Noble Energy to Sell Cone Gathering Stake
December 15 2017 - 7:57AM
Dow Jones News
By Allison Prang
Noble Energy Inc. (NBL) said Friday that it is selling its 50%
stake in Cone Gathering LLC for $305 million in cash to CNX
Resources Corp. (CNX).
The deal with CNX is expected to close sometime early next year.
Cone Gathering is the owner of Cone Midstream Partners LP's (CNNX)
general partner. Noble Energy and Consol Energy Inc. (CEIX), which
CNX spun off last month, formed Cone Midstream Partners, which owns
and works with energy and natural gas assets for the Marcellus
Shale area.
Houston-based Noble Energy also said Friday that it no longer
will divest itself of its Marcellus midstream holdings. Wheeling
Creek Midstream LLC, which is part of Quantum Energy Partners, was
supposed to buy those holdings for $765 million.
Noble Energy Chief Financial Officer Kenneth Fisher said in
prepared remarks that the deal announced Friday was "an expeditious
path forward to realize the full value of our Marcellus midstream
interests."
Noble will keep its 21.7 million common limited partnership
units and will sell those "over the next few years," the company
said.
Shares of Noble Energy were down 0.2% in low-volume premarket
trading. CNX Corp. shares were flat in premarket trading.
Write to Allison Prang at allison.prang@wsj.com
(END) Dow Jones Newswires
December 15, 2017 07:42 ET (12:42 GMT)
Copyright (c) 2017 Dow Jones & Company, Inc.
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