NEW YORK: Chevron said Monday it had agreed to buy US exploration and production company Noble Energy for $5 billion, the biggest petroleum acquisition since the industry downturn due to the coronavirus.

The deal will add about 18 percent to Chevron's total reserves and bring it new acreage Colorado and Wyoming's DJ Basin and the shale-rich Permian Basin in Texas and New Mexico, as well as in Israel and Equatorial Guinea.

"Our strong balance sheet and financial discipline gives us the flexibility to be a buyer of quality assets during these challenging times," said Chevron Chief Executive Mike Wirth.