Noble Energy Inc. will pay $2.7 billion to buy Clayton Williams Energy Inc. in a deal that will give it a combined 120,000 acres of oil-rich property in West Texas.

The combination will create the energy industry’s second-largest Southern Delaware shale acreage position in the Permian Basin. Noble is buying more than 2,400 new drilling locations, giving it a total of 4,200 with over 2 billion barrels of oil equivalent in