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Noble Energy Inc
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September 2020 Corporate Presentation
| Dave Stover | Page 3 of 11 |
April 27, 2024
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"September 2020 Corporate Presentation"
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9/8/2020 425 Transaction Overview Combination with Chevron announced on July 20, 2020 Stock-for-Stock Transaction Total enterprise value, including debt, of the transaction is $13 billion Noble Energy shareholders will receive 0.1191 shares of Chevron for each Noble Energy share Strategic Fit Scale unconventional position with significantly de-risked acreage in the DJ Basin and largely contiguous and adjacent acreage in the Permian Basin Low-capital, cash-generating offshore assets and substantial discovered resources in Eastern Mediterranean and West Africa, strengthening combined global gas business Accretive to Key Noble Energy Metrics Transaction significantly accretive to free cash flow and dividends per Noble Energy share Combined company net debt to LTM EBITDAX of 1.2x compared to 3.4x for Noble Energy standalone Delivers significantly enhanced shareholder returns (>6x annual dividend increase) Path to Close Shareholder meeting to approve the transaction on October 2, 2020 Expected to close early in 4th quarter of 2020 Subject to satisfaction or waiver of regulatory approvals and other customary closing conditions; West Africa (CEMAC) antitrust the only outstanding regulatory approval