Chevron, the second largest energy company in the world, announced on Monday the official completion of its acquisition of Noble Energy and its entry into the Israeli market. Noble Energy shareholders approved the deal last week.
Chevron Chairman and CEO Michael Wirth welcomed the deal, saying he expected "strong financial benefits" for both parties.
“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,” Wirth said. “With an industry-leading balance sheet and a track record of capital discipline, we believe we’re in a different place than others and can protect the dividend while driving long-term value.”
Noble Energy is the operator of Israel’s Leviathan and Tamar natural-gas fields. With the merger completed, Chevron increased its energy reserves by 18%.
Chevron president of its Middle East, Africa, and South America Exploration and Production Company Clay Neff said that his company is "very excited" about the merger and the opportunities it creates for it and "for the people of Israel."
“We are very excited about the opportunities the merger between Chevron and Noble Energy creates for our company and also for the people of Israel. Chevron aims to be the global energy company most admired for its people, partnership and performance,” Neff said. “We look forward to working with the government and people of Israel to realize that vision through continued safe, environmentally responsible and reliable operations. As you celebrate the Jewish New Year in these uncertain times caused by the global pandemic, we send our greetings and best wishes for a healthy and safe New Year. Shana Tova.”