Noble Midstream Partners LP (Noble Midstream or the Partnership) has announced that the Partnership has reduced its 2020 organic capital guidance to a range of US$120 million to US$150 million to reflect updated producer forecasts in the DJ and Delaware basins, US.
With increasing capital efficiency and a 2020 organic capital programme focused mainly on well connections, Noble Midstream anticipates the additional capital savings will essentially offset the cash flow loss from reduced activity. Noble Midstream will continue to communicate with its customer base and is well positioned to further adjust its capital programme. Noble Midstream will update detailed guidance for 2020 in association with its first quarter conference call.
“Following recent volatility and announced changes to customer activity plans, Noble Midstream has reduced its expected organic capital spend. We are also nearing full service on several pipeline investments, which are expected to contribute meaningfully to our 2020 EBITDA. Noble Midstream will prioritise free cash flow and protect our balance sheet in the current market environment,” stated Brent Smolik, Chief Executive Officer of the General Partner of Noble Midstream.
Read the article online at: https://www.worldpipelines.com/business-news/17032020/noble-midstream-partners-changes-capital-guidance/