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Photo: Budrul Chukrut/SOPA Images/LightRocket via Getty Images

Chevron said Monday that it has entered into an agreement to acquire Noble Energy, a large independent oil-and-gas producer, in a $5 billion all-stock transaction.

Why it matters: It will expand Chevron's footprint in the U.S. shale patch, where the company is competing with rival Exxon.

  • Noble also has operations in the Mediterranean Sea and West Africa.
  • The total deal value, including debt, is $13 billion, according to Chevron. The Wall Street Journal notes that it's the "largest oil-patch tie-up since the coronavirus pandemic delivered a shock to the industry."
  • Some analysts see the coronavirus pandemic leading to substantial new consolidation in the U.S. sector.

Flashback: Chevron was already looking for acquisitions before the pandemic took aim at the oil industry.

  • Last year, Chevron looked to buy Anadarko Petroleum, another large independent player, but declined to enter into a bidding war with Occidental Petroleum, which ultimately bought the company.

What they're saying: Chevron said the deal for Noble would enhance its position in several areas, including the prolific Permian Basin.

  • Overall, the deal will add 18% to Chevron's proven oil-and-gas reserves and provide an estimated $300 million in annual cost-savings, the announcement states.
  • Chevron said the deal improves its international gas holdings, noting it "brings low-capital, cash-generating offshore assets in Israel, strengthening Chevron’s position in the Eastern Mediterranean."

Go deeper

Dan Primack, author of Pro Rata
Oct 26, 2020 - Economy & Business

Private equity shifts its attention to renewable energy

Illustration: Sarah Grillo/Axios

Private equity is watching the consolidation of the North American oil and gas sector from the sidelines, instead focusing its energy efforts on renewables.

Driving the news: Cenovus Energy on Sunday agreed to buy Husky Energy for $2.9 billion in stock, in a deal that would create Canada’s third-largest oil and gas producer.

Dominion sends cease and desist letter to My Pillow CEO Mike Lindell

Photo: Stephen Maturen/Getty Images

Dominion Voting Systems on Monday sent a cease and desist letter to My Pillow CEO Mike Lindell over his spread of misinformation related to the 2020 election.

Why it matters: Trump and several of his allies have pushed false conspiracy theories about the company, leading Dominion to take legal action. It's suing pro-Trump lawyer Sidney Powell for defamation and $1.3 billion in damages, and a Dominion employee has sued Trump himself, OANN and Newsmax.

Off the Rails

Episode 5: The secret CIA plan

Photo illustration: Aïda Amer, Sarah Grillo/Axios. Photo: Zach Gibson/Getty Images

Beginning on election night 2020 and continuing through his final days in office, Donald Trump unraveled and dragged America with him, to the point that his followers sacked the U.S. Capitol with two weeks left in his term. This Axios series takes you inside the collapse of a president.

Episode 5: Trump vs. Gina — The president becomes increasingly rash and devises a plan to tamper with the nation's intelligence command.

In his final weeks in office, after losing the election to Joe Biden, President Donald Trump embarked on a vengeful exit strategy that included a hasty and ill-thought-out plan to jam up CIA Director Gina Haspel by firing her top deputy and replacing him with a protege of Republican Congressman Devin Nunes.

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