Chevron offered to buy pipeline operator Noble Midstream Partners LP, a deal that would streamline what is already a tightly integrated relationship following last year’s acquisition of Noble Energy Inc.
The California-based oil and gas giant is proposing to pay. 12.47 per unit for trading with its own shares, the company said in a statement on Friday. According to Bloomberg, Noble gives equity of 1. 1.13 billion to Midstream based on the outstanding shares of the target company.
Chevron already owns the indirect majority of Nobel Midstream and is its largest customer. According to an October filing, Nobel Energy, which acquired Chevron in 2020, owns a 622% stake in Nobel Midstream.
The company provides medium services related to crude oil, natural gas and water, and owns equity interests in the Colorado DJ Basin and the Delaware Basin pipeline in Texas.
Any agreement is subject to negotiation and approval by the Board of Directors of Noble Midstream.
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