The Rising Influence of Rising Affluence

[DewDiligence]

CVX acquires NBL for $10.38/sh in stock—an 8% premium to Friday’s closing price:

https://finance.yahoo.com/news/chevron-announces-agreement-acquire-noble-103000253.html

Noble Energy brings low-capital, cash-generating offshore assets in Israel, strengthening Chevron’s position in the Eastern Mediterranean. Noble Energy also enhances Chevron’s leading U.S. unconventional position with de-risked acreage in the DJ [Denver-Julesburg] Basin and 92,000 largely contiguous and adjacent acres in the Permian Basin.

The nominal deal value is ~$13B including assumption of debt.

p.s. If CVX had cut their dividend, as I thought they should (#msg-154574407), they would’ve been able to do the NBL deal using at least some cash instead of stock.