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Noble Energy, Consol to split Marcellus joint venture

Oct. 31, 2016 12:36 PM ETChevron Corporation (CVX) StockBy: Carl Surran, SA News Editor9 Comments
  • Noble Energy (NBL -0.7%) and Consol Energy (CNX +0.8%) say they are splitting up their CONE Midstream Partners (CNNX +1.2%) joint venture, in a move the companies call a “bittersweet” decision.
  • The companies say all acreage operated by CNX and NBL in their respective operating areas will remain fully dedicated to CONE, but creates independent ownership interests in the acreage and production currently gathered by CONE; total flowing production to the JV was 1.07B cfe/day of natural gas.
  • CNX and NBL say they remain as co-sponsors of CONE, retain their respective general partnership and limited partner ownership interests in CONE, and continue as shippers on CONE’s gathering systems.
  • CONE says it anticipates continued growth following the separation of the JV.
  • CONE was formed five years ago for the exploration, development and operation of their Marcellus Shale properties in Pennsylvania and West Virginia.

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