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Chevron Corporation (NYSE: CVX) has successfully acquired Noble Midstream Partners LP (NASDAQ: NBLX), transforming Noble Midstream into a wholly-owned subsidiary. Following this acquisition, Noble Midstream’s common units are no longer listed on the Nasdaq. Chevron aims to enhance governance and strengthen its operations in the DJ and Permian basins. This integration is expected to streamline operations and boost strategic positioning in these key markets.
TortoiseEcofin announced that Noble Midstream Partners LP (NASDAQ:NBLX) will be removed from the Tortoise MLP Index and Tortoise North American Pipeline Index due to its merger with Chevron Corp (NYSE:CVX). This removal will take effect on May 11, 2021, at market open, as NBLX's current index weight is below the threshold for a special rebalancing. The indices consist of companies involved in energy transportation and processing, and the removal is part of standard procedures following corporate actions. For further details, visit here.
Noble Midstream Partners LP (NASDAQ: NBLX) plans to finalize its merger with Chevron Corporation by mid-May. Following the merger, unitholders will convert their common units into Chevron stock and will not receive a quarterly distribution for Q1 2021. Instead, they will receive a dividend from Chevron, payable on June 10, 2021, if they hold the shares as of May 19, 2021. The Partnership will file its Q1 2021 Form 10-Q with the SEC in early May and will not hold an earnings call for that quarter.
Cushing Asset Management and Swank Capital announced changes to The Cushing 30 MLP Index due to a merger involving Noble Midstream Partners (NBLX) and Chevron (CVX). NBLX will cease public trading following majority consents on a merger agreement, effective May 3, 2021. As a result, Altus Midstream Company (ALTM) will replace NBLX in the Index after market close on April 30, 2021. The remaining constituents of the Index will remain unchanged.
Chevron Corporation (CVX) has announced a definitive agreement to acquire all publicly held common units of Noble Midstream Partners (NBLX) not already owned by Chevron. The all-stock transaction will see each unitholder of Noble receive 0.1393 of a share of Chevron for each common unit held, totaling 33.925 million units. This move aims to simplify governance and enhance value in the DJ and Permian basins. Approval has been granted by Noble's Conflicts Committee and the Board, with the merger expected to close in Q2 2021 pending customary approvals.
Noble Midstream Partners LP (NASDAQ: NBLX) announced its fourth-quarter and full-year 2020 results, reporting a net income of $40 million and net cash from operating activities of $85 million. The Partnership gathered 286,000 gross barrels of oil and gas per day and significantly reduced flaring intensity by 53%. For 2021, guidance includes net income of $155-$185 million and free cash flow of $185-$220 million. Additionally, Noble Midstream received a non-binding acquisition proposal from Chevron for its publicly-held common units. A conference call is scheduled for today to discuss results and guidance.
Noble Midstream Partners LP (NASDAQ: NBLX) has received a non-binding acquisition proposal from Chevron Corporation to acquire all publicly held common units not owned by Chevron. The Board has delegated negotiation authority to its conflicts committee for unaffiliated unitholders. The transaction is subject to a definitive agreement and Board approval, with no assurance that it will be finalized. Noble Midstream is primarily focused on midstream infrastructure and operates in major basins in the U.S.
Noble Midstream Partners LP (NASDAQ: NBLX) has announced a cash distribution of $0.1875 per unit for the fourth quarter of 2020. This distribution is set to be paid on February 12, 2020, to unitholders of record by February 5, 2020. Noble Midstream specializes in owning, operating, and developing midstream infrastructure assets, providing services related to crude oil, natural gas, and water. The Partnership aims to deliver safe operations and reliability while enhancing stakeholder value.
Noble Midstream Partners (NASDAQ: NBLX) will host its fourth-quarter 2020 results webcast and conference call on February 12, 2021, at 9:00 a.m. Central Time. Investors can access the webcast and presentation materials on the Partnership's website. The dial-in numbers for the Q&A session are 877-883-0383 (toll-free) and 412-902-6506 (international), with a conference ID of 8383676. Noble Midstream focuses on midstream services in crude oil, natural gas, and water-related operations, enhancing value for stakeholders.
Noble Midstream Partners LP (NASDAQ: NBLX) has announced a new agreement with a Chevron Corporation subsidiary to provide oil transmission services from the Wells Ranch area to Platteville, Colorado. This agreement will see Noble Midstream responsible for most crude oil gathering and transport services in the region. Additionally, the partnership signed a capacity lease with Energy Transfer LP for significant pipeline capacity through 2031. This move aims to enhance cash flow and strengthen Noble Midstream's position in the DJ Basin.
