The acquisition of privately held GEP Haynesville follows Southwestern’s entrance into the Haynesville earlier this year with its $2.7 billion purchase of Indigo Natural Resources.
The acquisition of Noble Energy makes Chevron the No. 2 U.S. shale oil producer behind EOG Resources Inc. and gives it nearly 1 Bcf of international natural gas reserves close to growing markets.
“M&A has started to pick up. You saw a deal announced with Chevron buying Noble. We would expect to see more of those,” James West, senior managing director of Evercore ISI, says.