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rdf:type	schema:NewsArticle
schema:articleBody	Chevron said Monday it had agreed to buy US exploration and production company Noble Energy for $5 billion, the biggest petroleum acquisition since the industry downturn due to the coronavirus. The deal will add about 18 percent to Chevron's total reserves and bring it new acreage Colorado and Wyoming's DJ Basin and the shale-rich Permian Basin in Texas and New Mexico, as well as in Israel and Equatorial Guinea. "Our strong balance sheet and financial discipline gives us the flexibility to be a buyer of quality assets during these challenging times," said Chevron Chief Executive Mike Wirth. "This is a cost-effective opportunity for Chevron to acquire additional proved reserves and resources." The California-based petroleum giant said the total enterprise value of the transaction is $13 billion, including debt. The transaction is expected to close in the fourth quarter of 2020, Chevron said. The deal follows an historic plunge in oil prices, with US futures sliping into negative territory in April amid a steep downturn in demand. Since then, oil prices have recovered somewhat, with US benchmark contract West Texas Intermediate now around $40 a barrel. However, the downturn has stressed smaller producers, spawning Chapter 11 bankruptcy filings by Whiting Petroleum and Chesapeake Energy. Noble Energy jumped 9.8 percent to $10.60 in pre-market trading, while Chevron slipped 0.2 percent to $87.03. jmb/cs
schema:headline	Chevron to buy Noble Energy for $5 billion
schema:mentions	Chapter 11, Title 11, United States Code Texas Tech University Health Sciences Center Chevron Corporation Barrel Disc jockey Petroleum New Mexico Wyoming Colorado Israel Texas Coronavirus Noble Energy Chesapeake Bay Challenging Times Balance sheet Equatorial Guinea Mark Roebuck West Texas Intermediate
schema:author	http://data.cimple.eu/organization/1f0054d541e000623a2c1e561a247c073ef6328e8be9ffafda7b3fcd
schema:datePublished	2020-07-20 (xsd:date)
http://data.cimple...sPoliticalLeaning	other political leaning
http://data.cimple...logy#hasSentiment	negative sentiment
http://data.cimple...readability_score	71 (xsd:integer)
http://data.cimple...tology#hasEmotion	happiness

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