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  • Noble Energy Announces Asset Sale to NBLX and IDR Simplification
    édité le 15/11/2019 - Plus de news de "Noble Energy" - Voir la fiche entreprise de "Noble Energy"


Noble Energy Announces Asset Sale to NBLX and IDR Simplification
Noble Energy, Inc. announced the conclusion of its midstream strategic review, having elected to retain and increase its ownership in Noble Midstream Partners LP (NYSE: NBLX). The review was concluded with the sale of essentially all of the Company’s remaining U.S. onshore midstream interests and assets to NBLX and the elimination of the Company’s Incentive Distribution Rights (“IDRs”) for a total value of $1.6 billion.

In concluding the midstream strategic review, the Company identified the following primary drivers for retaining its ownership in NBLX:

- Supports focus on delivering sustainable, long-term free cash flow for Noble Energy shareholders;
- Enhances corporate returns through high-return midstream investments, including gathering and processing, intermediate and long-haul pipeline; and
- Preserves operational synergies and control of in-basin gathering in core U.S. onshore development areas of the DJ and Delaware Basins.

David L. Stover, the Company’s Chairman and CEO, commented: “The transaction announced today highlights significant midstream value within Noble Energy, while simplifying the structure of Noble Midstream. Retaining ownership of these assets through the NBLX structure enhances our business with steady and growing cash flow with lesser volatility from commodity prices. Noble Midstream will continue to play a critical role in Noble Energy’s execution and capital-efficient development onshore, where we have a deep inventory of high-return upstream investment opportunities.”

Noble Energy is receiving $1.6 billion in consideration from the transaction, including an estimated $670 million in cash and 38.5 million of newly issued common units of NBLX valued at $930 million based upon a 30-day volume weighted average price as of November 6, 2019. Following the close of the transaction, Noble Energy will own 56.5 million units or approximately 63% of the outstanding units of NBLX.

As part of the transaction, the Company has divested its remaining midstream gathering interests to NBLX, including the following:

- A 60% working interest in the Delaware Basin gathering system, which services crude oil, natural gas, and water gathering;
- A 75% working interest in the Mustang area (DJ Basin) gathering system, which services crude oil, natural gas, and water gathering, along with freshwater delivery;
- A 75% working interest in the East Pony area (DJ Basin) gathering system, which services freshwater delivery; and
- A 100% working interest in the East Pony area (DJ Basin) natural gas gathering and processing system.

NBLX now owns 100% of the interest in the above gathering systems. Noble Energy estimates the earnings before interest, taxes, depreciation, depletion and amortization (“EBITDA”) for the assets sold to be approximately $160 million for 2020. In addition, the Company estimates its IDRs divested would have resulted in total IDR distribution to Noble Energy in 2020 of approximately $40 million.

The Company will have a 180-day lock up period applicable to its common units in NBLX following the closing of the transaction. In addition, the Company will retain ownership and control of the General Partner of NBLX.

About Noble Energy

Noble Energy (NYSE: NBL) is an independent oil and natural gas exploration and production company committed to meeting the world’s growing energy needs and delivering leading returns to shareholders. The Company operates a high-quality portfolio of assets onshore in the United States and offshore in the Eastern Mediterranean and off the west coast of Africa. Founded more than 85 years ago, Noble Energy is guided by its values, its commitment to safety, and respect for stakeholders, communities and the environment.


Origine : Communiqué Noble Energy

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