Noble Midstream Agrees to Chevron Buyout in $1.32 Billion All-stock Deal

Noble Midstream LP has agreed to Chevron Corp.’s offer to acquire all shares of Noble Midstream it doesn’t already own in an all-stock transaction valued at roughly $1.32 billion.

The U.S. oil major said it had reached the agreement with Noble Midstream on March 5, roughly a month after announcing a slightly smaller offer to buy out the pipeline operator.

Chevron became Noble Midstream’s largest customer following its all-stock acquisition of Noble Energy last year. The U.S. oil major cited increased alignment on governance of the Noble Midstream assets as the primary strategic rationale.