It might not be an especially popular opinion, especially on this forum, but I stand by it.
$90 Oil: Chevron and Caterpillar's 2020 Acquisitions Are Paying Off Big Time
https://www.fool.com/investing/2022/02/11/90-oil-chevron-and-caterpillars-2020-acquisitions/
This author is dim. Permian Assets are cute and all..but CO has always had better rock/returns. Literally the only thing that kept NBL US solvent. Not to mention the real centerpiece was the E Med assets (which admittedly does look genius currently).
Who cares? The company's performance only affects me when thing are going south.
Acquisitions always 'look good' when product price is high. Look back at the Unocal buyout - in even-numbered years it was a 'stroke of brilliance', in odd-numbered years it was a 'terrible mistake'. If you look back at the big acquisitions (Texaco, Unocal), their value to the company petered out in about 15 years. If you look at the smaller acquisitions like Atlas, its value was about 5 years. Expect Noble to similar to Atlas.