Noble Energy Announces Plans To Form Marcellus Midstream MLP
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.