By Colin Kellaher

Chevron Corp. on Friday said it made a nonbinding proposal to acquire the rest of midstream infrastructure company Noble Midstream Partners LP in a stock swap.

The San Ramon, Calif., oil giant, which already owns roughly 62.5% of Noble, said it offered to exchange $12.47 of stock for each remaining unit, equal to Thursday's closing price.

Chevron said the proposed deal would combine two highly integrated businesses while streamlining governance of Noble's NBLX assets, which primarily serve Chevron as its largest customer.

Chevron said any transaction would be subject to negotiations and approval by the board of Noble, which was originally formed by Noble Energy Inc. Chevron acquired Noble Energy last year.

Noble Midstream units rose 6.2% to $13.24 in premarket trading.

Write to Colin Kellaher at colin.kellaher@wsj.com

(END) Dow Jones Newswires

February 05, 2021 06:36 ET (11:36 GMT)

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