TORONTO, March 6, 2018 /CNW/ – Noble Energy Partners has entered into an agreement to purchase a 19% equity interest in the Midstream Access Pipeline for a total consideration of approximately $15 million. The Midstream Access Pipeline consists of a network of 90 miles of high and low-pressure pipelines in Upton and Midland counties, Texas. The Midstream Access Pipeline has a capacity of 1.2 Bcf/d and went online in 2015.
The purchase of the interest in Midstream Access is immediately accretive to Adjusted EBITDA and distributable cash flow. The acquisition of additional Midstream Access interests is an extension of the company's commitment to reallocating capital in a portfolio of interconnected, complementary assets with predictable cash flows. Noble Energy Partners combined interests in the Midstream Access Pipeline gathering and transmission systems cover more than 10,000 square miles of active production in Texas.
About Noble Energy Partners
Established in 2001, Noble Energy Partners is a Registered Investment Manager that builds upon a strong core knowledge of, and keen focus on oil & gas pipeline investments. Separate investment teams focus on generating absolute returns in a variety of strategies which include investing in niche sectors in midstream and upstream oil and natural gas pipelines. Noble Energy Partners provides access to the sizable pipeline network of the world's largest consumers of energy. These investments transport, gather and process, distribute and/or store natural gas, natural gas liquids, crude oil and refined petroleum products including biodiesel and ethanol.
SOURCE Noble Energy Partners
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