Chevron Corporation (NYSE: CVX) (“Chevron”) and Noble
Midstream Partners LP (NASDAQ: NBLX) (“Noble Midstream”)
announced today that the companies have completed the previously
announced acquisition, which resulted in Noble Midstream becoming
an indirect, wholly-owned subsidiary of Chevron.
Effective with the opening of markets today, Noble Midstream’s
common units will no longer be listed on the Nasdaq Global Select
Market, and it will cease to be a publicly traded company.
“We are pleased to fully integrate Noble Midstream’s people,
operations, and unitholders into Chevron,” said Colin Parfitt, Vice
President of Chevron Midstream. “By combining our businesses, the
acquisition streamlines governance and strengthens our leading
positions in the DJ and Permian basins.”
About Chevron
Chevron is one of the world’s leading integrated energy
companies. We believe affordable, reliable and ever-cleaner energy
is essential to achieving a more prosperous and sustainable world.
Chevron produces crude oil and natural gas; manufactures
transportation fuels, lubricants, petrochemicals and additives; and
develops technologies that enhance our business and the industry.
To advance a lower-carbon future, we are focused on cost
efficiently lowering our carbon intensity, increasing renewables
and offsets in support of our business, and investing in low-carbon
technologies that enable commercial solutions. 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.
Please visit Chevron’s website and Investor Relations page at
www.chevron.com and www.chevron.com/investors, LinkedIn:
www.linkedin.com/company/chevron, Twitter: @Chevron, Facebook:
www.facebook.com/chevron, and Instagram: www.instagram.com/chevron,
where Chevron often discloses important information about the
company, its business, and its results of operations.
CAUTIONARY STATEMENTS RELEVANT TO FORWARD-LOOKING INFORMATION
FOR THE PURPOSE OF “SAFE HARBOR” PROVISIONS OF THE PRIVATE
SECURITIES LITIGATION REFORM ACT OF 1995
This news release contains forward-looking statements relating
to Chevron’s and Noble Midstream’s operations that are based on
their respective management's current expectations, estimates and
projections about the petroleum, chemicals and other energy-related
industries. Words or phrases such as “anticipates,” “expects,”
“intends,” “plans,” “targets,” “advances,” “commits,” “forecasts,”
“projects,” “believes,” “seeks,” “schedules,” “estimates,”
“positions,” “pursues,” “may,” “could,” “should,” “will,”
“budgets,” “outlook,” “trends,” “guidance,” “focus,” “on track,”
“goals,” “objectives,” “strategies,” “opportunities,” “poised,”
“potential” and similar expressions are intended to identify such
forward-looking statements. These statements are not guarantees of
future performance and are subject to certain risks, uncertainties
and other factors, many of which are beyond the company’s control
and are difficult to predict. Therefore, actual outcomes and
results may differ materially from what is expressed or forecasted
in such forward-looking statements. The reader should not place
undue reliance on these forward-looking statements, which speak
only as of the date of this news release. Unless legally required,
neither Chevron nor Noble Midstream undertake any obligation to
update publicly any forward-looking statements, whether as a result
of new information, future events or otherwise.
Among the important factors that could cause actual results to
differ materially from those in the forward-looking statements are:
statements regarding the expected benefits of the transaction to
Chevron and its shareholders; changing crude oil and natural gas
prices and demand for our products, and production curtailments due
to market conditions; crude oil production quotas or other actions
that might be imposed by the Organization of Petroleum Exporting
Countries and other producing countries; public health crises, such
as pandemics (including coronavirus (COVID-19)) and epidemics, and
any related government policies and actions; changing economic,
regulatory and political environments in the various countries in
which the company operates; general domestic and international
economic and political conditions; changing refining, marketing and
chemicals margins; the company’s ability to realize anticipated
cost savings, expenditure reductions and efficiencies associated
with enterprise transformation initiatives; actions of competitors
or regulators; timing of exploration expenses; timing of crude oil
liftings; the competitiveness of alternate-energy sources or
product substitutes; technological developments; the results of
operations and financial condition of the company’s suppliers,
vendors, partners and equity affiliates, particularly during
extended periods of low prices for crude oil and natural gas during
the COVID-19 pandemic; the inability or failure of the company’s
joint-venture partners to fund their share of operations and
development activities; the potential failure to achieve expected
net production from existing and future crude oil and natural gas
development projects; potential delays in the development,
construction or start-up of planned projects; the potential
disruption or interruption of the company’s operations due to war,
accidents, political events, civil unrest, severe weather, cyber
threats, terrorist acts, or other natural or human causes beyond
the company’s control; the potential liability for remedial actions
or assessments under existing or future environmental regulations
and litigation; significant operational, investment or product
changes required by existing or future environmental statutes and
regulations, including international agreements and national or
regional legislation and regulatory measures to limit or reduce
greenhouse gas emissions; the potential liability resulting from
pending or future litigation; the company's ability to achieve the
anticipated benefits from the acquisition of Noble Energy, Inc.;
the company’s future acquisitions or dispositions of assets or
shares or the delay or failure of such transactions to close based
on required closing conditions; the potential for gains and losses
from asset dispositions or impairments; government mandated sales,
divestitures, recapitalizations, industry-specific taxes, tariffs,
sanctions, changes in fiscal terms or restrictions on scope of
company operations; foreign currency movements compared with the
U.S. dollar; material reductions in corporate liquidity and access
to debt markets; the receipt of required board authorizations to
pay future dividends; the effects of changed accounting rules under
generally accepted accounting principles promulgated by
rule-setting bodies; Chevron’s ability to identify and mitigate the
risks and hazards inherent in operating in the global energy
industry; and the factors set forth under the heading “Risk
Factors” on pages 18 through 23 of the company's 2020 Annual Report
on Form 10-K and in other subsequent filings with the U.S.
Securities and Exchange Commission. Other unpredictable or unknown
factors not discussed in this news release could also have material
adverse effects on forward-looking statements.
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version on businesswire.com: https://www.businesswire.com/news/home/20210511005769/en/
Veronica Flores-Paniagua, Chevron, +1 (713) 372-0063 Park
Carrere, Noble Midstream, +1 (281) 872-3208
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