Chevron Corporation has submitted a non-binding proposal to the Board of Directors of Noble Midstream GP LLC, the general partner of Noble Midstream Partners LP (NASDAQ: NBLX), to acquire all of the publicly held common units representing limited partner interests in NBLX not already owned by Chevron and its affiliates (the Common Units).

In a statement obtained by The Daily, www.thedaily-ng.com, the company, stated: “Chevron is proposing to acquire the Common Units through a merger transaction in exchange for shares of common stock of Chevron, at a value of $12.47 per Common Unit (based on the most recent closing price of NBLX Common Units as of February 4, 2021).

“Chevron expects the proposed transaction to align long term interests by efficiently combining two highly integrated businesses while streamlining the governance of the NBLX assets, which primarily serve Chevron as its largest customer. Agreement of definitive terms is subject to negotiations and approval by the Board of Directors of NBLX.”

It added: “There can be no assurance that any such approvals will be forthcoming, that a definitive agreement will be executed, or that any transaction will be consummated.”

NBLX is a master limited partnership originally formed by Noble Energy, Inc. and indirectly majority-owned by Chevron Corporation to own, operate, develop and acquire domestic midstream infrastructure assets.

NBLX 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. NBLX operations were integrated into Chevron in 2020 following the close of the Noble Energy acquisition.

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.