Federal Reserve Bank of Dallas president and CEO Robert Kaplan says many CEOs are taking a wait-and-see approach to the energy sector.
Chevron Corp. has agreed to buy Noble Energy Inc. for $5 billion in an all-stock deal.
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The transaction, which is the largest energy deal since the coronavirus pandemic began, values Noble at $10.38 a share or a 7.45 percent premium to Friday’s closing price. Noble shareholders will receive 0.1191 Chevron shares for each Noble share owned. The enterprise value of the deal, which includes debt, is $13 billion.
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“Our strong balance sheet and financial discipline gives us the flexibility to be a buyer of quality assets during these challenging times,” Chevron CEO Michael Wirth said in a statement. “This is a cost-effective opportunity for Chevron to acquire additional proved reserves and resources.”
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