Noble Midstream Partners and Plains All American Close on Delaware Basin Acquisition
April 03 2017 - 4:15PM
Business Wire
Noble Midstream Partners LP (NYSE: NBLX) (“Noble
Midstream”) and Plains All American Pipeline, L.P. (NYSE:
PAA) (“Plains”) announced today the completion of the Advantage
Pipeline, L.L.C. (“Advantage”) acquisition for $133 million through
a newly formed 50/50 joint venture. Noble Midstream contributed
$66.5 million of cash, funded by available cash on hand and their
credit facility, and Plains contributed approximately 1.3 million
PAA units and $26.3 million of cash.
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Noble Midstream serves as the operator of the Advantage system,
which includes a 70-mile crude oil pipeline in the southern
Delaware Basin from Reeves County, Texas to Crane County, Texas
with 150,000 barrels of daily shipping capacity (expandable to over
200,000 barrels per day) and 490,000 barrels of storage
capacity.
In addition to existing customers, throughput growth is expected
from an acreage dedication from Noble Energy, Inc. and a volume
commitment from Plains Marketing, L.P. Connections to the Advantage
Pipeline from Noble Midstream’s first central gathering facility
and Plain’s Wolfbone Ranch Station remain on schedule for
completion in the second quarter of this year.
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. NBLX
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.
About Plains All American Pipeline
Plains All American Pipeline, L.P. is a publicly traded master
limited partnership that owns and operates midstream energy
infrastructure and provides logistics services for crude oil,
natural gas liquids (“NGL”), natural gas and refined products. PAA
owns an extensive network of pipeline transportation, terminalling,
storage and gathering assets in key crude oil and NGL producing
basins and transportation corridors and at major market hubs in the
United States and Canada. On average, PAA handles over 4.6 million
barrels per day of crude oil and NGL in its Transportation segment.
PAA is headquartered in Houston, Texas. More information is
available at www.plainsallamerican.com.
Forward Looking Statements
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 NBLX’s and PAA’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, Noble Energy, Inc.’s ability to meet its drilling and
development plans, Plains Marketing, L.P.’s ability to satisfy
certain volume commitments, changes in general economic conditions,
and other risks inherent in the businesses of NBLX and PAA that are
discussed in their respective filings with the Securities and
Exchange Commission. Forward-looking statements are based on the
estimates and opinions of management at the time the statements are
made. Neither NBLX nor PAA assumes any obligation to update
forward-looking statements should circumstances, management’s
estimates, or opinions change.
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version on businesswire.com: http://www.businesswire.com/news/home/20170403006527/en/
Noble Midstream Partners LPChris Hickman, (281)
943-1622VP, Investor RelationsorPlains All American Pipeline,
L.P.Ryan Smith, (866) 809-1291Director, Investor Relations
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