Chevron Corp. is close to a deal to buy Noble Energy Inc. for about $5 billion, in what would be the largest oil-patch tie-up since the coronavirus pandemic delivered a shock to the industry.

The all-stock takeover values Noble at $10.38 a share or 0.1191 Chevron share, according to a person familiar with the matter. That would represent a roughly 7.6% premium over Noble’s Friday closing price of $9.65 and nearly 12% based on a 10-day average. Including Noble’s hefty debt load, the deal would be valued at roughly $13 billion.

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