Noble Midstream Partners Completes Integration and Development Plans With New Affiliate
December 08 2020 - 7:30AM
Business Wire
Noble Midstream expects 2021 Affiliate
activity in both the DJ and Delaware basins
Noble Midstream Partners LP (NASDAQ: NBLX) (Noble
Midstream or the Partnership) announced that the Partnership has
successfully integrated its business into its new affiliate,
Chevron Corporation (NYSE:CVX) (Chevron). Chevron has announced its
capital and exploratory budget for 2021, with activity planned on
Noble Midstream dedicated acreage in both the DJ and Delaware
basins.
On Noble Midstream’s dedicated acreage, the Partnership
anticipates Chevron activity to be primarily in the DJ Basin, where
there is significant backbone infrastructure in place. As a result,
Noble Midstream expects to allocate the majority of its 2021
organic capital program to well connections with minimal
larger-scale facility spending. Noble Midstream plans to provide a
detailed 2021 investment program and guidance after its third-party
customer base finalizes activity plans and the Partnership receives
Board approval early in the first-quarter 2021.
In its Equity Method Investments, Noble Midstream does not
anticipate any material capital outlays next year. The Partnership
anticipates growing full-year run rate cash flow contribution in
2021 from the intermediate and long-haul assets brought online or
acquired this year.
Robin Fielder, President and CEO of the Partnership stated,
“Noble Midstream achieved significant accomplishments this year,
reducing its cash operating costs by more than 20 percent, placing
multiple major equity-method investment pipelines into full
service, and beginning to fund our investments and distribution
from cash flow from operations. Along with these wins and a 2021
organic capital program focused mainly on well connections, we
expect Noble Midstream to generate sizable cash flow in excess of
capital expenditures in 2021 and enable the Partnership to reduce
debt and protect the balance sheet.”
About Noble Midstream
Noble Midstream is a master limited partnership originally
formed by Noble Energy, Inc. and majority-owned by Chevron Corp. to
own, operate, develop and acquire domestic midstream infrastructure
assets. Noble Midstream currently provides crude oil, natural gas,
and water-related midstream services and owns equity interests in
oil pipelines in the DJ Basin in Colorado and the Delaware Basin in
Texas. Noble Midstream strives to be the midstream provider and
partner of choice for its safe operations, reliability, and strong
relationships while enhancing value for all stakeholders. For more
information, please visit www.nblmidstream.com.
Cautionary Statements
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. For further discussion of risks
and uncertainties, you should refer to those described under “Risk
Factors” and “Forward-Looking Statements” in the Partnership’s most
recent Annual Report on Form 10-K and in other reports we 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: https://www.businesswire.com/news/home/20201208005436/en/
Park Carrere Investor Relations (281) 872-3208
park.carrere@nblmidstream.com
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