19:51 GMT26 July 2021
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    US independent Noble Energy oil and natural gas exploration and production company will acquire its business rival Clayton Williams Energy for about $2.7 billion in a cash-and-stock deal to expand its presence in the oil-rich Delaware Basin in West Texas, the Noble Energy press service said.

    MEXICO CITY (Sputnik) — According to the press release, the deal will provide the company with over 4,200 drilling locations on approximately 120,000 net acres, with over 2 billion barrels of oil equivalent in net unrisked resource. Thus, the Noble Energy will become the second-largest player in the Southern Delaware Basin, which is part of the larger Permian Basin.

    "Noble Energy, Inc. (NYSE:NBL) ("Noble Energy" or "the Company") and Clayton Williams Energy, Inc. (NYSE:CWEI) ("Clayton Williams Energy") today announced that the Boards of Directors of both companies have unanimously approved and the companies have executed a definitive agreement under which Noble Energy will acquire all of the outstanding common stock of Clayton Williams Energy for $2.7 billion in Noble Energy stock and cash," the press release reads.

    Clayton Williams Energy shareholders will receive 2.7874 shares of Noble Energy common stock and $665 million in cash.

    According to the press release, Noble Energy's outlook is to increase production on the acquired assets from 10,000 barrels of oil equivalent a day to 60,000 by 2020.

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    Tags:
    acquisition, Clayton Williams Energy Inc, Noble Energy Inc, Texas, US
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