Chevron Buying Noble Energy in Deal Worth $13 Billion

Last year Chevron tried to buy Permian driller Anadarko Petroleum for $50 billion. Occidental Petroleum swooped in at the last minute and lured Anadarko away in a $57 billion deal. Chevron left the marriage altar with a cool $1 billion in breakup fees (see Chevron Leaves the Altar with $1B, Waves Goodbye to Anadarko). Chevron is now glad they got jilted because they've just brokered a new deal--to buy Noble Energy for $5 billion in stock and assumption of $8 billion in debt for a grand total of $13 billion. It's a far lower amount and much more bang for the buck.

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