Chevron will take over Noble Energy for $5 billion in the first big deal announced since the coronavirus pandemic shook the energy sector. Chevron has been shopping for assets since last year and with crude prices down more than 30% this year, it jumped Monday with its all-stock offering for the independent Houston oil and gas driller. Based on Chevron’s closing price on Friday, Noble Energy shareholders will receive 0.1191 shares of Chevron for each Noble Energy share. But with the list price comes a lot of debt. Energy companies had been taking on enormous debt even before the pandemic with energy prices have bouncing all over the place. Noble is no exception. The total enterprise value of the deal is $13 billion, with Chevron assuming Noble’s debt. Other big players, seeking to cut costs and load up on assets, will likely follow Chevron’s lead, […]