The all-stock deal values Noble Energy at around $4.1 billion, excluding $8 billion in debt
The move by the Oslo-listed company, which has about $91 billion under management, is another illustration of how investors are adjusting to the risks of climate change
The loss includes $1 billion to cover severance pay for up to 15% of its 45,000-person workforce
The deal will grow Chevron's shale presence in both the Permian Basin and the Denver-Julesburg Basin in Colorado.
The offer values Noble at $10.38 a share or 0.1191 Chevron share, a 7.5% premium to Noble's Friday close. The deal would value Noble at roughly $13 billion, including debt
European competitor Royal Dutch Shell Plc is said to be offering voluntary redundancies in a bid to become leaner, and US rivals Chevron Corp. and Marathon Oil Corp. are among others laying off staff
Most of the reductions will take place this year, according to an internal memo said.
Known for cost cutting at refining and chemical operations earlier in his career, Wirth's overhaul will apply those skills to Chevron's upstream operations
"Shareholders will be drowned in capital paid back by energy majors in the next 20 years," Rystad Energy said
Anadarko has been one of the pioneers of the shale revolution, which turned the United States into the world's biggest oil producer, overtaking Russia and Saudi Arabia
Chevron, Exxon, Royal Dutch Shell Plc and BP Plc largely missed out on the first phase of the shale bonanza
Margolin noted that Chevron's existing capital budget guidance is sufficient to fund the company's portfolio of crude and gas projects
Chevron says in October last year that it plans to sell about $10 billion of assets by 2017 amid a prolonged slump in energy prices