Noble Energy Inc. /zigman2/quotes/210375673/composite NBL -2.24% said Friday that a review of its midstream strategy concluded with the sale of essentially all of the oil and natural gas company's U.S. onshore midstream interests and assets to Noble Midstream Partners L.P. /zigman2/quotes/200163789/composite NBLX -2.14% , and the elimination of its Incentive Distribution Rights (IDRs) for a value of $1.6 billion. The consideration includes $670 million in cash and 38.5 million of newly issued common shares of Noble Midstream, valued at $930 million. After the deal closes, Noble Energy will own 63% of the outstanding shares of Noble Midstream. Noble Energy's stock edged up 0.4% in premarket trading. It has rallied 14.7% year to date through Thursday while Noble Midstream shares have tumbled 22.7% and the S&P 500 /zigman2/quotes/210599714/realtime SPX +0.18% has climbed 23.5%.