Chevron Corporation (NYSE: CVX) and Noble Midstream Partners, LP (NASDAQ: NBLX) have reported entry into a definitive agreement where Chevron will acquire all publicly held common units in Noble Midstream that is not already owned by Chevron and its affiliates in an all stock transaction. Each unit holder of Noble Midstream will receive 0.1393 of a share of common stock of Chevron in exchange for each Common Unit owned. “We believe this buy-in transaction is the best solution for all stakeholders, enabling us to simplify the governance structure and capture value in support of our leading positions in the DJ and Permian basins,” said Colin Parfitt, Vice President of Chevron Midstream and Chairman of the Board of Directors (the “Board”) of the general partner of Noble Midstream Partners LP.
The transaction is expected to close within the second quarter of 2021, subject to customary approvals. The Conflicts Committee of the Board, comprised of independent directors have unanimously approved the merger. The merger was also approved by the Board.