RTTNews | Oct 5, 2020 08:48AM EDT

08:48 Monday, October 5, 2020 (RTTNews.com) - Chevron Corp. (CVX) said Monday it has completed the acquisition of Noble Energy, Inc. (NBL), following approval by Noble Energy shareholders.

"We are pleased to welcome Noble Energy's employees and shareholders to Chevron. Noble's high-quality assets complement Chevron's advantaged upstream portfolio, and the combination is expected to deliver strong financial benefits," said Chevron Chairman and CEO Michael Wirth.

In July, Chevron said it agreed to acquire all of the outstanding shares of Noble Energy in an all-stock transaction valued at $5 billion, or $10.38 per share, adding Noble Energy's proved reserves to Chevron's global upstream portfolio. The proved reserves will be acquired for under $5 per oil equivalent barrel.

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