New York (CNN Business) Chevron announced Monday it would acquire Noble Energy (NBL) for $5 billion. It's the biggest energy deal since the Covid-19 pandemic decimated the oil industry. America's shale oil and gas industry has been hit hard during the pandemic. And energy prices fell as an ill-timed global oil standoff temporarily increased supply while people were using less oil. Last month, a study by Deloitte said some 30% of shale players would be technically insolvent at oil prices of $35 a barrel.

Source: CNN July 20, 2020 13:07 UTC