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CHEVRON WILL BUY NOBLE ENERGY
Chevron has announced that it will buy another US energy company Noble Energy. It is the largest purchasing agreement in the US energy industry this year.
Yazar: Tom Roberts
Yayınlanma: 20 Temmuz 2020 20:46
Güncellenme: 17 Mayıs 2024 07:09
CHEVRON WILL BUY NOBLE ENERGY
US oil company Chevron Corp has announced that it will buy another US energy company Noble Energy. Chevron will expand its rock oil deposits with this acquisition of $ 5 billion worth of shares. It is the largest purchasing agreement in the US energy industry this year. It happened a year after Chevron Occidental Petroleum Corp's cornered with a higher offer than Anadarko Petroleum Corp. After that Anadarko Petroleum Corp withdrew its offer for Noble Energy. Oil prices fell to record levels in April as demand fell due to the coronavirus crisis. Even though prices start to recover from these low levels, the market continues to stagnate. The new increase in COVID-19 cases makes assets cheaper because they have risks for economic recovery. London-based independent oil and mining consultancy, Palissy Advisors president Anish Kapadia said, Chevron is taking advantage of its strong relative performance versus the US exploration and production companies and capitalizing on the downturn to buy into some high-quality assets.”The agreement will also enable Chevron to become a shareholder to Leviathan, the largest gas field in the Eastern Mediterranean, which started natural gas production late last year.
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