Noble Energy Finalizes Strategic Partnership With CONSOL Energy in Marcellus Shale

abarrelfullabarrelfull wrote on 03 Oct 2011 14:38
Tags: consol deals n-america noble shale usa

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Noble Energy, Inc. (NYSE: NBL) announced today it has closed the previously announced agreements which create a joint venture partnership with CONSOL Energy, Inc. (NYSE: CNX) for the development of Marcellus Shale properties in southwest Pennsylvania and northwest West Virginia.

Under the agreements, Noble Energy acquired a 50 percent interest in 628,000 net undeveloped acres for approximately $1 billion, payable in three installments of which the first is $327 million. The Company also purchased a 50 percent interest in existing Marcellus production and infrastructure for approximately $232 million. In addition, Noble Energy agreed to fund approximately $2.1 billion of CONSOL's future drilling and completions costs, which are expected to extend over an eight-year period.

The total amount Noble Energy paid at closing was $593 million, which included the first installment payment, the full amount for production and infrastructure, and customary adjustments for net cash between the effective date and closing. The second and final installments will be paid on the first and second anniversaries of the closing, respectively.

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 U.S., 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. Further information is available at

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