Noble Midstream Partners Announces Additional Acreage Dedications in the Delaware Basin
April 25 2017 - 7:20AM
Business Wire
Noble Midstream Partners LP (NYSE: NBLX) (“Noble
Midstream” or the “Partnership”) today announced that approximately
64,000 net acres in Reeves County, Texas, acquired by Noble Energy,
Inc. (NYSE: NBL) (“Noble Energy”) from Clayton Williams Energy,
Inc. (“Clayton Williams Energy”) were dedicated upon close of the
acquisition to the Partnership’s Blanco River development company
(“Blanco River DevCo”) for infield crude oil and produced water
gathering, and substantially all of the acquired acreage was
dedicated for infield gas gathering.
In addition, Noble Energy has dedicated infield gas gathering on
substantially all of their legacy 47,000 net acres in the Delaware
Basin to the Blanco River DevCo. Noble Midstream owns a 25%
controlling interest in the Blanco River DevCo and the remaining
75% ownership is retained by Noble Energy.
“Already in 2017, we have added significant scale to our Permian
infield gathering operations while also establishing a new Permian
business segment with the Advantage Pipeline acquisition,” stated
Terry R. Gerhart, Chief Executive Officer of Noble Midstream.
“These portfolio additions are a significant step toward our
long-term Permian objective of generating approximately half of the
Partnership’s EBITDA from the Permian Basin by 2020.”
The Partnership’s Delaware Basin in field gathering dedications
now total approximately 111,000 net acres for crude oil and
produced water, with substantially all of the acreage also
dedicated for gas gathering. Noble Midstream’s Delaware Basin
services also include crude oil transmission and storage through a
50% interest in the Advantage pipeline system.
In conjunction with the new dedications, the Partnership has
waived its right of first refusal for natural gas processing on
approximately 80,000 net acres in the Delaware Basin, of which
approximately 35,000 net acres were dedicated to a third party
through 2021.
First Quarter 2017 Webcast and Conference Call
Noble Midstream is hosting its first quarter 2017 webcast and
conference call on Tuesday, May 2, 2017 at 1:00 p.m., Central Time.
First quarter results and updated guidance to include the impact of
the new Delaware Basin dedications will be released after market
close on the previous day.
About Noble Midstream Partners
Noble Midstream Partners LP is a growth-oriented master limited
partnership formed by Noble Energy, Inc., to own, operate, develop
and acquire domestic midstream infrastructure assets. Noble
Midstream currently provides crude oil, natural gas, and
water-related midstream services in the DJ Basin in Colorado and
the Delaware Basin in Texas. For more information, please visit
www.nblmidstream.com.
Forward Looking Statement
This news release contains certain “forward-looking statements”
within the meaning of federal securities law. Words such as
“anticipates”, “believes”, “expects”, “intends”, “will”, “should”,
“may”, “estimates”, and similar expressions may be used to identify
forward-looking statements. Forward-looking statements are not
statements of historical fact and reflect the Partnership’s current
views about future events. No assurances can be given that the
forward-looking statements contained in this news release will
occur as projected and actual results may differ materially from
those projected. Forward-looking statements are based on current
expectations, estimates and assumptions that involve a number of
risks and uncertainties that could cause actual results to differ
materially from those projected. These risks include, without
limitation, Noble Energy’s ability to meet its drilling and
development plans, changes in general economic conditions,
competitive conditions in the Partnership’s industry, actions taken
by third-party operators, gatherers, processors and transporters,
the demand for crude oil and natural gas gathering and processing
services, the Partnership’s ability to successfully implement its
business plan, the Partnership’s ability to complete internal
growth projects on time and on budget, the price and availability
of debt and equity financing, the availability and price of crude
oil and natural gas to the consumer compared to the price of
alternative and competing fuels, and other risks inherent in the
Partnership’s business that are discussed in its most recent annual
report on Form 10-K and in other reports on file with the
Securities and Exchange Commission. These reports are also
available from the Partnership’s office or website,
www.nblmidstream.com. Forward-looking statements are based on the
estimates and opinions of management at the time the statements are
made. Noble Midstream does not assume any obligation to update
forward-looking statements should circumstances, management’s
estimates, or opinions change.
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version on businesswire.com: http://www.businesswire.com/news/home/20170425005433/en/
Noble Midstream Partners LPChris HickmanVP, Investor
Relations(281) 943-1622chris.hickman@nblmidstream.com
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