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Nov. 15, 2019, 7:32 a.m. EST

Noble Energy sells onshore midstream assets to Noble Midstream, eliminates IDR in a deal valued at $1.6 billion

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By Tomi Kilgore

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%.

/zigman2/quotes/210375673/composite
US : U.S.: Nasdaq
$ 19.16
-0.44 -2.24%
Volume: 5.94M
Feb. 14, 2020 4:00p
P/E Ratio
N/A
Dividend Yield
2.51%
Market Cap
$9.17 billion
Rev. per Employee
$1.91M
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/zigman2/quotes/200163789/composite
US : U.S.: Nasdaq
$ 19.62
-0.43 -2.14%
Volume: 460,711
Feb. 14, 2020 4:00p
P/E Ratio
5.87
Dividend Yield
13.33%
Market Cap
$1.77 billion
Rev. per Employee
$3.10M
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/zigman2/quotes/210599714/realtime
US : S&P US
3,380.16
+6.22 +0.18%
Volume: 1.67B
Feb. 14, 2020 5:06p
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