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OFFON

CHEVRON CORPORATION

(CVX)
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Chevron to Buy Rest of Noble Midstream in $494 Million Stock Deal

03/05/2021 | 06:42am EDT

By Colin Kellaher

Chevron Corp. on Friday said it agreed to buy the rest of midstream infrastructure company Noble Midstream Partners LP for about $494 million in stock.

The San Ramon, Calif., oil giant, which already owns more than 60% of Noble, said it will issue 0.1393 shares for the remaining 33.9 million Noble units.

The deal values Noble at about $14.56 a unit based on Chevron's Thursday closing price of $104.50, below Noble's closing price of $15.05 but above the $12.47 value contained in a nonbinding buyout proposal Chevron made in February.

Chevron previously said the transaction, which it expects to complete in the second quarter, would combine two highly integrated businesses while streamlining governance of Noble's assets, which primarily serve Chevron as its largest customer.

Write to Colin Kellaher at colin.kellaher@wsj.com

(END) Dow Jones Newswires

03-05-21 0641ET

Stocks mentioned in the article
ChangeLast1st jan.
CHEVRON CORPORATION -0.44% 102.96 Delayed Quote.21.92%
LONDON BRENT OIL 0.30% 66.62 Delayed Quote.29.19%
NOBLE MIDSTREAM PARTNERS LP -0.49% 14.27 Delayed Quote.36.95%
WTI 0.36% 63.033 Delayed Quote.31.44%
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Financials (USD)
Sales 2021 137 B - -
Net income 2021 9 553 M - -
Net Debt 2021 32 936 M - -
P/E ratio 2021 20,7x
Yield 2021 5,10%
Capitalization 199 B 199 B -
EV / Sales 2021 1,68x
EV / Sales 2022 1,57x
Nbr of Employees 47 736
Free-Float 78,7%
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Technical analysis trends CHEVRON CORPORATION
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Income Statement Evolution
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Mean consensus OUTPERFORM
Number of Analysts 28
Average target price 119,67 $
Last Close Price 102,96 $
Spread / Highest target 36,0%
Spread / Average Target 16,2%
Spread / Lowest Target -2,87%
EPS Revisions
Managers and Directors
NameTitle
Michael K. Wirth Chairman & Chief Executive Officer
Brant Thomas Fish President-Downstream & Chemicals
Pierre R. Breber Chief Financial Officer & Vice President
Joseph C. Geagea EVP-Technology, Projects & Services Divisions
Ronald D. Sugar Lead Independent Director
Sector and Competitors
1st jan.Capitalization (M$)
CHEVRON CORPORATION21.92%198 513
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RELIANCE INDUSTRIES LTD-2.68%164 612
BP PLC18.90%84 852
CHINA PETROLEUM & CHEMICAL CORPORATION23.05%79 234
NESTE OYJ-16.04%45 694