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In the shale oil fields of Texas, North Dakota and New Mexico, executives are unlikely to change their capital budgets based on abrupt price moves from U.S. military strikes on Iran.

Chevron Corp. agreed to buy Noble Energy Inc. for about $5 billion in shares as the oil giant looks to beef up in the Permian Basin amid the wreckage of the worst crude crash.

In the dry, dusty plains of West Texas, home to America’s most prolific oil play, the problem isn’t too little water, it’s too much of it.