M&A activity plummets in 2020 despite year-end rebound By Caroline EvansThe Texas Lawbook Jan. 18, 2021 FacebookTwitterEmail Chevron Corp. acquired Noble Energy in a $4.1 billion all-stock transaction — one of the biggest deals in the oil industry this year — that closed in October. The deal was valued at more than $12 billion, as Chevron assumes Noble’s $8 billion in debt. The deal’s value fell by almost $1 billion since it was announced in July as the coronavirus pandemic continued to batter Noble’s stock value.Richard Drew, STF / Associated Press The volume of mergers and acquisitions involving Texas businesses plunged in 2020 to the lowest level since 2013, even as deal activity bounced back strongly during the final three months of the year.