Noble Energy Announces Plans To Form Marcellus Midstream MLP

Jun 12, 2014, 07:47 ET from Noble Energy

HOUSTON, June 12, 2014 /PRNewswire/ -- Noble Energy, Inc. (NYSE: NBL) today announced that it and CONSOL Energy Inc. have submitted a confidential draft Registration Statement on Form S-1 to the U.S. Securities and Exchange Commission relating to a proposed initial public offering of common units of a master limited partnership (MLP).  Upon completion of the proposed offering, the MLP will own, operate, and develop Noble Energy's and CONSOL's jointly-owned natural gas midstream assets in the Marcellus Shale. 

CONSOL and Noble Energy's 50/50 joint venture, CONE Gathering LLC, is anticipated to own the general partner of the MLP, which would retain incentive distribution rights and a majority of the MLP's common units.  The number of common units to be offered and the price range for the offering will be determined prior to the commencement of the offering, which would occur following the review period with the U.S. Securities and Exchange Commission.  A decision to proceed with this potential offering will be subject to an assessment of various market and other conditions, as well as authorization from the Board of Directors of Noble Energy.

This announcement shall not constitute an offer to sell or the solicitation of an offer to buy any securities.  Any offer, solicitations to offer to buy, or any sales of securities will only be made in accordance with the registration requirements of the Securities Act of 1933 or an exemption therefrom.  This announcement is being made pursuant to and in accordance with Rule 135 under the Securities Act of 1933. 

Noble Energy is a leading independent energy company engaged in worldwide oil and gas exploration and production.  The Company has core operations onshore in the U.S., primarily in the DJ Basin and Marcellus Shale, in the deepwater Gulf of Mexico, offshore Eastern Mediterranean, and offshore West Africa.  Noble Energy is listed on the New York Stock Exchange and is traded under the ticker symbol NBL. 

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," and similar expressions may be used to identify forward-looking statements. Forward-looking statements are not statements of historical fact and reflect Noble Energy's current views about future events. They include business strategy and other plans and objectives for future operations (including joint venture operations). No assurances can be given that the forward-looking statements contained in this news release will occur as projected, and actual outcomes 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 outcomes to differ materially from those projected. These risks include, without limitation, the volatility in commodity prices for natural gas and natural gas liquids, the presence or recoverability of estimated reserves, environmental risks, competition, government regulation or other actions, the ability of management to execute its plans to meet its goals and other risks inherent in Noble Energy's business that are discussed in its most recent annual report on Form 10-K and in other reports on file with the Securities and Exchange Commission. Forward-looking statements are based on the estimates and opinions of management at the time the statements are made. Noble Energy does not assume any obligation to update forward-looking statements should circumstances or management's estimates or opinions change.

SOURCE Noble Energy