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Chevron bids to acquire Noble Midstream

Published by , Senior Editor
Hydrocarbon Engineering,

Chevron Corp. has announced that it has submitted a non-binding proposal to the Board of Directors of Noble Midstream GP LLC, the general partner of Noble Midstream Partners LP, to acquire all of the publicly held common units representing limited partner interests in NBLX not already owned by Chevron and its affiliates.

Chevron is proposing to acquire the Common Units through a merger transaction in exchange for shares of common stock of Chevron, at a value of US$12.47 per Common Unit (based on the most recent closing price of NBLX Common Units as of 4 February 2021).

Chevron expects the proposed transaction to align long-term interests by efficiently combining two highly integrated businesses while streamlining governance of the NBLX assets, which primarily serve Chevron as its largest customer. Agreement of definitive terms is subject to negotiations and approval by the Board of Directors of NBLX. In a statement, Chevron saiud that there can be no assurance that any such approvals will be forthcoming, that a definitive agreement will be executed, or that any transaction will be consummated.

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