Chevron is buying Noble Energy in an all-stock deal valued at $5 billion.
, in a move that Chevron CEO Michael Wirth said will be a "good deal" for shareholders in both companies."Squawk on the Street."
The acquisition will enhance Chevron's portfolio in the oil-rich Permian Basin, as well as in Colorado's DJ Basin. Noble Energy also has assets in Israel and West Africa, which will further enhance Chevron's international footprint. It will also lead to around $300 million in annual cost savings, Chevron said in a statement.
The deal is the industry's largest since oil prices plummeted in March and April, hit by a price war between Saudi Arabia and Russia, as well as an unprecedented drop-off in demand due to the pandemic. In April,briefly fell into negative territory for the first time on record. Looking forward, Wirth said he expects continued choppiness in the commodity market over the near-term due to Covid-19's uncertain trajectory.
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