Houston, Dec. 15, 2017 (GLOBE NEWSWIRE) — 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.