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Noble Energy to buy Clayton Williams Energy for $2.7 billion

Oil producer Noble Energy said on Monday it would buy smaller rival Clayton Williams Energy for about $2.7 billion in a cash-and-stock deal to enhance its presence in the Permian Basin, the top U.S. oil field.

Noble Energy said the deal includes 71,000 net acres in the core of the Southern Delaware Basin in Reeves and Ward counties in Texas, which are a part of the larger Permian Basin.

The Permian basin has seen a slew...