Chevron Makes Offer to Acquire Remaining Stake in Noble Midstream Partners
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Chevron Corporation has submitted a non-binding proposal to the board of directors of Noble Midstream GP, the general partner of Noble Midstream Partners, to acquire all of the publicly held common units representing limited partner interests in Noble Midstream Partner 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 $12.47 per common unit. Chevron expects the proposed transaction to align long term interests by efficiently combining two highly integrated businesses while streamlining governance of the Noble 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 Noble Midstream Partners. 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.
About Noble Midstream
Noble Midstream is a master limited partnership originally formed by Noble Energy, Inc. and majority-owned by Chevron Corporation to own, operate, develop and acquire domestic midstream infrastructure assets. Noble Midstream currently provides crude oil, natural gas, and water-related midstream services and owns equity interests in oil pipelines in the DJ Basin in Colorado and the Delaware Basin in Texas. Noble Midstream strives to be the midstream provider and partner of choice for its safe operations, reliability, and strong relationships while enhancing value for all stakeholders.
To stop by Noble Midstream’s website, CLICK HERE
About Chevron
Chevron Corporation is one of the world’s leading integrated energy companies. Through its subsidiaries that conduct business worldwide, the company is involved in virtually every facet of the energy industry. Chevron explores for, produces and transports crude oil and natural gas; refines, markets and distributes transportation fuels and lubricants; manufactures and sells petrochemicals and additives; generates power; and develops and deploys technologies that enhance business value in every aspect of the company’s operations. Chevron is based in San Ramon, California.
To stop by Chevron’s website, CLICK HERE
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