Chevron offers $12.47 a share for Noble Midstream

The oil company, which already owns just over 62% of Noble, said it expects the proposed deal "to align long-term interests by efficiently combining two highly integrated businesses while streamlining governance of the NBLX assets, which primarily serve Chevron as its largest customer".

In a brief statement, it noted that a deal is subject to negotiations and approval by Noble’s board of directors.

"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," Chevron said.

Noble Midstream 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. Its operations were integrated into Chevron last year following the close of the Noble Energy acquisition.