Houston, Dec. 15, 2017 (GLOBE NEWSWIRE) -- Noble Energy, Inc. (NYSE: NBL) (“Noble Energy” or “the
Company”) today announced that it has signed a definitive agreement with CNX Resources Corporation (NYSE: CNX) (“CNX”) to divest
the Company’s 50 percent interest in CONE Gathering LLC (“CONE Gathering”) for cash consideration of $305 million. CONE Gathering
owns the general partner of CONE Midstream Partners LP (NYSE: CNNX) (“CONE Midstream”). Noble Energy is retaining its 21.7 million
common limited partner units and plans to maximize value through the divestment of the units over the next few years.
The agreement between Noble Energy and CNX also settles any and all claims between the two parties. Closing of
the transaction is anticipated in early 2018, subject to customary terms and conditions.
In association with this transaction, the Company has terminated its prior agreement to divest its entire
Marcellus midstream holdings to Wheeling Creek Midstream, LLC, a portfolio company of Quantum Energy Partners.
Kenneth M. Fisher, Noble Energy’s Executive Vice President and CFO, commented, “The transaction announced this
morning represents strong value realization for the general partner interest and an expeditious path forward to realize the full
value of our Marcellus midstream interests. This action further focuses our portfolio and company on the assets that will drive
meaningful margin expansion in the future. For CONE Midstream, a single sponsor and better clarity on activity plans going forward
will drive additional value, which we will capture through our retained unit ownership.”
Noble Energy (NYSE: NBL) is an independent oil and natural gas exploration and production company with a diversified
high-quality portfolio of both U.S. unconventional and global offshore conventional assets spanning three continents. Founded
85 years ago, the company is committed to safely and responsibly delivering our purpose: Energizing the World, Bettering
People’s Lives®. For more information, visit http://www.nblenergy.com.
This news release contains certain "forward-looking statements" within the meaning of federal securities laws. Words such as
"anticipates", "believes", "expects", "intends", "will", "should", "may", and similar expressions may be used to identify
forward-looking statements. Forward-looking statements are not statements of historical fact and reflect Noble Energy's current
views about future events. Such forward-looking statements may include, but are not limited to, future financial and operating
results, and other statements that are not historical facts, including estimates of oil and natural gas reserves and resources,
estimates of future production, assumptions regarding future oil and natural gas pricing, planned drilling activity, future results
of operations, projected cash flow and liquidity, business strategy and other plans and objectives for future operations. 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 and uncertainties include, without limitation, the volatility in commodity prices for crude oil and natural
gas, the presence or recoverability of estimated reserves, the ability to replace reserves, environmental risks, drilling and
operating risks, exploration and development risks, competition, government regulation or other actions, the ability of management
to execute its plans to meet its goals and other risks inherent in Noble Energy's businesses that are discussed in Noble Energy's
most recent annual reports on Form 10-K, respectively, and in other Noble Energy reports on file with the Securities and Exchange
Commission (the "SEC"). These reports are also available from the sources described above. Forward-looking statements are based on
the estimates and opinions of management at the time the statements are made. Noble Energy does not assume any obligation to update
any forward-looking statements should circumstances or management’s estimates or opinions change.
Investor Contacts Brad Whitmarsh (281) 943-1670 Brad.Whitmarsh@nblenergy.com Megan Dolezal (281) 943-1861 Megan.Dolezal@nblenergy.com Lauren Brown (281) 872-3208 Lauren.Brown@nblenergy.com Media Contacts Reba Reid (713) 412-8441 media@nblenergy.com
