Noble Midstream Partners Adds Chevron Dedication in DJ Basin
January 08 2021 - 8:00AM
Business Wire
Noble Midstream Partners LP (NASDAQ: NBLX) (Noble
Midstream or the Partnership) announced that the Partnership has
entered into an agreement with a Chevron Corporation (NYSE: CVX)
(Chevron) subsidiary to provide oil transmission services from the
Wells Ranch development area to Platteville, Colorado, for
long-haul transportation out of the DJ Basin. With this agreement,
Noble Midstream will now be responsible for substantially all crude
oil gathering and intermediate oil transportation services from the
Wells Ranch development area.
Concurrent with this new transmission service, Noble Midstream
has executed a capacity lease with a subsidiary of Energy Transfer
LP (NYSE: ET) for capacity on Energy Transfer’s Wattenberg Oil
Trunkline (WOT). The Partnership has contracted for the ability to
utilize a substantial portion of the capacity on this in-service
pipeline through 2031. The WOT pipeline terminates in Platteville,
Colorado, where Noble Midstream has extensive existing
infrastructure and storage with access to all four major long-haul
pipelines in the DJ Basin.
The WOT capacity lease highlights Noble Midstream’s strategy to
seek highly accretive and capital-efficient opportunities to best
serve customer needs. Additionally, this transaction furthers the
Partnership’s objective to high-grade and diversify its cash flow
profile.
John Reuwer, Vice President of Business and Corporate
Development of the Partnership stated, “This important transaction
marks the first business development agreement with Chevron as well
as a new commercial partnership with a key midstream provider in
the DJ Basin. The WOT capacity lease provides both operational
support and value for Chevron and the Partnership and gives Noble
Midstream the ability to add incremental third-party business and
further bolster our strong presence in the DJ Basin.”
About Noble Midstream
Noble Midstream is a master limited partnership originally
formed by Noble Energy, Inc. and majority-owned by Chevron
Corporation 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”, “strategy”, “objective” 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/20210108005108/en/
Park Carrere Investor Relations (281) 872-3208
park.carrere@nblmidstream.com
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