Chevron Proposes to Acquire Noble Midstream

Chevron (NYSE: CVX) unveiled that it submitted a proposal to acquire all the publicly traded units of Noble Midstream Partners(NYSE: NBLX) -- a master limited partnership (MLP) -- that it doesn't already own. The oil giant is offering to exchange its shares for all the remaining publicly traded units of its affiliate at a value of $12.47 per unit, which is the MLP's closing price the day before Chevron announced its proposal. Chevron initially acquired a 62.5% interest in Noble Midstream when it bought the MLP's former parent Noble Energy in a $13 billion deal last year.