Noble Energy Divests Its Interest in the General Partner of CONE Midstream to CNX Resources
December 15 2017 - 6:45AM
Noble Energy, Inc. (NYSE:
NBL) (“Noble Energy” or “the
Company”) today announced that it has signed a definitive agreement
with CNX Resources Corporation (NYSE: CNX) (“CNX”) to divest the
Company’s 50 percent interest in CONE Gathering LLC (“CONE
Gathering”) for cash consideration of $305 million. CONE Gathering
owns the general partner of CONE Midstream Partners LP (NYSE: CNNX)
(“CONE Midstream”). Noble Energy is retaining its 21.7 million
common limited partner units and plans to maximize value through
the divestment of the units over the next few years.
The agreement between Noble Energy and CNX also
settles any and all claims between the two parties. Closing of the
transaction is anticipated in early 2018, subject to customary
terms and conditions.
In association with this transaction, the
Company has terminated its prior agreement to divest its entire
Marcellus midstream holdings to Wheeling Creek Midstream, LLC, a
portfolio company of Quantum Energy Partners.
Kenneth M. Fisher, Noble Energy’s Executive Vice
President and CFO, commented, “The transaction announced this
morning represents strong value realization for the general partner
interest and an expeditious path forward to realize the full value
of our Marcellus midstream interests. This action further focuses
our portfolio and company on the assets that will drive meaningful
margin expansion in the future. For CONE Midstream, a single
sponsor and better clarity on activity plans going forward will
drive additional value, which we will capture through our retained
unit ownership.”
Noble Energy (NYSE: NBL) is an independent oil and
natural gas exploration and production company with a diversified
high-quality portfolio of both U.S. unconventional and global
offshore conventional assets spanning three continents.
Founded 85 years ago, the company is committed to safely and
responsibly delivering our purpose: Energizing the World, Bettering
People’s Lives®. For more information, visit
http://www.nblenergy.com.
This news release contains certain "forward-looking statements"
within the meaning of federal securities laws. Words such as
"anticipates", "believes", "expects", "intends", "will", "should",
"may", and similar expressions may be used to identify
forward-looking statements. Forward-looking statements are not
statements of historical fact and reflect Noble Energy's current
views about future events. Such forward-looking statements may
include, but are not limited to, future financial and operating
results, and other statements that are not historical facts,
including estimates of oil and natural gas reserves and resources,
estimates of future production, assumptions regarding future oil
and natural gas pricing, planned drilling activity, future results
of operations, projected cash flow and liquidity, business strategy
and other plans and objectives for future operations. 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 and uncertainties include, without
limitation, the volatility in commodity prices for crude oil and
natural gas, the presence or recoverability of estimated reserves,
the ability to replace reserves, environmental risks, drilling and
operating risks, exploration and development risks, competition,
government regulation or other actions, the ability of management
to execute its plans to meet its goals and other risks inherent in
Noble Energy's businesses that are discussed in Noble Energy's most
recent annual reports on Form 10-K, respectively, and in other
Noble Energy reports on file with the Securities and Exchange
Commission (the "SEC"). These reports are also available from the
sources described above. Forward-looking statements are based on
the estimates and opinions of management at the time the statements
are made. Noble Energy does not assume any obligation to update any
forward-looking statements should circumstances or management’s
estimates or opinions change.
Investor Contacts
Brad Whitmarsh
(281) 943-1670
Brad.Whitmarsh@nblenergy.com
Megan Dolezal
(281) 943-1861
Megan.Dolezal@nblenergy.com
Lauren Brown
(281) 872-3208
Lauren.Brown@nblenergy.com
Media Contacts
Reba Reid
(713) 412-8441
media@nblenergy.com
Noble Energy (NYSE:NBL)
Historical Stock Chart
From Mar 2024 to Apr 2024
Noble Energy (NYSE:NBL)
Historical Stock Chart
From Apr 2023 to Apr 2024