HOUSTON--(BUSINESS WIRE)--Noble Midstream Partners LP (NYSE: NBLX) (“Noble Midstream” or the “Partnership”) today announced that approximately 64,000 net acres in Reeves County, Texas, acquired by Noble Energy, Inc. (NYSE: NBL) (“Noble Energy”) from Clayton Williams Energy, Inc. (“Clayton Williams Energy”) were dedicated upon close of the acquisition to the Partnership’s Blanco River development company (“Blanco River DevCo”) for infield crude oil and produced water gathering, and substantially all of the acquired acreage was dedicated for infield gas gathering.
In addition, Noble Energy has dedicated infield gas gathering on substantially all of their legacy 47,000 net acres in the Delaware Basin to the Blanco River DevCo. Noble Midstream owns a 25% controlling interest in the Blanco River DevCo and the remaining 75% ownership is retained by Noble Energy.
“Already in 2017, we have added significant scale to our Permian infield gathering operations while also establishing a new Permian business segment with the Advantage Pipeline acquisition,” stated Terry R. Gerhart, Chief Executive Officer of Noble Midstream. “These portfolio additions are a significant step toward our long-term Permian objective of generating approximately half of the Partnership’s EBITDA from the Permian Basin by 2020.”
The Partnership’s Delaware Basin in field gathering dedications now total approximately 111,000 net acres for crude oil and produced water, with substantially all of the acreage also dedicated for gas gathering. Noble Midstream’s Delaware Basin services also include crude oil transmission and storage through a 50% interest in the Advantage pipeline system.
In conjunction with the new dedications, the Partnership has waived its right of first refusal for natural gas processing on approximately 80,000 net acres in the Delaware Basin, of which approximately 35,000 net acres were dedicated to a third party through 2021.
First Quarter 2017 Webcast and Conference Call
Noble Midstream is hosting its first quarter 2017 webcast and conference call on Tuesday, May 2, 2017 at 1:00 p.m., Central Time. First quarter results and updated guidance to include the impact of the new Delaware Basin dedications will be released after market close on the previous day.
About Noble Midstream Partners
Noble Midstream Partners LP is a growth-oriented master limited partnership formed by Noble Energy, Inc., to own, operate, develop and acquire domestic midstream infrastructure assets. Noble Midstream currently provides crude oil, natural gas, and water-related midstream services in the DJ Basin in Colorado and the Delaware Basin in Texas. For more information, please visit www.nblmidstream.com.
Forward Looking Statement
This news release contains certain “forward-looking statements” within the meaning of federal securities law. Words such as “anticipates”, “believes”, “expects”, “intends”, “will”, “should”, “may”, “estimates”, and similar expressions may be used to identify forward-looking statements. Forward-looking statements are not statements of historical fact and reflect the Partnership’s current views about future events. No assurances can be given that the forward-looking statements contained in this news release will occur as projected and actual results may differ materially from those projected. Forward-looking statements are based on current expectations, estimates and assumptions that involve a number of risks and uncertainties that could cause actual results to differ materially from those projected. These risks include, without limitation, Noble Energy’s ability to meet its drilling and development plans, changes in general economic conditions, competitive conditions in the Partnership’s industry, actions taken by third-party operators, gatherers, processors and transporters, the demand for crude oil and natural gas gathering and processing services, the Partnership’s ability to successfully implement its business plan, the Partnership’s ability to complete internal growth projects on time and on budget, the price and availability of debt and equity financing, the availability and price of crude oil and natural gas to the consumer compared to the price of alternative and competing fuels, and other risks inherent in the Partnership’s business that are discussed in its most recent annual report on Form 10-K and in other reports on file with the Securities and Exchange Commission. These reports are also available from the Partnership’s office or website, www.nblmidstream.com. Forward-looking statements are based on the estimates and opinions of management at the time the statements are made. Noble Midstream does not assume any obligation to update forward-looking statements should circumstances, management’s estimates, or opinions change.