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Chevron sought stake in Noble Energy’s gas-field before bidding for company

imageStock Markets13 hours ago (Aug 11, 2020 05:10PM ET)

(C) Reuters. File photo of a Chevron gas station sign in Cardiff, California

HOUSTON (Reuters) – Chevron Corp (N:CVX) last year proposed to acquire an at least 50% stake in Noble Energy ‘s Eastern Mediterranean natural-gas fields, leading to July’s all-stock deal, a proxy filing on Tuesday showed.

The proposed $5 billion deal would boost Chevron’s U.S. shale oil holdings and give it vast natural gas holdings off the coast of Israel. Noble (NYSE:NE) originally went looking for a partner to help finance its Leviathan gas project.

The purchase still faces a vote by Noble (O:NBL) shareholders, who are expected to approve it. Chevron shares on Tuesday were off six cents apiece at $89.67 while Noble’s lost four cents at $10.65. The proxy filing came after 4 p.m.

Chevron sought stake in Noble Energy’s gas-field before bidding for company

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