Chevron is proposing to acquire the Common Units through a merger transaction in exchange for shares of common stock of Chevron, at a value of $12.47 per Common Unit (based on the most recent closing price of NBLX Common Units as of February 4, 2021). Chevron expects the proposed transaction to align long term interests by efficiently combining two highly integrated businesses while streamlining governance of the NBLX assets, which primarily serve Chevron as its largest customer. Agreement of definitive terms is subject to negotiations and approval by the Board of Directors of NBLX. There can be no assurance that any such approvals will be forthcoming, that a definitive agreement will be executed, or that any transaction will be consummated.
NBLX is a
master limited partnership originally formed by Noble Energy, Inc. and
indirectly majority-owned by Chevron Corporation to own, operate, develop and
acquire domestic midstream infrastructure assets. NBLX currently provides crude
oil, natural gas, and water-related midstream services and owns equity
interests in oil pipelines in the DJ Basin in Colorado and the Delaware Basin
in Texas. NBLX operations were integrated into Chevron in 2020 following the
close of the Noble Energy acquisition.
Chevron
Corporation is one of the world’s leading integrated energy companies. Through
its subsidiaries that conduct business worldwide, the company is involved in
virtually every facet of the energy industry. Chevron explores for, produces
and transports crude oil and natural gas; refines, markets and distributes
transportation fuels and lubricants; manufactures and sells petrochemicals and
additives; generates power; and develops and deploys technologies that enhance
business value in every aspect of the company’s operations. Chevron is based in
San Ramon, California. More information about Chevron is available at
www.chevron.com.
As used in
this news release, the term “Chevron” and such terms as “the company,” “the
corporation,” “our,” “we,” “us” and “its” may refer to Chevron Corporation, one
or more of its consolidated subsidiaries, or to all of them taken as a whole.
All of these terms are used for convenience only and are not intended as a
precise description of any of the separate companies, each of which manages its
own affairs.
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