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8-K - FORM 8-K - NOBLE ENERGY INC | h84958e8vk.htm |
Exhibit 99.1
NOBLE ENERGY FINALIZES STRATEGIC PARTNERSHIP
WITH CONSOL ENERGY IN MARCELLUS SHALE
WITH CONSOL ENERGY IN MARCELLUS SHALE
HOUSTON (October 3, 2011) 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 CONSOLs 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 www.nobleenergyinc.com.
Contacts
David Larson
(281) 872-3125 dlarson@nobleenergyinc.com
David Larson
(281) 872-3125 dlarson@nobleenergyinc.com
Eric Schneider
(281) 872-2640 eschneider@nobleenergyinc.com
(281) 872-2640 eschneider@nobleenergyinc.com
This news release includes projections and other forward-looking statements within the meaning of
the federal securities laws. Such projections and statements reflect Noble Energys current views
about future events and financial performance. No assurances can be given that such events or
performance will occur as projected, and actual results may differ materially from those projected.
Risks, uncertainties and assumptions that could cause actual results to differ materially from
those projected include, without limitation, the timing to close the transaction, the failure to
satisfy closing conditions to the transaction, Noble Energys ability to achieve the benefits
contemplated by the transaction, the diversion of management time on transaction-related issues,
the volatility in commodity prices for crude oil and natural gas, the presence or recoverability of
estimated reserves, drilling and operating risks, exploration and development risks, government
regulation or other action, the ability of management to execute its plans to meet its goals,
competition, the ability to replace reserves, environmental risks and other risks inherent in Noble
Energys business that are detailed in its Securities and Exchange Commission filings. Words such
as anticipates, believes, expects, intends, will, should, may, and similar
expressions may be used to identify forward-looking statements. Noble Energy assumes no obligation
and expressly disclaims any duty to update the information contained herein except as required by
law.
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