Acquisition of its Incentive Distribution Rights and midstream interests from Noble Energy, Inc.

Energy
Acquisition of its Incentive Distribution Rights and midstream interests from Noble Energy, Inc.

Summary

Baird served as exclusive financial advisor to the Conflicts Committee of Noble Midstream Partners LP on this transaction

About

Noble Midstream Partners LP (“Noble Midstream” or the “Partnership”) (NYSE: NBLX) announced a definitive agreement to acquire the Partnership’s incentive distribution rights (“IDRs”) and substantially all of Noble Energy, Inc.’s (“Noble”) (NYSE: NBL) remaining midstream interests for $1.6 billion. The midstream interests acquired by the Partnership include: (i) the remaining 60% interest in Blanco River DevCo LP in the Delaware Basin, including oil, gas and produced water in-field gathering; (ii) the remaining 75% interest in Green River DevCo LP, including oil, gas and produced water in-field gathering, as well as fresh water delivery; (iii) the remaining 75% interest in San Juan River DevCo LP, which provides fresh water delivery in Noble’s East Pony IDP; and (iv) NBL Holdings, which owns Noble’s East Pony gas gathering complex in the DJ Basin and the Clayton Williams gathering system in the Delaware Basin.

Noble Midstream is a growth-oriented master limited partnership formed by Noble to own, operate, develop and acquire midstream infrastructure assets. The Partnership currently provides crude oil, natural gas and water-related midstream services in the DJ Basin in Colorado and the Delaware Basin in Texas. Noble Midstream is headquartered in Houston, Texas.

Noble is an independent oil and natural gas exploration and production company with a diversified portfolio of assets located in United States onshore unconventional basins and certain global offshore conventional basins in the Eastern Mediterranean and off the west coast of Africa. Noble is headquartered in Houston, Texas.
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Energy
Acquisition of its Incentive Distribution Rights and midstream interests from Noble Energy, Inc.
Date
November 2019
Company
Noble Midstream Partners LP
Transaction
M&A
Sectors
Energy
Target Location
North America

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