“We believe this buy-in transaction is the best solution for
all stakeholders, enabling us to simplify the governance structure and capture
value in support of our leading positions in the DJ and Permian basins,” said
Colin Parfitt, Vice President of Chevron Midstream and Chairman of the Board of
Directors (the “Board”) of the general partner of Noble Midstream Partners LP.
The Conflicts Committee of the Board, comprised entirely of
independent directors, after consultation with its independent legal and
financial advisors, unanimously approved the merger. Subsequently, the merger
was approved by the Board.
The transaction is expected to close in the second quarter
of 2021, subject to customary approvals. A subsidiary of Chevron, as the holder
of a majority of the outstanding Common Units, has voted its units to approve
the transaction.
Advisors
Citi is acting as financial advisor and Latham & Watkins
LLP is acting as legal advisor to Chevron. Janney Montgomery Scott is acting as
financial advisor and Baker Botts L.L.P. is acting as legal advisor to the
Conflicts Committee of the Board.
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.
Noble Midstream is a master limited partnership originally
formed by Noble Energy, Inc. and majority-owned by Chevron Corporation to own,
operate, develop and acquire domestic midstream infrastructure assets. Noble
Midstream 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. Noble Midstream strives to be the
midstream provider and partner of choice for its safe operations, reliability,
and strong relationships while enhancing value for all stakeholders. For more
information, please visit www.nblmidstream.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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