“The merger with Chevron is a compelling opportunity to join a diversified, admired global energy leader with a world-class balance sheet and strong shareholder returns,” said David Stover, President and CEO of Noble Energy. “In recent years, we have made significant progress in achieving our strategic objectives, including increasing the efficiency of onshore capital, expanding our conventional offshore gas developments and significantly reducing our cost structure. As we wanted to build on this positive momentum, Noble Energy`s Board of Directors and management team conducted a thorough process and concluded that this transaction was the best way to maximize value for all Noble Energy shareholders. We look forward to bringing together our cultures and teams that complement each other perfectly to understand the long-term value and benefits that this combination will bring. While not a blockbuster deal, the Chevron-Noble deal could show some degree of confidence from industry executives, who are willing to acquire smaller companies in the hope of an imminent recovery. “Our strong balance sheet and financial discipline gives us the flexibility to be a buyer of quality assets in these challenging times,” said Michael Wirth, Chevron`s president and CHIEF Executive Officer. “This is a profitable opportunity for Chevron to acquire additional reserves and proven resources. Noble Energy`s quality multi-asset portfolio will improve geographic diversity, increase capital flexibility and improve our ability to generate significant cash flow. These assets contribute to Chevron`s operational strengths and the transaction underscores our commitment to capital discipline. We look forward to welcoming the Noble Energy team and shareholders to bring together the best of our organizations. Chevron Corp. recently announced that it has entered into a final agreement to acquire all outstanding shares of Noble Energy, Inc. SAN RAMON, Calif., July 20, 2020 – Chevron Corporation (NYSE: CVX) announced today that it has entered into a final agreement with Noble Energy, Inc.

(NASDAQ: NBL) to acquire all of the outstanding shares of Noble Energy in a $5 billion share transaction. or US$10.38 per share. Based on Chevron`s closing price on July 17, 2020 and in accordance with the terms of the agreement, Noble Energy shareholders will receive 0.1191 Shares of Chevron for each Noble Energy Share. The total value of the business, including debt, is $13 billion. Based on Chevron`s closing price on July 17, 2020 and in accordance with the terms of the agreement, Noble Energy shareholders will receive 0.1191 Shares of Chevron for each Noble Energy Share. The total value of the business, including debt, is $13 billion. The acquisition of Noble Energy provides Chevron with inexpensive and proven reserves and attractive untapped resources that will expand an already advantageous upstream portfolio. Media Note: Chevron B-Roll Material is available from chevron.co/broll Chevron Corporation is one of the world`s leading integrated energy companies. Through its subsidiaries active worldwide, the company operates in almost every facet of the energy sector. . .

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