With Chevron’s Purchase of Noble Energy, the “Frackopoly” Continues its March

Washington, D.C. – Just four days after announcing plans to cut carbon emissions, Chevron announced that it was buying Noble Energy for $5 billion. The purchase of Noble will expand Chevron’s holdings in both the DJ Basin of Colorado and the Permian Basin across West Texas and New Mexico. In addition, Chevron will now own Noble’s holdings in the Leviathan field, which is the largest natural gas field in the Eastern Mediterranean. In addition to doubling down on Chevron’s investment in fracked gas, the deal is the latest move to further consolidate the oil and gas industry.

In response, Food & Water Action Policy Director Mitch Jones issued the following statement:

“This latest move toward deeper consolidation of the oil and gas industry shows that the ‘frackopoly’ is alive and as dangerous as ever. Virtually nowhere in society are the bad effects of corporate monopoly shown in greater relief. Chevron’s new fracking acquisition also casts a revealing light on the industry’s disingenuous plans to reduce carbon emissions. We warned that the global health pandemic – which has only hastened the collapse of the failed fracking business model – would lead to further consolidation. This is one reason why we called on the Federal Reserve and the Treasury to not bailout the oil and gas industry; yet Chevron and others received millions when the Fed bought their corporate debt using Mitch McConnell’s CARES Act corporate slush fund.

“As Congress debates another round of needed COVID relief, it must leave out the oil and gas industry - for the sake of our climate, our environment and our health. We mustn't be bailing out an industry that pays lip service to reducing carbon emissions while it doubles down on investments in filthy fossil fuel fracking.”

Contact: Seth Gladstone - sgladstone[at]fwwatch[dot]org, 917.363.6615