Noble Energy Sells Marcellus Midstream Assets

Noble Energy, an oil-and-gas driller active on three continents, said Thursday it has agreed to sell its Marcellus Midstream assets for $765 million in cash to the private Quantum Energy Partners. The sold assets were defined as a 50% stake in CONE Gathering and 21.7 million common and subordinated limited partnership units, and the transaction is expected to close in Q3.

Noble said the sold limited partnership units represent a 33.5% ownership interest in the public CONE Midstream Partners (CNNX) and that CONE Gathering owns the general partner of CONE Midstream. David Stover, chairman and CEO, said Noble Energy will realize more than $1 billion in total value from the Marcellus midstream business, which represents three times its net invested capital.

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