Chevron, an integrated energy company, completed the acquisition of Noble Energy, an independent oil and natural gas exploration and production company, for $13bn in an all-stock deal. The enterprise value of $13bn represents $5bn in equity and $8bn in debt. The offer values a share at $10.38, implying a 12% premium over the previous day's close. Noble Energy shareholders received 0.1191 shares of Chevron for each Noble Energy share. "This is a cost-effective opportunity for Chevron to acquire additional proved reserves and resources. Noble Energy’s multi-asset, high-quality portfolio will enhance geographic diversity, increase capital flexibility, and improve our ability to generate strong cash flow. These assets play to Chevron’s operational strengths, and the transaction underscores our commitment to capital discipline. We look forward to welcoming the Noble Energy team and shareholders to bring together the best of our organizations," Michael Wirth, Chevron Chairman and CEO. On October 2, 2020, Noble Energy shareholders approve acquisition by Chevron