Chevron has decided to acquire Noble Energy in a $5 billion deal , expanding its footprint in U.S. shale and in the Eastern Mediterranean. The acquisition is the first major M&A deal since the onset of the global pandemic. Noble Energy is active in the DJ Basin and in the Permian. The deal – totaling $13 billion when including debt – will increase Chevron’s proved reserves by 18 percent from year-end 2019 levels. “This is a cost-effective opportunity for Chevron to acquire additional proved reserves and resources. Noble Energy’s multi-asset, high-quality portfolio will enhance geographic diversity, increase capital flexibility, and improve our ability to generate strong cash flow,” Chevron CEO Michael Wirth said in a statement. Chevron’s share price was down 1.5 percent in early trading, while Noble’s was up nearly 6 percent. The move will make Chevron a big holder of natural gas assets in the Eastern Mediterranean. […]