Page 19 - MEOG Week 29

MEOG n e W s in B rie F MEOG

7.5% premium to its Friday close. Including cash flow and earnings one year after closing, 18-month contract with the Iraqi Drilling
the company’s debt pile, the deal is worth if global oil prices stay at $40, Chevron said. Company to provide services and project
roughly $13 billion. It would add about 18% to Chevron’s management for the drilling and completion
Chevron is paying a “moderate premium” proved reserves. Noble had proved reserves of twenty wells in the Al-Nasiriyah field in the
reflecting a cautious outlook, said Andrew of 2.05 billion barrels of oil and gas, while Dhi qar province in southern Iraq.
Dittmar, senior M&A analyst at data provider Chevron reported 11.4 billion. IDC will provide rigs, civil works and
Enverus, who said “there aren’t that many reuters drilling services; Weatherford will provide
companies with Chevron’s balance sheet project management and all other associated
strength and investor support to make up a services. The operation will be performed
buyer base” even though target companies are ser V i C es with four rigs provided by IDC.
“plentiful.” IDC is a leading Iraqi service company
Noble shareholders will own about 3% of Weatherford signs contract focusing on rig services and is a key player in
the combined company, after the deal closes, the nationalization program for the country’s
expected in the fourth quarter. with Iraqi Drilling Co. oil and gas sector.
The deal will help save about $300 million steeL Guru
on an annual run-rate basis and add to free Weatherford International plc has signed an

Week 29 22•July•2020 www. NEWSBASE .com P19