofuels. Chevron believes that these investments will not only contribute to the fight against climate change but also create new business opportunities and support job growth in the clean energy sector. By taking such proactive measures, Chevron aims to play a significant role in building a more sustainable and environmentally responsible energy industry.