Noble Energy Divests Stake In General Partner Of CONE Midstream To CNX Resources

(RTTNews) - Noble Energy Inc. (NBL) said that that it has signed a definitive agreement with CNX Resources Corp. (CNX) to divest Noble Energy's 50 percent interest in CONE Gathering LLC for cash consideration of $305 million.

CONE Gathering owns the general partner of CONE Midstream Partners LP (CNNX) . Noble Energy is retaining its 21.7 million common limited partner units and plans to maximize value through the divestment of the units over the next few years.

The agreement between Noble Energy and CNX also settles any and all claims between the two parties. Closing of the transaction is anticipated in early 2018, subject to customary terms and conditions.

In association with this transaction, Noble Energy has terminated its prior agreement to divest its entire Marcellus midstream holdings to Wheeling Creek Midstream, LLC, a portfolio company of Quantum Energy Partners.