Noble Energy, Inc. has announced that it and CONSOL Energy Inc. have submitted a confidential draft Registration Statement on Form S-1 to the US 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 authorisation from the Board of Directors of Noble Energy.
This announcement shall not constitute an offer to sell or the solicitation of an offer to buy any securities. Any offer, solicitations to offer to buy, or any sales of securities will only be made in accordance with the registration requirements of the Securities Act of 1933 or an exemption therefrom. This announcement is being made pursuant to and in accordance with Rule 135 under the Securities Act of 1933.
Noble Energy is a leading independent energy company engaged in worldwide oil and gas exploration and production. The Company has core operations onshore in the US, primarily in the DJ Basin and Marcellus Shale, in the deepwater Gulf of Mexico, offshore Eastern Mediterranean, and offshore West Africa. Noble Energy is listed on the New York Stock Exchange and is traded under the ticker symbol NBL.
Adapted from press release by Hannah Priestley-Eaton