HOUSTON--(BUSINESS WIRE)--Noble Midstream Partners LP (NYSE: NBLX) (“Noble Midstream” or the “Partnership”) today provided an operational and commercial update for its operations in the DJ Basin and Delaware Basin. Recent highlights include:
- Completed and brought online the Collier central gathering facility (CGF), the fifth CGF, supporting Noble Energy’s Delaware Basin development in May; this brings total Delaware Basin oil and gas gathering capacity to 115 thousand barrels of oil equivalent per day, including 90 thousand barrels of oil per day (MBbl/d) and 150 million cubic feet of gas per day
- Nearing completion of the spec oil, gas and produced water gathering system for Noble Energy’s Mustang development in the DJ Basin, with start-up anticipated in June
Black Diamond Gathering
- Secured additional long-term dedications for Black Diamond Gathering (formerly Saddle Butte system), representing more than 200 wells across approximately 17,000 incremental acres. The additional dedications come from an existing third-party customer on the system as well as a new third-party customer and increase total acreage dedicated to the system by 12% to approximately 158,000 acres. Activity on the acreage is expected to commence in late 2018
- Given confidence in existing customer development plans as well as positive commercial developments, 2018 exit throughput for Black Diamond Gathering is now anticipated to be between 80 MBbl/d and 90 MBbl/d compared to prior guidance of at least 75 MBbl/d
Delaware Basin Commercial Update
- Received producer activity set and development plan for approximately 13,000 acres dedicated to Noble Midstream in Reeves County for oil, gas, and produced water gathering services from a third-party. Services will be provided through the Blanco River development company and are expected to commence by the end of 2018
“Our major 2018 growth projects in the DJ and Delaware Basins are currently online or nearing completion, providing significant momentum and capital efficiency heading into the second half of this year, and reinforcing the strength of our organic program,” stated Terry R. Gerhart, Chief Executive Officer of Noble Midstream. “In addition, our business development philosophy and the strategic positioning of the Advantage Pipeline System and Black Diamond Gathering are materializing, and notably faster than planned. I am pleased to announce significant new long-term agreements for Black Diamond Gathering which will drive future value creation as well as expected multiple compression.”
2018 MLP & Energy Infrastructure Investor Conference
Terry Gerhart, CEO, will present at the 2018 MLP & Energy Infrastructure Investor Conference on Wednesday, May 23, 2018 at 10:25 a.m. Eastern Time. The presentation materials, along with a link to the webcast, are available on the ‘Investors’ page of the Partnership’s website at www.nblmidstream.com.
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.
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, our customers’ ability to meet their 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, including those described under “Risk Factors” and “Forward-Looking Statements” in the Partnership’s most recent Annual Report on Form 10-K and in other reports we 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.