Transactions - MAY 3, 2017

Noble Energy sells Marcellus assets for $1.2b

by Andrea Waitrovich

Noble Energy has announced that it has signed a definitive agreement to divest all of its upstream assets in northern West Virginia and southern Pennsylvania to an undisclosed buyer for a total amount of $1.225 billion.

Included in the divestment is current production of approximately 415 million cubic feet of natural gas equivalent per day (88 percent natural gas) and a 100 percent working interest in approximately 385,000 acres. Total proved reserves as of year-end 2016 related to these assets were 1.5 trillion cubic feet of natural gas equivalent.  In addition, the buyer will assume responsibility for up to 430 million cubic feet of natural gas per day of the company’s firm transportation, established to support Marcellus upstream production.

The Marcellus acreage will retain its dedication to CONE Midstream for natural gas gathering. Noble Energy’s interest in CONE Midstream is not included in the transaction.

The transaction is anticipated to close by the end of second-quarter 2017.

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