SAN RAMON, Calif. — Chevron Corp. and Noble Midstream Partners have entered into a definitive agreement for Chevron to acquire all of the publicly held common units representing the limited partner interests in Noble Midstream, not already owned by Chevron and its affiliates, in an allstock transaction whereby each outstanding unitholder of Noble Midstream would receive 0.1393 of a share of common stock of Chevron in exchange for each common unit owned.

“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 of the general partner of Noble Midstream Partners LP.

The transaction is expected to close in the second quarter of 2021, subject to customary approvals.

For more information, visit www.chevron.com or www.nblmidstream.com.